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CD Rates Today, Feb. 14, 2024: Earn More Than 3 Times the National Average With These CDs

APYs have been dropping for months. Find out where you can still lock in a great rate.

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A certificate of deposit can be a great way to lock in guaranteed earnings on your money. Unlike savings accounts, which have a variable rate, your CD rate is fixed when you open the account. And with rates expected to go down in the coming months, now’s the time to secure a high annual percentage yield, or APY.

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Zooey Liao/CNET

“l would recommend opening a CD in today’s rate environment since the rates are still attractive in comparison to the interest rates that most banks are offering for cash deposits,” said Dana Menard, CFP, founder and lead financial planner at Twin Cities Wealth Strategies.

Top CD accounts currently offer APYs up to 5.5% -- more than three times the national average for certain CD terms. Read on to where you can get today’s best rates.

Key takeaways

  • Top CDs boast APYs up to 5.5%.
  • Opening a CD now protects your earnings from anticipated rate drops.
  • Other factors to consider when choosing a CD include your savings timeline and minimum deposit requirements.

Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get CNET’s partners’ best rate for your area.

Today’s best CD rates

Here are some of the top CD rates available right now and how much you could earn by depositing $5,000 right now:

TermHighest APYBankEstimated earnings
6 months5.50%BMO Alto; CommunityWide Federal Credit Union $135.66
1 year5.40%Alliant Credit Union; Bask Bank$270.00
3 years4.75%First Internet Bank of Indiana$746.88
5 years4.60%BMO Alto$1,260.78
APYs as of Feb. 14, 2024, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.

CD rates continue to drop

CD rates have been high for nearly two years. In March 2022, the Federal Reserve began regularly raising the federal funds rate to fight inflation. This rate determines how much it costs banks to borrow and lend money to each other, so when the Fed raises this rate, banks tend to follow suit, raising rates on consumer products from credit cards to CDs to attract new customers (and their cash).

As the federal funds rate soared, so did CD rates. But the Fed paused rate hikes at its last four meetings, and CD rates leveled off at the end of 2023. While you can still find APYs as high as 5.5%, banks have been cutting rates across terms, and this trend is likely to continue as the Fed is expected to start cutting rates later this year.

Here’s where APYs stand compared to last week:

TermCNET average APYWeekly change*Average FDIC rate
6 months4.89%-0.61%1.51%
1 year5.05%-0.20%1.86%
3 years4.14%-0.97%1.40%
5 years3.95%-0.75%1.41%
APYs as of Feb. 14, 2024. Based on the banks we track at CNET.
*Weekly percentage increase/decrease from Feb. 5, 2024, to Feb. 12, 2024.

With rates as high as they’re expected to go, now is the time to lock in an APY before they drop further.

Benefits of opening a CD today

A fixed APY isn’t the only perk of opening a CD today. CDs offer attractive benefits in any rate environment.

CDs held at banks covered by the Federal Deposit Insurance Corporation or credit unions insured by the National Credit Union Administration are protected by federal deposit insurance. That means your money is safe up to $250,000 per person, per institution if the bank fails. This makes them a low-risk way to grow your savings.

Plus, most banks charge an early withdrawal penalty if you take out money before the CD matures. This can eat away at your earnings and discourage you from tapping into your funds before you need them.

Factors to consider when comparing CD accounts

In addition to a competitive APY, here’s what you should look for when comparing CD accounts:

  • How soon you’ll need the funds: Early withdrawal penalties can eat away at your interest earnings. So, be sure to choose a term that fits your savings timeline. You should be comfortable leaving your money untouched for the entire term.
  • Minimum deposit requirement: Some CDs require a certain amount to open an account -- typically, $500 to $1,000. Others have no such requirement. How much money you have to put away can help you narrow down your account options.
  • Fees: Fees can erode your balance. Many online banks don’t charge maintenance fees because they have lower overhead costs than banks with physical branches. Still, read the fine print for any account you’re considering.
  • Federal deposit insurance: Check that any institution you’re considering is an FDIC or NCUA member to ensure your money is protected if the bank fails.
  • Customer ratings and reviews: Check out sites like Trustpilot to see what customers are saying about any bank you’re considering. You want to make sure the bank is responsive, professional and easy to work with.

Methodology

CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service.

The current banks included in CNET’s weekly CD averages are: Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct, Quontic, Rising Bank, Synchrony, EverBank, Popular Bank, First Internet Bank of Indiana, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America, Connexus Credit Union.

Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
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