For the first time in more than six weeks, a new CD rate leader has stepped up and nabbed the nationwide crown. Not only that, but you can now lock up the top rate in the country for a significantly longer term.
The new leader is an 18-month certificate paying 5.70% APY. Since June 1, the top nationally available rate you could earn in any term had been 5.65% APY, but you could only secure that for a duration of 7 or 9 months.
Today’s new leader also increases the number of options in our daily ranking of the best CDs that pay at least 5.35% APY to 25, up from 24 yesterday. In addition, the top rate on a 2-year CD inched up from 5.27% to 5.30% APY today.
If your goal is to extend one of today’s record CD rates much further into the future, the longest duration paying at least 5.00% APY is a 3-year certificate offering 5.13% APY. But if you have a jumbo-sized deposit of at least $100,000, you can stretch that to four years at 5.12% APY.
Key Takeaways
- The highest nationally available CD rate rose to 5.70% today, available for an 18-month term.
- The leading 2-year rate edged up from 5.27% APY to 5.30% APY.
- You can now earn 5.35% APY or better with 25 options in our daily ranking.
- The longest term paying at least 5.00% APY remains 3 years for a rate of 5.13% APY, or 4 years at 5.12% APY if you can deposit at least $100,000.
- The Federal Reserve is overwhelmingly expected to nudge the federal funds rate slightly higher next week. That could cause some CD rates to edge a bit higher, though many institutions have already raised rates in anticipation of the almost-certain increase.
CD Terms | Yesterday’s Top National Rate | Today’s Top National Rate | Day’s Change (percentage points) |
3 months | 5.16% APY | 5.16% APY | No change |
6 months | 5.65% APY | 5.65% APY | No change |
1 year | 5.50% APY | 5.50% APY | No change |
18 months | 5.50% APY | 5.70% APY | + 0.20 |
2 years | 5.27% APY | 5.30% APY | + 0.03 |
3 years | 5.13% APY | 5.13% APY | No change |
4 years | 4.85% APY | 4.85% APY | No change |
5 years | 4.77% APY | 4.77% APY | No change |
Tip
Despite the suggestion that a larger deposit entitles you to a higher return, that’s not always the case for jumbo certificate rates, which often pay less than standard CDs. Today’s best jumbo offers, which typically require a deposit of $100,000 or more, do beat the best standard rates in five CD terms, but you can do better with standard CDs in the other three terms. So remember to shop every CD type before making a final choice.
Source: https://www.investopedia.com/top-cd-rates-today-july-18-2023-7562657?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral&yptr=yahoo