Generally, you’ll receive a Form 1099-INT each year if you earn more than $10 interest, if there is withholding or if there is a penalty. This will generally be taxed as ordinary income, according to the IRS. For instance, a CD customer with a multi-year CD should receive a 1099-INT from their bank after each year interest is earned if at least $10 of interest was earned during a calendar year.

Your CD is safe at either an FDIC-insured bank or an NCUSIF-insured credit union, as long as the amount of money in the account is within the established limits and guidelines. Federally insured deposit accounts are safe whether they’re at online banks, brick-and-mortar banks or credit unions since they’re backed by the full faith and credit of the U.S. government. Just make sure you’re not exceeding the insurance limits. For federally-insured banks and credit unions, the standard insurance limit is $250,000 per depositor or share owner, per insured bank or credit union, for each account ownership category.

Are there fees associated with CDs?

CDs generally have an early withdrawal penalty for taking your money out before the CD matures. No-penalty CDs are the exception, though they may also impose a penalty if the funds are withdrawn during the first six or seven days after the account is opened.

What is considered a good CD rate?

A good CD rate depends on a few factors, but the true answer depends on your personal financial situation. If you need to access your money in a year, for example, your best CD options will be those with a one-year term or less. If you’re able to lock up your money for longer, you may be able to achieve a higher yield with a longer-term CD. In general, longer terms may pay better yields. Knowing for sure that you won’t need your cash for a specific amount of time also typically allows you to earn a higher rate. The bank is willing to pay you more for the certainty that your money will remain in its hands for the designated length of time. Compare CD rates to the national average to make sure you’re getting a competitive return. For example, the national average APY for 1-year CDs is [sc code='wealth_historical_rates' product_type='CD' term='12' time_frame='week'] percent as of [sc code='current_date' format='M. d, Y'], while some top-yielding banks are currently offering APYs higher than 5 percent.

Is an online bank the best choice for a CD?

Online banks tend to offer higher APYs than brick-and-mortar banks. These online-only institutions typically have lower overhead costs and are able to pass the savings along to their customers in the form of higher rates. In addition, unlike your bank located on the corner of Main Street, online banks may need a higher APY to get your attention and earn your business.

How long can you leave money in a CD?

You can keep your money in a CD and let it renew over and over. CDs generally automatically renew. However, unclaimed CDs can be escheated — or transferred from an estate to the government — subject to each state’s laws. To avoid your CD being escheated due to being considered abandoned property, be sure to keep in touch with your bank and keep a valid mailing address on file.

Do CDs have beneficiaries?

Banks give account holders with CDs the opportunity to name a beneficiary, which is a person who will inherit your savings in the event that you die. While naming a beneficiary for your CD may be the last thing on your mind, experts say it’s an important step to take. If you don’t have a beneficiary designated to receive the funds in your CD, your savings will go through probate, which is the court process for deciding what happens to the property of an individual after their death.

Can you lose money on a CD?

As long as your CD is at an FDIC-insured bank or an NCUA credit union and it’s within insurance limits and guidelines, you won’t lose money with a CD. You may lose some of your interest — and potentially some of your principal — by making an early withdrawal, however.

Best CD rates for May 2024 (Up to 5.36%)

Written by

Edited by

Reviewed by

Edited by

Reviewed by

Updated May 13, 2024

Editorial note: While our partners compensate us from links on this page, we maintain editorial integrity, and partners don't influence our product evaluations. Here's how we make money and here is our advertiser disclosure.

Certificates of deposit (CDs) can be an ideal account to allocate some of your savings, especially if you’re looking for a fixed APY. Bankrate’s list of top-yielding CD rates are much higher than today's national average yield of 1.78 percent for a one-year CD.

Bankrate provides you with timely news and rate information on top yielding CDs for some of the most popular, and largest, FDIC-insured banks and NCUA-insured credit unions. This way you don’t have to spend time searching many bank and credit union websites. Since 1976, Bankrate has been a trusted source of banking information to help you make well-informed decisions on your finances.

Before opening a certificate of deposit, be sure to read expert advice and tips below to ensure a financially safe decision. Here are Bankrate's top picks for banks with the best CD rates.

Popular Direct — 3 months - 5 years, 4.25% – 5.30% APY, $10,000 minimum deposit
Vio Bank — 6 months - 5 years, 2.75% – 5.25% APY, $500 minimum deposit
America First Credit Union — 3 months - 5 years, 4.20% – 5.25% APY, $500 minimum deposit
Marcus by Goldman Sachs — 6 months - 2 years, 4.20% – 5.10% APY, $500 minimum deposit
Quontic Bank — 6 months - 5 years, 4.30% – 5.05% APY, $500 minimum deposit
Capital One — 6 months - 5 years, 3.90% – 5.00% APY, no minimum deposit
Barclays Bank — 6 months - 5 years, 3.50% – 5.00% APY, no minimum deposit
Citizens Access — 1 year - 5 years, 3.35% – 5.00% APY, $5,000 minimum deposit
Sallie Mae Bank — 6 months - 5 years, 4.00% – 4.95% APY, $2,500 minimum deposit
Synchrony Bank — 3 months - 5 years, 0.25% – 4.90% APY, no minimum deposit

Note: Annual percentage yields (APYs) shown were updated between May 12 and May 18. All other information is current as of May 13. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

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CDsCheckingSavings & MMAs

Zip code

Deposit amount

Current 1 year CD trends

Bankrate Partner average

4.84% APY

National average

1.78% APY

CD rates

CD IRA rates

No penalty CD rates

Min. term length

Max. term length

Best CD rates from top banks for May 2024

Popular Direct

4.0

Overview

Popular Direct is an online bank and a subsidiary of Popular Inc., a more than 120-year-old financial services company. Popular Direct was previously known as Banco Popular North America.

Popular Direct offers CDs in eight terms ranging from three months to five years. With a $10,000 minimum deposit to open, these CDs are geared toward serious savers. Interest compounds daily. Popular Direct doesn’t offer specialty CDs, such as bump-up or no-penalty CDs. It does offer a savings account with a competitive rate.

Read Bankrate's Expert Popular Direct Review

4.25% – 5.30% APY

$10,000 minimum deposit

3 months - 5 years

Term	APY	Min. deposit
3 months	5.30% APY	$10,000
6 months	5.30% APY	$10,000
1 year	5.15% APY	$10,000
18 months	4.80% APY	$10,000
2 years	4.70% APY	$10,000
3 years	4.55% APY	$10,000
4 years	4.25% APY	$10,000
5 years	4.30% APY	$10,000

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Popular Direct

APY

APY last updated between 5/12 and 5/18.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Popular Direct consistently offers competitive rates across their CDs and savings accounts.
Popular Direct has a $10,000 minimum deposit to open. They also don't offer specialty CDs like bump-up or no-penalty CDs.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Popular Direct APY APY last updated between 5/12 and 5/18. APY last updated between 5/12 and 5/18	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024	4.30%	1.42%
03/26/2024	4.30%	1.43%
03/19/2024	4.35%	1.43%
03/12/2024	4.45%	1.43%
02/06/2024	4.45%	1.42%
01/30/2024	4.45%	1.43%
01/23/2024	4.35%	1.43%
01/09/2024	4.40%	1.43%
01/02/2024	4.50%	1.43%
12/26/2023	4.60%	1.43%
12/12/2023	4.65%	1.43%
12/05/2023	4.70%	1.43%
11/14/2023	4.70%	1.45%
11/07/2023	4.65%	1.45%
10/03/2023	4.65%	1.46%
09/12/2023	4.65%	1.43%
09/05/2023	4.60%	1.43%
08/01/2023	4.60%	1.38%
07/18/2023	4.60%	1.35%
07/11/2023	4.55%	1.35%
07/04/2023	4.53%	1.35%
06/06/2023	4.53%	1.33%
05/23/2023	4.50%	1.31%

Vio Bank

4.6

Overview

Vio Bank offers traditional CDs with terms ranging from six months to 10 years, an extensive variety compared to some other banks. The minimum deposit for each account is relatively low at $500. CDs automatically renew once they mature following a ten day grace period. Yields are competitive for all CDs, but Vio’s highest APYs are for CDs with terms of three years or less.

Read Bankrate's Expert Vio Bank Review

2.75% – 5.25% APY

$500 minimum deposit

6 months - 5 years

Term	APY	Min. deposit
3 months	5.30% APY	$10,000
6 months	5.30% APY	$10,000
1 year	5.15% APY	$10,000
18 months	4.80% APY	$10,000
2 years	4.70% APY	$10,000
3 years	4.55% APY	$10,000
4 years	4.25% APY	$10,000
5 years	4.30% APY	$10,000

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Vio Bank

APY

APY last updated between 5/12 and 5/18.

National average APY

Term length

How do we get this data?

- There is a wide variety of terms available.
- Some banks have much higher minimum deposit requirements.
- CD rates are highly competitive.
- Early withdrawals come with a high penalty.
- There are no special types of CDs or promotions available.
- Some online banks offer higher CD rates.

Term	APY	Min. deposit
6 months	5.25% APY	$500
1 year	5.00% APY	$500
2 years	4.25% APY	$500
3 years	3.50% APY	$500
4 years	2.75% APY	$500
5 years	2.75% APY	$500

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Vio Bank APY APY last updated between 5/12 and 5/18. APY last updated between 5/12 and 5/18	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024	2.75%	1.42%
03/12/2024	2.75%	1.43%
02/06/2024	2.75%	1.42%
12/05/2023	2.75%	1.43%
11/07/2023	2.75%	1.45%
10/03/2023	2.75%	1.46%
09/05/2023	2.75%	1.43%
08/01/2023	2.75%	1.38%
07/04/2023	2.75%	1.35%
06/06/2023	2.75%	1.33%

America First Credit Union

5.0

Overview

America First Credit Union offers a wide range of CD terms between three and 60 months, and all earn rates that are highly competitive. Also offered are specialty CDs such as a bump-rate CD and a flexible CD. All CDs require a manageable minimum opening deposit.

Read Bankrate's Expert America First Credit Union Review

4.20% – 5.25% APY

$500 minimum deposit

3 months - 5 years

Term	APY	Min. deposit
3 months	5.30% APY	$10,000
6 months	5.30% APY	$10,000
1 year	5.15% APY	$10,000
18 months	4.80% APY	$10,000
2 years	4.70% APY	$10,000
3 years	4.55% APY	$10,000
4 years	4.25% APY	$10,000
5 years	4.30% APY	$10,000

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

America First Credit Union

APY

APY last updated between 5/12 and 5/18.

National average APY

Term length

How do we get this data?

- CD rates from America First are highly competitive. Specialty CDs are available, including a bump-up option. Both the standard and specialty CDs require low minimum deposits.
- The bump-rate CD cannot be opened online.

Term	APY	Min. deposit
3 months	5.25% APY	$500
6 months	5.25% APY	$500
9 months	5.25% APY	$500
1 year	5.25% APY	$500
18 months	4.50% APY	$500
2 years	4.50% APY	$500
30 months	4.20% APY	$500
3 years	4.35% APY	$500
4 years	4.20% APY	$500
5 years	4.20% APY	$500

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	America First Credit Union APY APY last updated between 5/12 and 5/18. APY last updated between 5/12 and 5/18	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024	4.20%	1.42%
03/12/2024	4.20%	1.43%
02/06/2024	4.20%	1.42%
12/05/2023	4.20%	1.43%
11/07/2023	4.20%	1.45%
10/24/2023	4.10%	1.46%
10/03/2023	4.00%	1.46%
09/05/2023	4.00%	1.43%
08/01/2023	4.00%	1.38%
07/04/2023	4.00%	1.35%
06/06/2023	4.00%	1.33%
05/23/2023	4.00%	1.31%

Marcus by Goldman Sachs

4.9

Overview

Marcus by Goldman Sachs offers a competitive yield on its CDs. It offers a variety of CD terms and CD types. Its regular CD terms range from a six-month CD to a six-year CD.

In addition to its nine terms of regular CDs, it also offers three no-penalty CDs and a rate-bump CD.

All of these CDs have a $500 minimum deposit requirement.

Read Bankrate's Expert Marcus by Goldman Sachs Review

4.20% – 5.10% APY

$500 minimum deposit

6 months - 2 years

Term	APY	Min. deposit
3 months	5.30% APY	$10,000
6 months	5.30% APY	$10,000
1 year	5.15% APY	$10,000
18 months	4.80% APY	$10,000
2 years	4.70% APY	$10,000
3 years	4.55% APY	$10,000
4 years	4.25% APY	$10,000
5 years	4.30% APY	$10,000

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Marcus by Goldman Sachs

APY

APY last updated between 5/12 and 5/18.

National average APY

Term length

How do we get this data?

- Ever since rates have been increasing, Marcus by Goldman Sachs has been one of the banks consistently increasing its yields to be competitive.
- Some banks don’t require a minimum deposit. So if you don’t have at least $500 available to deposit into a CD, you’ll have to look elsewhere.

Term	APY	Min. deposit
6 months	5.10% APY	$500
9 months	5.00% APY	$500
1 year	5.00% APY	$500
14 months	5.00% APY	$500
18 months	4.60% APY	$500
2 years	4.20% APY	$500
3 years	4.15% APY	$500
4 years	4.05% APY	$500
5 years	4.00% APY	$500
6 years	3.90% APY	$500

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Marcus by Goldman Sachs APY APY last updated between 5/12 and 5/18. APY last updated between 5/12 and 5/18	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
03/21/2024	3.90%	--
10/17/2023	4.00%	--

Quontic Bank

3.8

Overview

Quontic Bank offers five terms of CDs, ranging from six months to five years, that require $500 to open. The rates for all five terms are very competitive.

Read Bankrate's Expert Quontic Bank Review

4.30% – 5.05% APY

$500 minimum deposit

6 months - 5 years

Term APY Min. deposit

6 months 5.05% APY $500

1 year 4.50% APY $500

2 years 4.50% APY $500

3 years 4.40% APY $500

5 years 4.30% APY $500

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Quontic Bank

APY

APY last updated between 5/12 and 5/18.

National average APY

Term length

How do we get this data?

- Quontic pays competitive rates on the five CD terms it offers.
- Only $500 is needed to open a CD.
- Some banks have lower minimum deposit requirements.
- Quontic Bank’s early withdrawal penalties are higher than those of some other banks.

Term	APY	Min. deposit
6 months	5.05% APY	$500
1 year	4.50% APY	$500
2 years	4.50% APY	$500
3 years	4.40% APY	$500
5 years	4.30% APY	$500

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Quontic Bank APY APY last updated between 5/12 and 5/18. APY last updated between 5/12 and 5/18	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024	4.30%	1.42%
03/12/2024	4.30%	1.43%
02/06/2024	4.30%	1.42%
12/05/2023	4.30%	1.43%
11/07/2023	4.30%	1.45%
10/03/2023	4.30%	1.46%
09/05/2023	4.30%	1.43%
08/01/2023	4.30%	1.38%
07/04/2023	4.30%	1.35%
06/06/2023	4.30%	1.33%
05/23/2023	4.30%	1.31%

Capital One

4.9

Overview

Capital One offers CDs with terms as short as six months or as long as five years. These CDs have no minimum opening deposit. The bank offers competitive yields, and it doesn’t have a minimum balance requirement.

Read Bankrate's Expert Capital One Review

3.90% – 5.00% APY

$0 minimum deposit

6 months - 5 years

Term	APY	Min. deposit
3 months	5.30% APY	$10,000
6 months	5.30% APY	$10,000
1 year	5.15% APY	$10,000
18 months	4.80% APY	$10,000
2 years	4.70% APY	$10,000
3 years	4.55% APY	$10,000
4 years	4.25% APY	$10,000
5 years	4.30% APY	$10,000

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Capital One

APY

APY last updated between 5/12 and 5/18.

National average APY

Term length

How do we get this data?

- With no minimum opening deposit, Capital One’s CDs are a good choice for pretty much anyone looking for a fixed yield. Capital One also offers nearly any term of CD you’d need for a CD ladder or other long-term saving strategy.
- Capital One doesn’t offer a no-penalty CD or a rate bump CD.

Term	APY	Min. deposit
6 months	4.25% APY	$0
9 months	4.25% APY	$0
10 months	4.25% APY	$0
1 year	5.00% APY	$0
18 months	4.45% APY	$0
2 years	4.00% APY	$0
30 months	4.00% APY	$0
3 years	4.00% APY	$0
4 years	3.95% APY	$0
5 years	3.90% APY	$0

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Capital One APY APY last updated between 5/12 and 5/18. APY last updated between 5/12 and 5/18	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/16/2024	3.90%	1.42%
04/02/2024	4.00%	1.42%
03/12/2024	4.00%	1.43%
02/06/2024	4.00%	1.42%
01/23/2024	4.00%	1.43%
12/05/2023	4.10%	1.43%
11/07/2023	4.10%	1.45%
10/03/2023	4.10%	1.46%
09/05/2023	4.10%	1.43%
08/01/2023	4.10%	1.38%
07/04/2023	4.10%	1.35%
06/06/2023	4.10%	1.33%

Barclays Bank

4.8

Overview

Barclays is an online bank popular for its credit cards, but it also offers CDs and an online savings account. Barclays offers nine terms of CDs ranging from three months to five years.

Read Bankrate's Expert Barclays Bank Review

3.50% – 5.00% APY

$0 minimum deposit

6 months - 5 years

Term	APY	Min. deposit
3 months	5.30% APY	$10,000
6 months	5.30% APY	$10,000
1 year	5.15% APY	$10,000
18 months	4.80% APY	$10,000
2 years	4.70% APY	$10,000
3 years	4.55% APY	$10,000
4 years	4.25% APY	$10,000
5 years	4.30% APY	$10,000

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Barclays Bank

APY

APY last updated between 5/12 and 5/18.

National average APY

Term length

How do we get this data?

- Barclays offers competitive yields on most of its CD terms. Also, the bank doesn’t require a minimum opening deposit.
- Barclays, like many other online-based banks, isn't a full-service banking institution. It doesn't have a checking account, ATM network, mobile app or branch locations. The bank’s yields on CDs with a term of less than a year weren’t competitive at the time of Bankrate’s review.

Term	APY	Min. deposit
6 months	4.85% APY	$100,000
1 year	5.00% APY	$0
18 months	4.50% APY	$0
2 years	4.00% APY	$0
3 years	3.50% APY	$0
4 years	3.50% APY	$0
5 years	3.75% APY	$0

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Barclays Bank APY APY last updated between 5/12 and 5/18. APY last updated between 5/12 and 5/18	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024	3.75%	1.42%
03/12/2024	3.75%	1.43%
02/13/2024	3.75%	1.42%
02/06/2024	4.15%	1.42%
12/22/2023	4.15%	1.43%
12/05/2023	4.50%	1.43%
11/07/2023	4.50%	1.45%
10/03/2023	4.50%	1.46%
09/05/2023	4.50%	1.43%
08/01/2023	4.50%	1.38%
07/10/2023	4.50%	1.35%
07/01/2023	4.35%	1.35%
06/16/2023	4.35%	1.33%
06/01/2023	4.20%	1.33%
05/23/2023	4.50%	1.31%

Citizens Access

4.2

Overview

Citizens Access offers five terms of CDs that all require at least a $5,000 deposit. Citizens’ CD terms range from one-year to five-years.

Read Bankrate's Expert Citizens Access Review

3.35% – 5.00% APY

$5,000 minimum deposit

1 year - 5 years

Term APY Min. deposit

1 year 5.00% APY $5,000

2 years 4.00% APY $5,000

3 years 3.35% APY $5,000

4 years 3.40% APY $5,000

5 years 3.45% APY $5,000

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Citizens Access

APY

APY last updated between 5/12 and 5/18.

National average APY

Term length

How do we get this data?

- Citizens offers competitive yields on its five terms of CDs. The CDs are for people with at least $5,000 to deposit into a CD for its term.
- Citizens Access requires at least $5,000 to open a CD. The bank also no longer offers a no-penalty CD.

Term	APY	Min. deposit
1 year	5.00% APY	$5,000
2 years	4.00% APY	$5,000
3 years	3.35% APY	$5,000
4 years	3.40% APY	$5,000
5 years	3.45% APY	$5,000

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Citizens Access APY APY last updated between 5/12 and 5/18. APY last updated between 5/12 and 5/18	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024	3.45%	1.42%
03/12/2024	3.45%	1.43%
02/06/2024	3.45%	1.42%
12/05/2023	3.45%	1.43%
11/07/2023	3.45%	1.45%
10/03/2023	3.45%	1.46%
09/05/2023	3.45%	1.43%
08/01/2023	3.45%	1.38%
07/04/2023	3.45%	1.35%
06/06/2023	3.45%	1.33%
05/23/2023	3.45%	1.31%

Sallie Mae Bank

4.4

Overview

Sallie Mae Bank offers 11 terms of CDs, a savings account, money market account, credit cards and private student loans. It offers a competitive yield on its deposit products.

Established in 2005, Sallie Mae Bank is headquartered in Salt Lake City. In 2014, Sallie Mae became a stand-alone consumer banking business.

Read Bankrate's Expert Sallie Mae Bank Review

4.00% – 4.95% APY

$2,500 minimum deposit

6 months - 5 years

Term	APY	Min. deposit
3 months	5.30% APY	$10,000
6 months	5.30% APY	$10,000
1 year	5.15% APY	$10,000
18 months	4.80% APY	$10,000
2 years	4.70% APY	$10,000
3 years	4.55% APY	$10,000
4 years	4.25% APY	$10,000
5 years	4.30% APY	$10,000

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Sallie Mae Bank

APY

APY last updated between 5/12 and 5/18.

National average APY

Term length

How do we get this data?

Sallie Mae offers a variety of terms. The bank’s yields are competitive and much higher than average.
Lower minimum deposit requirements can be found at other banks. Specialty CDs, like CDs that allow for rate bumps, aren’t offered.

Term	APY	Min. deposit
6 months	4.80% APY	$2,500
9 months	4.85% APY	$2,500
11 months	4.90% APY	$2,500
1 year	4.95% APY	$2,500
13 months	4.90% APY	$2,500
15 months	4.80% APY	$2,500
18 months	4.75% APY	$2,500
2 years	4.50% APY	$2,500
30 months	4.00% APY	$2,500
3 years	4.00% APY	$2,500
5 years	4.00% APY	$2,500

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Sallie Mae Bank APY APY last updated between 5/12 and 5/18. APY last updated between 5/12 and 5/18	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024	4.00%	1.42%
03/12/2024	4.00%	1.43%
02/06/2024	4.00%	1.42%
12/05/2023	4.00%	1.43%
11/07/2023	4.00%	1.45%
10/03/2023	4.00%	1.46%
09/05/2023	4.00%	1.43%
08/01/2023	4.00%	1.38%
07/04/2023	4.00%	1.35%
06/06/2023	4.00%	1.33%
05/23/2023	4.00%	1.31%

Synchrony Bank

4.9

Overview

Synchrony Bank offers many regular CDs ranging from three months to five years. It also added a no-penalty CD and a bump-up CD earlier this year. Synchrony Bank also offers IRA CDs.

Read Bankrate's Expert Synchrony Bank Review

0.25% – 4.90% APY

$0 minimum deposit

3 months - 5 years

Term	APY	Min. deposit
3 months	5.30% APY	$10,000
6 months	5.30% APY	$10,000
1 year	5.15% APY	$10,000
18 months	4.80% APY	$10,000
2 years	4.70% APY	$10,000
3 years	4.55% APY	$10,000
4 years	4.25% APY	$10,000
5 years	4.30% APY	$10,000

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Synchrony Bank

APY

APY last updated between 5/12 and 5/18.

National average APY

Term length

How do we get this data?

- Synchrony Bank offers many terms of CDs. It offers a competitive yield, and it doesn’t require a minimum opening deposit.
- Partial withdrawals on the no-penalty CD are not allowed.

Term	APY	Min. deposit
3 months	0.25% APY	$0
6 months	4.80% APY	$0
9 months	4.90% APY	$0
1 year	4.80% APY	$0
13 months	4.90% APY	$0
14 months	5.00% APY	$0
15 months	4.50% APY	$0
16 months	4.00% APY	$0
18 months	4.50% APY	$0
19 months	4.00% APY	$0
2 years	4.20% APY	$0
3 years	4.15% APY	$0
4 years	4.00% APY	$0
5 years	4.00% APY	$0

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Synchrony Bank APY APY last updated between 5/12 and 5/18. APY last updated between 5/12 and 5/18	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024	4.00%	1.42%
03/12/2024	4.00%	1.43%
02/06/2024	4.00%	1.42%
12/05/2023	4.00%	1.43%
11/07/2023	4.00%	1.45%
10/03/2023	4.00%	1.46%
09/05/2023	4.00%	1.43%
08/01/2023	4.00%	1.38%
07/04/2023	4.00%	1.35%
06/06/2023	4.00%	1.33%

Bankrate's expertise

Bankrate’s trusted industry knowledge

Read our full methodology

Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.

48 years

of industry experience

3 k

deposits rates tracked

120

banks reviewed

Recent news on CD rates

At its last meeting on May 1, the Federal Reserve, once again, kept interest rates steady and projected delaying rate cuts in 2024 due to inflation. The Fed’s Federal Open Market Committee kept its key benchmark, the federal funds rate at a target range of 5.25 to 5.5 percent.

Although it’s generally a bad time to borrow money at these rates, and credit card rates are near an all-time high of 20.66 percent according to Bankrate data, it’s a great time to save as top savings yields haven’t been this high in more than a decade. Top CD yields peaked during this current rate cycle in the last quarter of 2023. But you can still get CDs with yields like we haven’t seen in more than a decade — outside of the current rate cycle.

The Fed’s next scheduled announcement regarding interest rates is June 12.

CD yields have peaked. Whether your time horizon is measured in months or years, think about locking in current CD yields. — Greg McBride, CFA | Bankrate chief financial analyst

Where are CD rates headed in 2024?

CD rates are likely to maintain their current levels or slightly dip.

Currently, shorter-term CDs – with terms of six months to 18 months – generally have higher yields than longer-term CDs. But those longer-term CD yields could be peaking soon, if they haven’t already. So locking one in now could be a good decision for long-term money that you want to keep safe in an FDIC-insured bank.

However, most CDs have significant early withdrawal penalties, so consider these when deciding on an account and term.

National average interest rates for CDs

The national average of CD interest rates suggests that shorter term CDs have higher yields than longer-term CDs. With the Fed having raised rates 11 times since March 2022, what goes up might eventually come down. So, getting a long-term CD now could make sense if the Fed lowers rates in the future.

Researching average interest rates provides insight into the CD rate environment and can help in finding a CD with a yield that's much higher than average.

Here are the current average rates as of May 19, 2024, according to Bankrate's most recent survey of institutions:

Best CD rates for May 2024 (Up to 5.36%)

Best CD rates from top banks for May 2024

Popular Direct

Overview

Current Popular Direct CD Rates

Rate history for Popular Direct's CD accounts

Why we chose it

What to watch for

Vio Bank

Overview

Current Vio Bank CD Rates

Rate history for Vio Bank's CD accounts

Why we chose it

What to watch for

America First Credit Union

Overview

Current America First Credit Union CD Rates

Rate history for America First Credit Union's CD accounts

Why we chose it

What to watch for

Marcus by Goldman Sachs

Overview

Current Marcus by Goldman Sachs CD Rates

Rate history for Marcus by Goldman Sachs's CD accounts

Why we chose it

What to watch for

Quontic Bank

Overview

Current Quontic Bank CD Rates

Rate history for Quontic Bank's CD accounts

Why we chose it

What to watch for

Capital One

Overview

Current Capital One CD Rates

Rate history for Capital One's CD accounts

Why we chose it

What to watch for

Barclays Bank

Overview

Current Barclays Bank CD Rates

Rate history for Barclays Bank's CD accounts

Why we chose it

What to watch for

Citizens Access

Overview

Current Citizens Access CD Rates

Rate history for Citizens Access's CD accounts

Why we chose it

What to watch for

Sallie Mae Bank

Overview

Current Sallie Mae Bank CD Rates

Rate history for Sallie Mae Bank's CD accounts

Why we chose it

What to watch for

Synchrony Bank

Overview

Current Synchrony Bank CD Rates

Rate history for Synchrony Bank's CD accounts

Why we chose it

What to watch for

Bankrate's expertise

Bankrate’s trusted industry knowledge

Recent news on CD rates

Where are CD rates headed in 2024?

National average interest rates for CDs