For the first time in a long while, the news for CD shoppers is worse today than yesterday, though the change is minor: Instead of 25 options offering a rate of at least 5.35% APY, your selection has dropped to 23.
You can still earn the stellar rate of 5.65% APY with the two industry-leading CDs (for either 7 or 9 months), according to our daily ranking of the best nationwide CDs. Or you can extend your rate lock to 13 or 15 months and still earn 5.50% APY—or even 5.55% APY for 13 months if you have a jumbo-sized deposit of at least $100,000.
Also holding steady is the longest option on which you can secure a rate of at least 5.00%, which continues to be a 3-year certificate paying 5.13% APY. Anyone able to fund a jumbo deposit, however, can stretch that to 4 years at 5.12% APY.
Key Takeaways
- The number of CDs in our daily rankings that pay at least 5.35% APY dipped to 23 today vs. 25 yesterday.
- The highest rate available on any nationally available CD in any term continues to be 5.65% APY, available for either 7 months or 9 months.
- For a slighting longer duration of around 1 year, you can earn 5.50% APY with the top standard option or 5.55% APY with a jumbo CD.
- The longest term paying at least 5.00% APY remains 3 years for a rate of 5.13% APY, or 5.12% APY for 4 years if you can make a jumbo deposit of at least $100,000.
- The Federal Reserve is overwhelmingly expected to nudge the federal funds rate slightly higher in less than two weeks, which could cause CD rates to inch a bit higher.
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 | 5.50% APY | No change |
2 years | 5.27% APY | 5.27% APY | No change |
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-14-2023-7561415?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral&yptr=yahoo