Today’s CD Rates for June 20, 2024: Up to 6.00% APY (2024)

The highest CD rate for June 21, 2024 is 5.92% from Merchants Bank of Indiana for 3 years.

CD Type	Average APY	Highest APY Today	Bank
3-month CD	1.54%	5.50%	Shoreham Bank
6-month CD	2.49%	5.48%	HAB Bank
1-year CD	2.60%	6.00%	Nano Banc
2-year CD	2.08%	5.92%	Merchants Bank of Indiana
3-year CD	1.94%	5.92%	Merchants Bank of Indiana
5-year CD	1.91%	4.80%	BMO Alto

Top CD Rates of June 21, 2024

Beat the national average for CD rates* with our featured partners below.

*Accurate as of April 2024. FDIC comparison represents an average of the $10,000 and $100,000 product tiers.

Why You Can Trust the MarketWatch Guides Team

Here’s a breakdown of how we reviewed and rated top banks and credit unions

154

Institutions MonitoredOur team reviewed more than 100 of the country’s largest and most prominent financial institutions, from big banks like Chase and Bank of America to credit unions like Navy Federal Credit Union and PenFed Credit Union.

688

Products StudiedTotal number of checking, saving, CDs, and money-market accounts that inform our review ratings.

In the News

Fed Rates Remain Steady

The Federal Reserve announced on June 12, as expected, that interest rates will remain at a 23-year high, but offered a prediction they’ll likely cut those rates one time before the end of the year. This is a change from the three cuts the Fed predicted at the beginning of the year. The Fed’s next meeting is scheduled for July 30-31.

This may be good news for those investing in a certificate of deposit (CD) for the time being, as financial institutions likely won’t change rates much until the Fed does.

“Given the Fed still seems hesitant about reducing rates, we shouldn’t expect CD rates to fall significantly, but rather they should fall gradually in step with Fed rate cuts,” said Robert Frick, corporate Economist at Navy Federal Credit Union. “Longer-term rates are tougher to predict, but given the Fed is still looking to keep rates higher for longer, long-term rates are likely to remain elevated. The safest strategy remains laddering CD lengths.”

Current CD Rates

An overview of the national average CD rates for select standard term lengths and data on each term’s basis point increase or decrease history is outlined below. A basis point is a financial measurement that indicates a change in interest rates. One basis point is equal to 1/100 of a percent, or .01%.

Additionally, the CD rates are reflected as annual percentage yields (APYs). An APY is the actual rate of return depositors will receive in one year, including compounded interest.

3-Month CD Rates Are steady, 0.00

A three-month CD may be a good option for depositors with short-term savings goals. The average APY on a three-month CD is 1.54%, which is steady from the average rate at the same time last week.

The best three-month APY today is significantly higher at 5.50%. At the current rate, depositors will earn $138.44 in interest on a $10,000 investment.

6-Month CD Rates Are steady, 0.00

Another option for a CD that doesn’t require a long-term commitment is a six-month CD. The average APY on a six-month CD is 2.49%, which is steady from the average rate at the same time last week.

1-Year CD Rates Are steady, 0.00

One of the most popular CD term lengths is the one-year CD. The average APY for a one-year CD is 2.60%, which is steady from the average rate at the same time last week.

The best one-year CD APY today is significantly higher at 6.00%. At the current rate, depositors will earn $616.78 in interest on a $10,000 investment.

2-Year CD Rates Are steady, 0.00

For those without cash needs in the next 24 months, a two-year CD can be a good option for savers looking to lock in a high rate for an extended period of time. The average APY for a two-year CD is 2.08%, which is steady from the average rate at the same time last week.

The best two-year CD APY today is significantly higher at 5.92%. At the current rate, depositors will earn $1,256.83 in interest on a $10,000 investment.

3-Year CD Rates Are down, -0.01

For depositors able to set money aside for several years, a three-year CD may be a good investment. The average APY for a three-year CD is 1.94%, which is a decrease from the average rate at the same time last week.

The best three-year CD APY today is significantly higher at 5.92%. At the current rate, depositors will earn $1,943.30 in interest on a $10,000 investment.

5-Year CD Rates Are steady, 0.00

For depositors able to set money aside for several years, a five-year CD may be a good investment. The average APY for a five-year CD is 1.91%, which is steady from the average rate at the same time last week.

The best three-year CD APY today is significantly higher at 4.80%. At the current rate, depositors will earn $2,712.29 in interest on a $10,000 investment.

Factors That Affect CD Rates

CD rates change frequently based on the economic environment. Inflation, the federal funds rate and predictions of market movements over the term period of the CD all play into how rates move from week-to-week and month-to-month.

There are also several factors outside of macroeconomic trends that will impact CD rates. These include:

Total CD amount: Banks sometimes offer premium interest rates for “jumbo CDs” and vary the interest rate based on the deposit amount.
Where you live: CD rates occasionally differ by ZIP code.
Your lender: Banks, credit unions and online lenders may offer slightly different rates.

How To Shop for the Best CD Rate and Terms

Below are some helpful tips in finding the best CD rate:

Check for promotional rates: Several institutions offer better rates for non-standard term lengths such as five-month, seven-month, 11-month and 13-month terms. The best CDs generally have an interest rate that is three times the national average.

Know your CD term period: CD terms can range from as little as three months to as long as 60 months. Depending on your term period, the rates offered on the CD can vary based on current and forecasted interest rates.

Examine any fees or minimum deposits: Most CDs have early withdrawal fees and minimum deposits to earn the marketed APY. On the flipside, many institutions offer a grace period (usually one to two weeks) after opening an account so depositors can make withdrawals without paying a penalty fee.

Expert Forecast for CD Rates

Market rates on CDs rose dramatically once the Federal Reserve began increasing the federal funds rate in March 2022. We spoke with Rob Williams, managing director of wealth management at Charles Schwab, on what experts predict will happen to CD rates in 2024:

Today’s CD Rates for June 20, 2024: Up to 6.00% APY (1)

Rob Williams

Managing Director of Wealth Management at Charles Schwab

“Based on Fed statements, it appears more likely than not that short-term interest rates, including rates on cash investments like CDs, may fall in the next 12 months.”

Williams recommends that “investors using cash as an investment, not everyday spending, may want to extend into CDs with longer maturities to lock in yields now.”

More CD Resources

CD calculator
Types of CDs
Historical CD rates

Methodology

Data for this report comes from Curinos, LLC. Curinos is the leading provider of data, technologies and insights for financial institutions. Read our full CD rate methodology here.

FAQ: Current CD Rates

CFG Bankhas the highest paying 1-year CD right now. It offers a 5.31%rate with a deposit of $10,000.

As many traditional and online financial institutions currently offer APYs of 5% or higher on several term lengths, now is a good time to open a CD for some investors.

The highest available CD rates today are:

3-month CD: 5.50%APY
6-month CD: 5.48%APY
12-month CD: 5.31%APY
24-month CD: 5.92%APY
36-month CD: 5.92%APY
60-month CD: 4.80%APY