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Original page content Best CD Rates Today -- Boost Your Earnings With APYs Up to 5.4%, March 13, 2024 | If you have savings you don’t need immediate access to, a certificate of deposit can be a great way to maximize your return. When you open a CD, your interest rate is locked in -- unlike savings account rates, which can change at any time with market conditions. That means your earnings stay the same regardless of where interest rates go in the future. Imagesrouges / Getty Images Today’s top CD rates offer annual percentage yields, or APYs, as high as 5.4%. But rates have been falling for months, and experts expect this trend will continue. So the sooner you open a CD, the more interest you stand to earn. Read on to learn where you can score a great rate today. Key takeaways You can earn up to 5.4% APY with today’s best CDs. Top CDs pay more than three times the national average for some terms. With the Fed expected to cut rates later this year, now’s the time to lock in a still-high APY. 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 earnings6 months5.30%America First Credit Union; Barclays; CommunityWide Federal Credit Union$130.791 year5.40%Alliant Credit Union; CFG Bank$270.003 years4.66%First Internet Bank of Indiana$732.085 years4.60%BMO Alto$1,260.78APYs as of March 13, 2024, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually. CD rates are high, but the clock is ticking High APYs have been the headline for CDs for two years now as the Federal Reserve regularly raised the federal funds rate to combat 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. Due to the regular rate hikes, CD rates skyrocketed starting in March 2022, with peak APYs topping 5.6%. But 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 fall since the end of 2023. Here’s where rates stand compared to last week: TermCNET average APYWeekly change*Average FDIC rate6 months4.86%-0.61%1.53%1 year5.02%-0.20%1.83%3 years4.13%No change1.40%5 years3.95%No change1.40%APYs as of March 13, 2024. Based on the banks we track at CNET.*Weekly percentage increase/decrease from March 4, 2024, to March 11, 2024. As inflation slowly begins to cool, experts expect the Fed will begin cutting rates in mid-to-late 2024, so CD rates will likely continue falling in the coming months. However, top accounts still offer APYs more than three times the national average for some terms. So, by opening a CD now, you can lock in today’s still-high rates and protect your earnings from further rate drops. 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 benefit of opening a CD today. CDs offer attractive perks 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. If you’re worried you’ll be tempted to tap into your funds before you need them, this penalty could inspire you to stay disciplined. How to compare CD accounts In addition to a competitive APY, here’s what you should consider when comparing CD accounts: When 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 evaluating. 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. Recommended Articles Best CD Rates for February 2024 Best CD Rates for February 2024 By Dashia Milden 8 Types of CDs: Which One Is Best for You? 8 Types of CDs: Which One Is Best for You? By Dashia Milden The End of High Savings and CD Rates Is Coming. What 1 Expert Wants You to Know While Rates Are Still Up The End of High Savings and CD Rates Is Coming. 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