Best CD Rates of February 2024 (Earn up to 6.50% APY)

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At Personal Finance Insider, we report on which banks and credit unions have the best CD rates every day to help you find a CD that works for you. We cover traditional CDs offering anywhere from three-month to five-year terms.  In addition, we also report the best rates for no-penalty CDs, CDs with unique term lengths, and CDs with no minimum opening deposit.

Some national brick-and-mortar banks pay decent rates on select CD terms, but it’s rare. For example, Bank of America CD rates go up to 4.85% APY (Annual Percentage Yield) —  but their rates depend on your location, and many of their rates aren’t that high.

The Best CD Rates by Term

Many of the best CD rates are offered by credit unions right now. But don’t worry — anyone is eligible to join these credit unions and open CDs.

Market Leader

Financial Partners Credit Union (8-month term) paying 6.50% APY

The Financial Partners Credit Union 8-month CD special requires a minimum deposit of $1,000 and a maximum deposit of $5,000. To open this CD at Financial Partners Credit Union, you must be a new member of the credit union. You may be eligible for the CD if you live, work, or go to school in an eligible area in Southern California (Los Angeles County, Orange County, Riverside County, San Diego County, the City of South San Francisco, or Alameda).

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Compare the Best CD Rates

About the Best CD Issuers

Our top picks for CDs are protected by federal insurance. Bear in mind money is safe at a federally insured financial institution. When a financial institution is FDIC– or NCUA-insured, up to $250,000 per depositor, per account category is secure in a bank account. 

Financial Partners Credit Union 8-Month CD Special

The Financial Partners Credit Union 8-Month Certificate Special pays the highest CD rate overall. You can earn 6.50% APY on an 8-month CD if you meet certain requirements.

To open the CD special, you must live in an eligible area in Southern California (Los Angeles County, Orange County, Riverside County, San Diego County, the city of San Francisco, or Alameda, California). 

This promotional CD has specific opening requirements: You must deposit at least $1,000 but no more than $5,000. This offering is also only for new members.

Term options: Financial Partners Credit Union also has terms ranging from 3 months to 5 years. 

Penalties: The early withdrawal penalty for the 8-month CD special is 90 days of interest. 

Technology Credit Union No-Penalty CD

The Technology Credit Union 5-Month No-Penalty CD offers the highest no-penalty CD rate at Raisin.

Raisin is an online marketplace with savings accounts, money market accounts, and CDs from different financial institutions. Raisin may be appealing if you’d like to open a CD with a low minimum opening deposit. You only need $1 to get started.

Raisin doesn’t have physical locations. It also won’t be the best choice if you want to do all your banking at one institution because you can’t open checking accounts.

Term options: Raisin is partnered with over 30 banks and credit unions, so it has multiple terms for both no-penalty and regular CDs.

Penalties: This account doesn’t have any early withdrawal penalties.

Raisin Review

TotalDirectBank 3-Month CD

A TotalDirectBank CD may be appealing if you’re searching for a 3-month term available nationwide. 

TotalDirectBank CDs have a steep minimum opening deposit of $25,000 and a maximum deposit of $1 million. TotalDirectBank is the online-only division of the City National Bank of Florida. The online division doesn’t operate in Florida, Somoa, Guam, the Northern Mariana Islands, or the U.S. Virgin Islands.

Term options: TotalDirectBank has terms ranging from 3 months to 5 years.

Penalties: The following early withdrawal penalties may apply to TotalDirectBank CDs:

• 30 days of interest for terms between 30 days and up to 6 months
• 90 days of interest for terms above 6 months and up to one year
• 180 days of interest for terms over 1 year

Andrews Federal Credit Union 6-Month Share Certificate

Andrews Federal Credit Union has the highest 6-month CD rate available. The credit union is offering 5.75% APY on a limited-time 6-month CD special. This CD special is specifically for members who have established membership after January 1, 2024. 

You’ll need at least $1,000 in new money to open the share certificate. You’ll also need to transfer the new money to a credit union’s savings or checking account first. Then, you can move the money to your newly opened certificate. 

Anyone in the United States can join Andrews Federal Credit Union as long you also become part of the American Consumer Council. You’ll also be eligible for membership if you work for an eligible employer group; live, work, study, or worship in Washington, DC; are an immediate family or household member of an Andrews FCU member; or otherwise qualify based on military affiliation. There is a limit of one CD special per customer. 

Term options: Andrews Federal Credit Union has share certificates ranging from 6 months to 84 months. 

Penalties: Andrews Federal Credit Union charges standard penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for terms under 24 months
• 180 days of interest for terms between 24 months and 60 months
• 360 days of interest for terms of 84 months

Andrews Federal Credit Union Review

Lafayette Federal Credit Union Fixed Rate Certificates

Lafayette Federal Credit Union has the best 1-year, 3-year, and 4-year CD rates available. These CDs also stand out because they have a $500 minimum opening deposit.

You can open an account regardless of where you live in the United States by joining the Home Ownership Financial Literacy Council. You’re also eligible for membership if you live, work, or worship in Potomac, Maryland, or parts of Washington, DC; work at a Select Employer Group; become a member of the American Consumer Council and live in Maryland, Virginia, or Washington, DC; or have a family member with credit union membership. 

Term options: Lafayette Federal Credit Union has certificates ranging from 7 months to 5 years.

Penalties: Lafayette Federal Credit Union has the following CD early withdrawal penalties: 

• 90 days of interest for a 7-month term
• 180 days of interest for a 1-year term
• 270 days of interest for a 2-year term
• 360 days of interest for a 3-year term
• 480 days of interest for a 4-year term
• 600 days of interest for a 5-year term

Credit Human 18-Month Share Certificate

You may like a Credit Human Share Certificate if you’d prefer a credit union over a bank. Credit Human offers an especially high interest rate on its 18-month term. You’ll need a minimum of $500 to open a CD, which is less than what many other institutions require.

To open a Credit Human Share Certificate, you’ll have to qualify for membership. You may join from anywhere in the U.S. if you become a member of the American Consumer Council. Credit Human also has other ways to become a member: You’ll be eligible to join if you live in a service area in San Antonio, Texas, or New Orleans, Louisiana, or if you work for a partner employer or organization.

Term options: Credit Human has share certificate terms ranging from three months to 10 years.

Penalties: Credit Human Share Certificates have the following early withdrawal penalties: 

• 90 days of interest for terms of 3 months
• 180 days of interest for terms of 6 months
• 270 days of interest for terms of 12 months
• 365 days of interest for terms of 36 months
• 730 days of interest for terms of 60 months
• 1,095 days of interest for terms of 84 to 120 months

Pelican State Credit Union 2-Year Share Certificate

The Pelican State Credit Union Share Certificate offers the highest interest rate for a 2-year term. You also might like this account if you’d prefer to open a CD with a low minimum opening deposit. You only need $500 to open a CD.

Pelican State Credit Union is a financial institution based in Louisiana, but you don’t have to live in the state to become a member and open a certificate. The easiest way to join is to become a member of Arc Baton Rouge ($5 membership fee), the Parents Association of Northwest Support and Services ($5 membership fee), or the Pinecrest Parents Association ($20 membership fee).

It’s worth noting that another institution, Security First Credit Union, pays an even higher 2-year CD rate of 5.64% APY right now. But we didn’t include it in our list because Security First CU is only available in certain parts of Texas, while you can open a certificate with Pelican State CU from around the U.S.

Term options: Pelican State Credit Union offers share certificates ranging from 6 months to 60 months.

Penalties: The following early withdrawal penalties may apply to Pelican State Credit Union Share Certificates:

• 80 days of interest for terms of one year or less
• 270 days of interest for terms between 13 months and 36 months
• 365 days of interest for terms of 37 months or more

First Internet Bank of Indiana 5-Year CD

First Internet Bank of Indiana pays high interest rates, and it has a variety of terms to choose from.

First Internet Bank of Indiana compounds your interest monthly, not daily. Depending on how much money is in your CD, this may or may not make a significant difference. The early withdrawal penalties may also be steep compared to other financial institutions. 

Term options: Terms range from 3 months to 5 years.

Penalties: First Internet Bank of Indiana charges standard-to-high penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for terms of 3 months
• 180 days of interest for terms between 6 months and 18 months
• 360 days of interest for terms between 24 months and 60 months

First Internet Bank of Indiana Review

CD FAQs

Best CD Rates by Term

Below, you’ll find our picks for the best CD rates right now. There isn’t one particular CD that will work for everyone, but we combed through offerings at around a dozen national banks to find the strongest options available right now.

Best 3-Month CD Rates

Best 6-Month CD Rates

Best 1-Year CD Rates

Best 18-Month CD Rates

Best 2-Year CD Rates

Best 3-Year CD Rates

Best 4-Year CD Rates

Best 5-Year CD Rates

Best No-Penalty CD Rates

Best Rates for No Opening Deposit

Best Rates for Other CD Terms

Alternative CD Options

These weren’t chosen as our top CDs, but you still might find some of these options appealing depending on your preferences.

• Quorum Federal Credit Union: Quorum Federal Credit Union has some CD terms paying above 5% APY, but our top picks have more competitive CD rates overall. 
• United States Senate Federal Credit Union: United State Senate Federal Credit Union certificate rates recently dropped.  Our top picks have more competitive interest rates right now.
• Bank5 Connect: Bank5 Connect offers a good interest rate on a 6-month CD. However, our top picks have highest 6-month CD rates.
• State Bank of Texas: The State Bank of Texas 1-year CD special recently decreased its rate. Other financial institutions offer more competitive 1-year CD rates now. 
• Marcus Bank: Marcus pays high rates and offers a variety of terms, but its rates fall just short of those on our list.
• Forbright Bank: Forbright Bank pays solid interest rates on 9-month and 1-year CDs. However, the rates dropped and our there are other banks with more competitive CD rates now.
  
• Ally Bank: Ally lets you open CDs with $0, but other financial institutions with no minimum deposit offer higher interest rates.
• LendingClub: LendingClub’s CD rates dropped and other financial institutions offer higher rates.
• Popular Direct: Popular Direct offers solid interest rates on 3-month, 3-year, and 5-year CD rates. Our top picks have even higher rates right now. 
• Resource One Credit Union: Resource One Credit Union has several types of CDs paying 6.17% APY. This wasn’t one of our top picks because another credit union has the top CD rate overall right now, but you still might like this credit union if you live in Texas. You can become a member of the credit union and open bank accounts if you live or work in Carrollton, Cedar Hill, Dallas, Houston, Garland, Irving, Jersey Village, Mesquite, Oak Forest, Spring, or Northwest Harris Counties in the state.
• Valley Direct: The 36-month variable CD is no longer available. Valley Direct only offers a 12-month CD that pays less than our top picks, and a high-yield savings account with a competitive savings rate. If you’re interested in CDs or more savings account options, you’ll have to open an account through Valley National Bank, which is a regional institution in New York, New Jersey, Florida, and Alabama.
• Limelight Bank: Limelight pays strong CD rates overall, but they’re not as competitive as what you’ll earn with our top picks.
• PenFed Credit Union: PenFed CD rates are more competitive than average CD rates. However, our top picks pay more competitive interest rates overall.
• Sallie Mae: Sallie Mae CD rates are higher than average CD rates, but our top picks have more competitive options overall. 
• Crescent Bank: Crescent’s CD rates are pretty good, but they recently dropped.
• Bask Bank: Bask Bank pays solid CD rates on terms ranging from 6 months to 2 years, but our top picks are more competitive. 
• BluePeak Credit Union: BluPeak Credit Union’s 9-month CD rate recently dropped and its now less competitive than our top picks. 
• Citibank: Citibank offers a competitive interest rate for an 11-month CD, but it’s just short of our best CD rates for other terms. 
• MYSB Direct: MYSB Direct has online CDs with high rates, but our top picks are even more competitive. 
• Bayer Heritage Federal Credit Union Share Certificate: Bayer Heritage FCU CDs have competitive interest rates. The credit union has branches in Ohio, Pennsylvania, South Carolina, Texas, and West Virginia. It isn’t one of our top picks because it experienced a cyber incident on November 1, 2023. The credit union is conducting an investigation and will provide updates on its website and social media platforms until services are fully restored.
• Truliant Federal Credit Union: Truliant Federal Credit Union still might be worth considering if you live in North Carolina, Virginia, South Carolina, Virginia, Georgia, or Tennessee. 
• Granite State Credit Union: Granite State Credit Union has a 13-month CD special paying 4.60% APY. To join the credit union, you must live or work in New Hampshire, though.
• Gulf Coast Federal Credit Union: Gulf Coast Federal Credit Union has an 18-month regular share certificate and a 2-year share certificate special with high interest rates. It didn’t make our list because it’s local financial institution that serves select communities in Texas.
• Latino Community Credit Union: Latino Community Credit Union may be a good option if you value banking with a Hispanic American-owned financial institution with good CD rates. It didn’t make our list, though, because there are other financial institutions with even higher CD rates right now.
• GTE Financial: GTE Financial pays solid CD rates, but its terms are currently lower than our top picks. 
• Department of Commerce Federal Credit Union: The Department of Commerce Federal Credit Union has a high 5-year CD rate, but it isn’t as high as the top rates mentioned. 
• Bread Savings: Bread Savings has great CD rates – some above 5.00% APY. However, its CD rates are just short of the rates on our list. 
• Delta Community Credit Union: Delta Community Credit Union has a high rate on a 2-year term, but our top picks pay even higher rates right now. 
• CIT Bank: CIT Bank has a great interest rate on a 6-month term, but it’s just short of the top rates we’ve included.
• American Express National Bank: American Express lets you open a CD with $0, but its rates aren’t as high as those from other national brands included in our list. 
• Vio Bank: Vio Bank has good CD rates for terms between 6 months and 120 months, but our top picks have even more competitive rates right now.
• Consumers Credit Union: Consumers pays some solid rates, and it’s a good choice if you’re looking for a 10-month term.
• Chase: Chase offers solid interest rates on a 3-month and 12-month term if you qualify for relationship rates by having a Chase checking account. If you don’t qualify for a relationship rate, other financial institutions will likely offer much more competitive CD rates.
• Air Force Federal Credit Union Certificate Account: Air Force Federal Credit Union has a variety of CDs, but its rates have recently dropped and are lower than our top picks.
• Pure Point Financial: Pure Point’s rates are solid, but its $10,000 minimum deposit could be a major drawback for more modest savers.
• NBKC: NBKC pays good rates. But unlike most CDs, NBKC CDs pay variable rates, so rates can go up or down after you’ve opened the account.
• USAA Bank: USAA Bank offers a wide range of CD options for military members and families, but rates are mediocre and you’ll need at least $1,000 to open an account.
• Bethpage Federal Credit Union: Bethpage CDs have a low minimum opening deposit but our top picks offer more competitive interest rates.
• Charles Schwab Bank: Charles Schwab has brokered CDs, meaning Charles Schwab doesn’t actually own the CD. Instead, Charles Schwab acts as the middleman for you and the bank that owns the CD. Depending on how you bank, you may prefer open a CD directly with the financial institution.
• Signature Federal Credit Union: Signature Federal Credit Union used to offer very high rates on several CD term lengths. However, its rates have dropped recently.
• MySavingsDirect: MySavingsDirect used to offer great rates for a 3-year CD, but it recently dropped its rates.
• NASA Federal Credit Union: NASA Federal Credit Union offers a good rate for its 9-month CD, but it’s not quite good enough to match our top picks for non-standard CD terms.

Why You Should Trust Us: Experts’ Advice on Choosing the Best CD

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best CDs to use for your money. You can read their insights at the bottom of this post.

Business Insider

Here’s what they had to say about CDs. (Some text may be lightly edited for clarity.)

What makes a CD good or not good?

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

“You always want to look at how much money you need to start up. And then if you can continuously add money in. Also, check not just what the interest rate is, but how often they pay out interest, whether it’s monthly or quarterly.”

How should someone choose a CD term length?

Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:

“I would think about when you need the money and then compare that with what the prevailing CD rates are, and then what makes sense from a financial perspective, but also from your own personal timing perspective.”

Mykail James, CFEI:

“I believe in having a plan for whatever the funds are. If it’s supposed to be a house fund, and you want to wait for another two years to buy a house, that’s what you should be thinking of when you want to have this money.”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, certified financial planner at SaverLife:

“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”

Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:

“Generally, I think a high-yield savings account or money market account could be good options for an emergency fund or short-term savings goals. A high-yield savings account offers a higher interest rate than traditional savings accounts at brick-and-mortar banks. Meanwhile, money market accounts might be worth considering if you want more account accessibility — several offer paper checks, ATM cards, or debit cards. CDs could be worthwhile if you don’t need access to some of your money, since they have a fixed interest rate for a specific term.”

Methodology: How We Chose the Best CDs 

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high Annual Percentage Yield (APY), for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

We reviewed CD offerings from over three dozen national banks using our CD methodology. All banks included on our list are FDIC-insured and do not impose monthly maintenance fees on CDs.

In the event two banks offered the same APY on a CD product, we considered factors like the minimum deposit requirements and early withdrawal penalties.

Sophia Acevedo, CEPF

Banking Reporter

Evelyn He

Compliance Associate

Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.

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