This year has already been extraordinary for CD shoppers. But for anyone still in the market for a great rate, August has been exceptionally fruitful. As of yesterday, you can earn as much as 6.00% APY on a nationally available CD.
Not only that but if you live in one of eight lucky regions of the U.S., you have additional options to earn up to a whopping 6.17% APY.
This is all thanks to the Federal Reserve's historic fight against inflation, which it has been battling with interest rate hikes since March 2022. Since then, the central bank has raised its benchmark rate 5.25%, raising it to its highest level since 2001. As a result, the best CD rates have soared.
This 6.00% CD Leader Is Available to Anyone Nationwide
As we reported yesterday, the first nationally available CD to offer at least 6.00% APY came on the market yesterday. Offered by American 1 Credit Union, this leading nationwide certificate is available for a 12-month term with a $1,000 minimum deposit.
Before hitting the 6.00% threshold, the leading rate on a nationally available CD had been 5.75% APY for most of the last six weeks—though there was a three-day period with a fleeting offer of 5.90% APY.
Earn Up to 6.17% on a CD if You Live in One of These Lucky Places
In addition, the following eight CDs are available to select U.S. residents, depending on where you live. We've provided the basic details on terms and minimums, in addition to who is eligible.
But be sure you do your own research on the early withdrawal penalty before committing to any of these CDs. Penalty policies vary widely, and you are fully within your rights to understand the policy before signing on the dotted line.
Every credit union we include in our CD rankings is federally insured by the National Credit Union Administration (NCUA). That's a credit union's equivalent to the Federal Deposit Insurance Corporation (FDIC), and it provides the same $250,000 of federal protection on your deposits should the institution fail.
Guardian Credit Union (Alabama) - 6.17% APY: This CD has an 11-month term (no-penalty) and a minimum deposit of $10,000. It's available to residents of these 14 Alabama counties: Autauga, Butler, Chilton, Coosa, Covington, Crenshaw, Elmore, Lee, Lowndes, Macon, Montgomery, Pike, Russell, and Tallapoosa.
Meritus Credit Union (Louisiana) - 6.09% APY: This CD has a 6-month term and a minimum deposit of $2,500. It's available to residents of these five Louisiana parishes: Acadia, Iberia, Lafayette, St. Martin, and Vermilion.
BayFirst National Bank (Florida) - 6.01% APY: This CD has a 14-month term and a minimum deposit of $1,000. It's available to residents of these five counties in the Tampa area: Hillsborough, Manatee, Pasco, Pinellas, and Sarasota.
Empower Federal Credit Union (New York) - 6.00% APY: This CD has a 3-month term and a minimum deposit of $500. It's available in the cities of Buffalo, Syracuse, Utica, and many other areas.
Homeland Credit Union (Ohio) - 6.00% APY: This CD has a 4-month term and a minimum deposit of $500. It's available to residents of these nine Ohio counties: Fairfield, Fayette, Highland, Hocking, Jackson, Pickaway, Pike, Ross, and Vinton.
Complex Community Federal Credit Union (Texas) - 6.00% APY: This CD has a 6-month term, minimum deposit of $500. Available to residents of these 13 Texas counties: Andrews, Crane, Ector, Gaines, Howard, Lubbock, Martin, Midland, Pecos, Reeves, Upton, Ward, and Winkler.
City Credit Union (Texas) - 6.00% APY: This CD has a 12-month term and a minimum deposit of $1,000. It's available to residents of these 13 Texas counties in the Dallas area: Collin, Cooke, Dallas, Denton, Ellis, Grayson, Hunt, Johnson, Kaufman, Parker, Rockwall, Tarrant, and Wise.
Five Star Credit Union (Alabama and Georgia) - 6.00% APY: This CD has a 13-month term and a minimum deposit of $500. It's available to residents of these eight Alabama counties: Barbour, Coffee, Dale, Geneva, Henry, Houston, Pike, and Russell. Residents of 20 Georgia counties are also eligible, in addition to all other Georgia residents who make a donation to an affiliated nonprofit organization.
Don't qualify for one of the 6.00%-plus offers above? No worries. You still have an abundance of riches in today's CD market. Every day we rank the best nationally available CD rates, and today's list includes almost 40 certificates paying 5.50% APY or more. Have a big deposit? Our daily list of the best jumbo CDs also offers plenty of winners.
Best High-Yield Savings Accounts for May 2024—Up to 5.55%
Best Money Market Account Rates for May 2024—Up to 5.35%
Rate Collection Methodology Disclosure
Every business day, Investopedia tracks the rates of almost 100 banks and credit unions that offer savings accounts to customers nationwide, using that data to determine daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the savings account's minimum initial deposit must not exceed $25,000.
For our list of the best CD rates, banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best high-yield savings accounts, read our full methodology.
