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Take Your Pick: These 30 CDs All Pay 5.50% or Higher

Posted by Sabrina Karl on Wednesday, August 23, 2023 Under: Technical Analysis

Take Your Pick: These 30 CDs All Pay 5.50% or Higher

Take Your Pick: These 30 CDs All Pay 5.50% or Higher

Rates on certificates of deposits keep rising, giving you new options almost every day to earn a record rate. Today marks a milestone, as the number of CDs in our "Benchmark Leaders" group—those paying at least 5.50% APY—rose to 30 for the first time. At the start of August, the number was just 15.

The 30 Best CD Rates You Can Lock in Right Now

Each of the CDs below is available to customers nationwide, even if it's offered by a credit union. And all are offered by federally insured institutions—covered by the Federal Deposit Insurance Corporation (FDIC) for banks or the National Credit Union Administration (NCUA) for credit unions. That means even in the very unlikely case that the institution fails, your deposits up to $250,000 are protected.

Different CDs are best for different customers, so it's nice to have such an abundant list of top-rate choices. While the top rate in our daily ranking of the best nationwide CDs is currently 5.75% APY, the earnings difference between a 5.50% CD and one paying the top rate is minor. So choose a CD with a term and minimum deposit that suits you best.

Benchmark Leader CDs Paying at Least 5.50% APY

Term LengthRateTermMinimum Deposit
3-Month CDs
Dow Credit Union5.65% APY3 months$500
Signature Federal Credit Union5.55% APY3 months$500
6-Month CDs
TotalDirectBank5.56% APY6 months$25,000
NASA Federal Credit Union5.55% APY9 months$10,000
Dow Credit Union5.50% APY6 months$500
Mountain America Credit Union5.50% APY6 months$500
Signature Federal Credit Union5.50% APY6 months$500
NexBank5.50% APY6 months$25,000
1-Year CDs
Abound Credit Union5.75% APY10 months$500
MapleMark Bank5.75% APY12 months$25,000
TotalDirectBank5.65% APY12 months$25,000
Connexus Credit Union5.61% APY12 months$5,000
Northern Bank Direct5.60% APY11 months$500
NexBank5.60% APY12 months$25,000
Northpointe Bank5.55% APY11 months$25,000
Colorado Federal Savings Bank5.55% APY12 months$5,000
All In Credit Union5.54% APY12 months$25
Sun East Federal Credit Union5.50% APY11 months$500
Forbright Bank5.50% APY12 months$1,000
Limelight Bank5.50% APY12 months$1,000
Rising Bank5.50% APY12 months$1,000
CommunityWide Federal Credit Union5.50% APY12 months$1,000
Sallie Mae Bank5.50% APY12 months$2,500
Popular Direct5.50% APY12 months$10,000
Merrick Bank5.50% APY12 months$25,000
Garden Savings Federal Credit Union5.50% APY13 months$1,000
18-Month CDs
Sallie Mae Bank5.55%18 months$2,500
MapleMark Bank5.55%18 months$25,000
All In Credit Union5.54%18 months$1,000
2-Year CDs
MapleMark Bank5.50%24 months$25,000      


Looking to lock in one of today's record rates for longer than two years? We also publish daily rankings of the best 3-year4-year, and 5-year certificates.

Why Today’s CDs Are Paying Record Rates

The Federal Reserve has been aggressively hiking the federal funds rate since March 2022 in a fight against decades-high inflation. With 11 increases across 12 meetings, the central bank has raised its benchmark rate a cumulative 5.25%. That's taken the fed fund rate beyond its 2006–2007 peak and to its highest level since 2001.

As a result, CD rates have surged in 2023, as you can see below. Take 1-year certificates as an example. The top nationwide rate before the Fed's rate-hike campaign began was 0.80% APY. Today the leading rate in the country is an eye-popping 5.75% APY.

Will CD Rates Climb Higher This Year?

It's impossible to say whether CD rates have more room to run, as it hinges entirely on whether or not the Fed will implement another rate hike in 2023. After its July meeting, the official statement left the door wide open for additional increases this year, emphasizing the Fed's commitment to bring inflation down to its 2% target level.

In post-meeting comments, Federal Reserve Chairman Jerome Powell has indicated that the rate-setting committee has not made any decisions yet on whether to raise rates again in 2023, or if so, what timing or pace any increases would follow. He specifically stated that a hike and a pause were each possibilities at the next meeting, scheduled for September 19-20.

At the time of this writing, financial markets are betting on only 10-15% odds of a September Fed increase, with the probabilities of an increase at the November or December meetings rising to the 35-40% range.

Only time will tell what the Fed actually does over the rest of this year. If they opt to implement another increase, that will certainly drive CD rates a bit higher. But with returns already at record levels, the gains will be only incremental. But if instead they signal that they are ready to keep rates steady, the top CD rates could begin inching lower.

For money you don't want to commit to a CD, consider one of the options in our daily rankings of the best high-yield savings accounts and the best money market accounts.

For money you don't want to commit to a CD, consider one of the options in our daily rankings of the best high-yield savings accounts and the best money market accounts.

Rate Collection Methodology Disclosure

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer money market, savings accounts, and CDs to customers nationwide, and determines 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 account's minimum initial deposit must not exceed $25,000.

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 rates, read our full methodology.

In : Technical Analysis 

Tags: cds  crypto  funding  investing 

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