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CD Rates Today, Feb. 27, 2024: Act Now to Earn an APY as High as 5.5%

Locking in today’s best CD rates protects your earnings from anticipated drops.

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If you’re looking for a safe place to stash your savings and earn some extra interest, a certificate of deposit is worth considering.

a hand holding one hundred dollar spills fanned out
Zooey Liao/CNET

“CDs are low-risk investments that are appropriate for people looking to grow their assets without the risk of the stock and bond markets,” said Jesse Carlucci, chief investment officer at Arrow Investment Management.

Today’s best CDs currently offer annual percentage yields, or APYs, as high as 5.5%. And since your rate is fixed when you open the account, your earnings are protected if rates fall -- which they’re expected to do in the coming months.

Read on to learn where you can score a great APY today.

Key takeaways

  • Today’s highest-paying CDs offer APYs up to 5.5%.
  • CD rates have fallen in recent months and are expected to continue falling in the coming months.
  • Locking in an APY now means you’ll earn the same amount of interest even if rates fall.

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 years4.76%First Internet Bank of Indiana$748.53
5 years4.61%First Internet Bank of Indiana$1,263.77
APYs as of Feb. 27, 2024, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.

APYs skyrocketed starting in March 2022 as the Federal Reserve began regularly raising the federal funds rate to fight record inflation. The federal funds 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 do the same, raising rates on consumer products from credit cards to CDs.

The last time the Fed raised rates was in July 2023, and its last four meetings have resulted in rate hike pauses. As a result, we’ve seen CD rates gradually fall since the end of 2023. 

Here’s where APYs stand compared to last week:

TermCNET average APYWeekly change*Average FDIC rate
6 months4.88%No change1.53%
1 year5.04%-0.20%1.83%
3 years4.14%-0.24%1.40%
5 years3.95%-0.25%1.40%
APYs as of Feb. 27, 2024. Based on the banks we track at CNET.
*Weekly percentage increase/decrease from Feb. 19, 2024, to Feb. 26, 2024.

Inflation is cooling -- it’s currently 3.1%, a far cry from the 9.1% it hit in June 2022. But it has a way to go before it reaches the Fed’s 2% target. It rose by 0.3% in January, bringing it to 3.1% year over year, according to the latest Consumer Price Index report. The Fed is expected to lower rates later this year, but it will continue monitoring economic conditions to determine its next move.

For now, rates remain elevated, but experts expect them to drop in mid-to-late 2024. So, if you’ve been considering opening a CD, now’s the time to do so.

Why you shouldn’t wait to open a CD

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

What to look for 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.


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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