Best CD Rates in January 2024

Welcome to the world of high-yield savings with our guide to the Best CD Rates. Certificates of Deposit (CDs) offer a secure and predictable way to grow your savings while earning competitive interest rates. Whether you’re a seasoned investor or a first-time saver, finding the right CD with favourable rates is crucial for optimizing your financial portfolio.

In today’s dynamic economic landscape, where interest rates fluctuate, navigating the market to discover the best CD rates is essential for maximizing your returns. Our comprehensive guide will take you through the top CD options available, highlighting key features, terms, and benefits to help you make informed decisions about your financial future.

Discover how different banks and financial institutions offer varying rates, terms, and additional perks to cater to diverse financial goals. From short-term CDs to long-term investments, we provide insights into the intricacies of each option, ensuring you have the knowledge needed to make strategic choices that align with your unique financial objectives.

Join us on a journey to explore the Best CD Rates, empowering you to make informed decisions that will contribute to the growth and stability of your financial portfolio. Secure your future with the knowledge and confidence gained through our comprehensive guide to the top CD rates in the market.

Best CD rates today compared to 2024

TitleAPY*TermMin. deposit
Forbright5.60%9 months$1,000
Popular Direct5.45%12 months$10,000
Bread Savings5.50%12 months$1,500
LendingClub5.55%12 months$2,500
BMO Alto5.50%6 months$0
Barclays5.30%12 months$0
Quontic5.30%12 months$500
Discover5.00%12 months$2,500
CIT Bank4.90%11 months$1,000
U.S. Bank4.80%13 months$500
Valley Direct4.50%12 months$500
Nationwide4.75%12 months$500

Our recommendations for best CD rates


Commercial Statement SavingsCommercial Tiered Savings
Earns InterestYesYes
Monthly Maintenance Fee$5$10
Minimum Balance Requirement to Waive Monthly Maintenance Fee$500$500
Statement CycleQuarterlyQuarterly
Seven “Anywhere” ATM Withdrawals Per MonthYesYes
Online BankingYesYes
E-Statements AvailableYesYes
Cash Management Services AvailableYesYes
Mobile Banking with Mobile DepositYesYes

Have you ever imagined the possibility of saving money while actively contributing to environmental well-being? If the idea resonates with you, then Forbright’s CDs could be the perfect fit.

Forbright not only offers some of the most competitive CD rates in the market but also aligns your deposits with a commitment to reducing carbon emissions. This financial institution supports commercial and residential green energy projects, making it an appealing choice for those seeking to positively impact the environment while securing their financial future.

To get started, you’ll need to meet a minimum deposit requirement of $1,000. Forbright streamlines the process of opening and funding your CD account by allowing you to seamlessly connect your banking information through Plaid. This user-friendly approach enhances accessibility, making it convenient for individuals who are keen on combining financial growth with environmentally conscious banking practices. Choose Forbright for a rewarding savings experience that goes beyond financial gains, contributing to a greener and more sustainable future.


Forbright CD rates

Interest RateAPY*Minimum Opening DepositMinimum Balance to Obtain APY
3-5 Month3.930%4.00%$1,000$1,000
6-8 Month4.320%4.40%$1,000$1,000
9 Month5.180%5.30%$1,000$1,000
10-11 Month3.930%4.00%$1,000$1,000
12 Month4.990%5.10%$1,000$1,000
13-17 Month2.959%3.00%$1,000$1,000
18-23 Month2.957%3.00%$1,000$1,000
24-29 Month2.957%3.00%$1,000$1,000
30-35 Month2.957%3.00%$1,000$1,000
36-47 Month2.957%3.00%$1,000$1,000
48-59 Month2.957%3.00%$1,000$1,000
60 Month2.957%3.00%$1,000$1,000

Popular Direct

APY*TermMin. depositMonthly fee
5.45%12 months$10,000$0

All Popular Direct deposit products are offered by and will be opened through Popular Bank. Popular Bank is a Member FDIC institution and a New York state-chartered bank. Processing services for all Popular Direct deposit products are provided by Popular Bank. All deposits with Popular Bank (including deposits through Popular Direct deposit products) are insured by the FDIC up to the applicable maximum amount allowed by law for each deposit ownership category. All balances for Popular Direct and Popular Bank deposits would be combined for purposes of determining FDIC coverage eligibility. For more information about FDIC Insurance coverage of deposit accounts.

Popular Direct

Popular Direct CD rates

TermAPY*Min. depositMonthly fee
3 months5.10%$10,000$0
6 months5.25%$10,000$0
12 months5.45%$10,000$0
18 months5.16%$10,000$0
24 months4.90%$10,000$0
36 months4.75%$10,000$0
48 months4.50%$10,000$0
60 months4.50%$10,000$0

Bread Savings

APY*TermMin. depositMonthly fee
5.50%12 months$1,500$0

You have places to go and money to grow, which is why we make opening a Bread Savings Certificate of Deposit (CD) so simple. We offer highly competitive rates,1 and opening an account only takes a few minutes. Then, when your CD matures, you’ll have more money to reinvest or to spend toward your best life.

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Bread Savings CD rates

TermAPY*Min. depositMonthly fee
12 months5.50%$1,500$0
24 months4.75%$1,500$0
36 months4.25%$1,500$0
48 months4.15%$1,500$0
60 months4.15%$1,500$0


APY*TermMin. depositMonthly fee
5.55%12 months$2,500$0

LendingClub is perhaps best known for offering personal loans but you can also find banking products here, including high-yield CDs. You’ll need at least $2,500 to open a CD and you can choose a CD term ranging from six to 60 months. 

Aside from competitive CD rates, LendingClub stands out as an award-winning bank. It’s consistently among the top-rated banks for the range of products and services offered, low fees, and superior customer service. While you might be focused solely on finding the best CD rates, it’s important to consider the entirety of what a bank has to offer and the kind of reputation it’s earned. 

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LendingClub CD rates

TermAPY*Min. depositMonthly fee
6 months5.30%$2,500$0
12 months5.55%$2,500$0
18 months5.00%$2,500$0
24 months4.50%$2,500$0
36 months4.30%$2,500$0
60 months4.00%$2,500$0

BMO Alto

APY*TermMin. depositMonthly fee
5.50%6 months$0$0

BMO stands out in the realm of online-only CDs, showcasing some of the most attractive CD rates available. If the convenience of managing your account without the need to visit a physical branch appeals to you, exploring a high-yield CD account with BMO might be the ideal choice.

One notable advantage is the absence of a minimum deposit requirement, providing flexibility for savers of all levels. Additionally, BMO doesn’t impose a minimum balance that you must maintain, enhancing the accessibility of their CD offerings.

With BMO, you have the flexibility to choose from six terms, spanning from a concise six months to a more extended five-year period. Monthly interest payments add to the appeal, ensuring you see returns on your investment regularly. To assist you in making informed decisions, BMO offers a convenient CD calculator. This tool allows you to estimate potential earnings based on different terms and deposit amounts, empowering you to tailor your investment strategy according to your financial goals. Experience the convenience and flexibility of online banking with BMO’s exceptional CD rates, designed to cater to your financial needs seamlessly.

bmo alto

BMO Alto CD rates

TermAPY*Min. depositMonthly fee
6 months5.50%$0$0
12 months5.55%$0$0
24 months4.85%$0$0
36 months4.75%$0$0
48 months4.75%$0$0
60 months4.75%$0$0


APY*TermMin. depositMonthly fee
5.30%12 months$0$0

Barclays presents an enticing option for savers with its flexible and accessible CD offerings. Ranging from 12 to 60 months, Barclays’ CD terms cater to a variety of investment preferences, and here’s the standout feature – there’s no obligatory minimum opening deposit.

While you do need to make an initial deposit to start earning interest, the absence of a minimum opening deposit requirement is a distinctive advantage. This means you can tailor your deposit to an amount that suits your current financial situation. Whether you’re ready to invest a substantial sum or can only afford to park $250 in a CD, Barclays removes the barriers to entry, fostering a more inclusive saving environment.

This stands in contrast to other banks where you might encounter minimum deposit requirements of $500 or more. With Barclays, opening a small CD account becomes a straightforward and accessible way to grasp the fundamentals of CD investments while still enjoying an impressive interest rate on your money. Consider Barclays for a hassle-free entry into the world of CDs, where your financial comfort is a priority.

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Barclays CD rates

TermAPY*Min. depositMonthly fee
12 months5.30%$0$0
18 months4.80%$0$0
24 months4.40%$0$0
36 months4.30%$0$0
48 months4.20%$0$0
60 months4.15%$0$0

Quontic Digital Bank

APY*TermMin. depositMonthly fee
5.30%12 months$500$0

Quontic, a leading digital bank, not only offers a range of innovative checking accounts as alternatives to traditional banking but also stands out for its exceptional CD offerings. For those seeking a diversified banking experience, Quontic provides options like Bitcoin checking, rewards checking, and high-interest checking accounts.

When it comes to their CD accounts, Quontic boasts a $500 minimum deposit requirement, making it an accessible choice for a broad spectrum of savers. The competitive rates on these CDs add to the allure, providing an opportunity for robust returns on your investment.

For those interested in laddering strategies, Quontic allows you to open multiple CDs, facilitating a customized approach to your savings goals. One notable advantage is the absence of monthly fees, ensuring that your earnings remain untouched by unnecessary charges. However, it’s important to note that there is a penalty for early withdrawals from a CD before maturity, emphasizing the commitment to long-term saving.

Consider Quontic for a seamless blend of digital banking convenience, innovative checking options, and attractive CD features that align with your financial objectives.

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Quontic CD rates

TermAPY*Min. depositMonthly fee
6 months5.05%$500$0
12 months5.30%$500$0
24 months4.50%$500$0
36 months4.40%$500$0
60 months4.30%$500$0


APY*TermMin. depositMonthly fee
Up to 5.00%3 months to 10 years$2,500$0

Discover Bank stands out as a versatile financial institution, offering a diverse range of CD terms from three months to 10 years, catering to savers with varying timelines for their financial goals. This flexibility is particularly beneficial for those aiming at longer-term objectives. Notably, the 12-month CD account at Discover commands the highest CD rate, making it an appealing choice for short-term investors, while other terms like the 9-month CD account still offer competitive rates.

To initiate a CD with Discover, a minimum deposit of $2,500 is required, representing the highest threshold among the banks discussed here. Despite the higher minimum deposit, Discover compensates with a wide array of financial products, including high-interest checking accounts, money market accounts (MMAs), and one of the best high-yield savings account options available from any online bank.

Whether you are looking for short-term gains or aiming for long-term financial growth, Discover Bank’s comprehensive suite of offerings, including its diverse CD terms, positions it as a one-stop solution for various savings and investment needs.

Discover logo 28a70026a79d4023adafb0f5e2e773cf

Discover CD rates

TermAPY*Min. depositMonthly fee
9 months4.50%$2,500$0
12 months5.00%$2,500$0
18 months4.70%$2,500$0
24 months4.30%$2,500$0
30 months4.10%$2,500$0

CIT Bank

APY*TermMin. depositMonthly fee
4.90% (no withdrawal penalty)11 months$1,000$0

CIT Bank distinguishes itself with its competitive rates, reserving the highest annual percentage yield (APY) for its six-month CDs. However, if flexibility is a priority, the 11-month no-penalty CD offers a great rate while allowing for early withdrawals without forfeiting accrued interest. This makes it an attractive choice for those who value liquidity.

To initiate a CD account with CIT Bank, a minimum deposit of $1,000 is required, maintaining consistency across all available terms. Beyond CDs, CIT Bank provides various avenues for saving, including high-yield savings accounts, checking accounts, and money market accounts. For those considering home financing, CIT Bank also extends its services to home loans.

Whether you’re looking for short-term gains or long-term financial strategies, CIT Bank’s range of products, competitive rates, and flexibility with options like the no-penalty CD make it a comprehensive choice for savers and investors alike. Explore the diverse offerings at CIT Bank to tailor your financial approach to your unique needs and goals.

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CIT Bank CD rates

TermAPY*Min. depositMonthly fee
6 months5.00%$1,000$0
11 months (no penalty)4.90%$1,000$0
12 months0.30%$1,000$0
13 months4.65%$1,000$0
18 months4.60%$1,000$0
24 months0.40%$1,000$0
36 months0.40%$1,000$0
48 months0.50%$1,000$0
60 months0.50%$1,000$0

Valley Direct

APY*TermMin. depositMonthly fee
4.50%12 months$500$0
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Although only one CD term option is available, Valley Bank’s 12-month CD account offers a competitive APY. You can open a CD with $500 to $500,000.


APY*TermMin. depositMonthly fee
4.75%12 months$500$0

Nationwide’s partnership with Axos Bank presents a compelling option for savers looking to explore CD accounts with diverse terms. Ranging from three months to five years, Nationwide’s CD offerings feature the 12-month CD as the frontrunner in terms of earning the best rate. With a modest minimum deposit requirement of $500, opening a Nationwide CD becomes accessible for those embarking on their savings journey or seeking to diversify their CD holdings across different banks.

One notable feature is the automatic renewal of CDs, ensuring a seamless continuation of your savings plan. However, should you wish to withdraw or transfer your funds elsewhere, Nationwide provides a generous 10-day grace period.

Furthermore, Nationwide CDs are backed by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, offering an additional layer of security to your savings. The convenience of managing your accounts through online or mobile banking adds to the accessibility and ease of monitoring your investments.

Consider Nationwide’s partnership with Axos Bank for a well-rounded CD experience that combines competitive rates, flexibility, and the security of FDIC insurance, all backed by the convenience of online and mobile banking.

new nationwide logo decorative large

Nationwide CD rates

TermAPY*Min. depositMonthly fee
3 months0.20%$500N/A
6 months0.20%$500N/A
9 months0.20%$500N/A
12 months4.75%$500N/A
18 months2.85%$500N/A
24 months0.20%$500N/A
36 months0.20%$500N/A
48 months0.20%$500N/A
60 months0.20%$500N/A

U.S. Bank 

APY*TermMin. depositMonthly fee
4.80%13 months$500$0

U.S. Bank breaks the mold of traditional banks by offering competitive CD rates across various options. From CD specials to standard CDs, step-up CDs, and trade-up CDs, U.S. Bank provides a range of choices to suit different preferences. Notably, the highest rates are allocated to CD specials, available in 7-, 11-, 13-, and 19-month terms, with the 13-month CD securing the best Annual Percentage Yield (APY).

U.S. Bank stands out in terms of accessibility, allowing individuals to open any of its CDs online, irrespective of whether they are existing customers or not. With a reasonable minimum deposit requirement of $1,000, U.S. Bank’s CDs provide an accessible entry point for a diverse range of savers. Additionally, the FDIC insurance up to $250,000 ensures the security of your deposits.

For those interested in joint accounts, U.S. Bank offers the flexibility to open joint CD accounts, accommodating various saving preferences. Consider U.S. Bank for a blend of competitive rates, diverse CD options, and the convenience of online account opening, making it an attractive choice for those seeking a reliable and accessible CD investment experience.

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U.S. Bank CD rates

TermAPY*Min. depositMonthly fee
7 months4.20%$1,000$0
11 months4.30%$1,000$0
13 months4.80%$1,000$0
19 months4.30%$1,000$0


Your approach in choosing the best CD rates, based on the highest Annual Percentage Yields (APYs) as of December 1st, 2023, demonstrates a commitment to providing valuable information to savers. By considering factors such as minimum deposit requirements and the range of terms offered, you ensure a comprehensive evaluation of the CD landscape, catering to a diverse audience with varying financial goals.

Inclusion criteria, such as only featuring banks that insure deposits through the Federal Deposit Insurance Corporation (FDIC), adds an extra layer of security for potential investors. This emphasizes a focus not only on competitive rates but also on the safety and protection of deposited funds.

Your rankings, encompassing both online-only and traditional banking institutions, reflect a recognition of the evolving financial landscape where online banks often offer competitive rates. By considering a variety of institutions, your list accommodates the preferences and priorities of a broad spectrum of savers.

Overall, your methodology ensures a well-rounded and informed selection of the best CD accounts, providing your audience with a valuable resource for making strategic and secure investment decisions.

How to select the best CD account for you

Your tips for choosing the best CD account provide a comprehensive and practical guide for individuals navigating the diverse landscape of CD options. Here’s a breakdown of the key considerations you’ve outlined:

  1. Explore Different Institutions: Acknowledging the variety of options, including online banks, brick-and-mortar banks, and credit unions, showcases an awareness of the evolving banking environment. The mention of credit unions and their equivalent “share certificates” provides a well-rounded perspective on the available choices.
  2. Understand Your Needs: Emphasizing the importance of understanding personal financial goals sets the foundation for informed decision-making. Whether it’s a long-term goal like saving for a car or a short-term goal for a vacation, aligning the CD choice with specific objectives ensures a tailored and effective strategy.
  3. Shop Around: The recommendation to shop around for the best CD rates, maturity terms, and minimum deposit requirements highlights the significance of thorough research. The emphasis on the potential variation between different banks underscores the value of informed comparison.
  4. Consider Minimum Deposits: Recognizing the diversity in minimum deposit requirements caters to individuals with varying financial capacities. This flexibility ensures that potential investors can choose a CD that aligns with their comfort level regarding initial deposits.
  5. Evaluate CD Rates: Drawing attention to the variability of interest rates based on CD terms and the existence of special CDs with unique terms demonstrates a keen understanding of the factors influencing earnings. This empowers savers to optimize their returns based on their specific preferences and timelines.
  6. Be Aware of Early Withdrawal Penalties: The caution about early withdrawal penalties serves as a reminder of the commitment associated with CD accounts. This awareness helps individuals make well-informed decisions, considering potential financial implications.
  7. Explore Other Banking Options: Encouraging a holistic approach by considering a bank’s broader offerings beyond CDs addresses the needs of those seeking comprehensive banking solutions. This approach aligns with the evolving trend of individuals seeking convenience and multifaceted banking relationships.

Overall, your tips provide a thorough guide for individuals at various stages of their financial journey, offering valuable insights for selecting the best CD account tailored to their unique needs and preferences.

How are CD rates changing?

The observation of an upward trend in CD rates and the correlation with adjustments to the federal funds rate provides valuable insights into the dynamics of interest rates and monetary policy. The rise in CD rates, exemplified by the increase in the national average for a 12-month CD from 0.96% in May 2022 to 1.86% in December 2023, can be attributed to the Federal Reserve’s actions and their impact on the financial landscape.

The Federal Reserve’s control over the federal funds rate, influencing how deposit institutions lend money to each other overnight, plays a pivotal role in shaping monetary policy in the United States. When the Federal Reserve raises the federal funds rate, it creates a domino effect where banks can adjust rates for CDs and other interest-bearing accounts upwards. This adjustment is reflective of a broader strategy to manage inflation and economic conditions.

The context provided regarding the Fed’s actions in the first quarter of 2022, initiating a series of rate increases to address rising inflation, aligns with the observed trend in CD rates. The 11 rate increases since March 2022 underscore the ongoing efforts to navigate economic challenges.

The anticipation of a potential interest rate cut in 2024, as mentioned in the context, adds a forward-looking perspective for savers. The suggestion to consider opening a CD account before an expected rate cut reflects an understanding of the potential impact on CD rates and the benefits of securing favorable terms before any adjustments.

This information provides a nuanced understanding for individuals seeking to make informed decisions about their savings and investments, considering the broader economic context and the role of the Federal Reserve in shaping interest rate trends.

Alternatives to CDs

Certainly, there are several alternatives to Certificates of Deposit (CDs) that individuals can consider, each with its own set of features and considerations.

  1. High-Yield Savings Accounts:
    • Pros: Offer higher interest rates compared to regular savings accounts. Greater liquidity, as funds can be withdrawn without penalties.
    • Cons: Generally lower interest rates compared to CDs. Rates may fluctuate with market conditions.
  2. Money Market Accounts (MMAs):
    • Pros: Combines features of both savings and checking accounts. Offers higher interest rates than regular savings accounts.
    • Cons: May have minimum balance requirements. Limited number of withdrawals per month.
  3. Government Bonds:
    • Pros: Relatively low-risk investment backed by the government. Interest payments are typically regular and fixed.
    • Cons: Lower returns compared to riskier investments. Longer-term commitments may be required for higher yields.
  4. Corporate Bonds:
    • Pros: Offer higher yields than government bonds. Provide fixed interest payments over the bond’s term.
    • Cons: Higher risk compared to government bonds. Subject to fluctuations in the company’s financial health.
  5. Treasury Inflation-Protected Securities (TIPS):
    • Pros: Protect against inflation as the principal value adjusts with changes in the Consumer Price Index (CPI).
    • Cons: Lower yields compared to some other investment options.
  6. Dividend-Paying Stocks:
    • Pros: Potential for capital appreciation and dividend income. Stocks of established companies may offer stability.
    • Cons: Higher risk compared to fixed-income investments. Stock prices can be volatile.
  7. Real Estate Investment Trusts (REITs):
    • Pros: Provide exposure to real estate without direct property ownership. Offer regular dividends.
    • Cons: Subject to market fluctuations. Performance tied to the real estate market.
  8. Peer-to-Peer Lending:
    • Pros: Allows individuals to lend money directly to borrowers. Can offer higher returns than traditional savings.
    • Cons: Higher risk due to potential borrower defaults. Limited regulatory protection.
  9. Annuities:
    • Pros: Provide a steady stream of income over a specified period. Can be customized to individual needs.
    • Cons: Complex products with fees and restrictions. Limited liquidity.
  10. Money Market Funds:
    • Pros: Offer liquidity and stability. Generally provide higher yields compared to traditional savings accounts.
    • Cons: Returns may be lower compared to riskier investments. Not insured by the FDIC.

When considering alternatives to CDs, it’s crucial to assess your risk tolerance, investment goals, and time horizon. Diversifying your investment portfolio by incorporating a mix of these alternatives can help balance risk and return based on your individual financial objectives.

Frequently asked questions (FAQs)

What is considered a good CD rate?

A good CD rate typically surpasses the national average, which can fluctuate but is often around 1% to 2% for a 12-month CD. As of 2023, a rate exceeding 1.86% may be considered competitive. Factors like the term length, deposit amount, and economic conditions influence what is deemed favorable. It’s essential to compare rates across institutions and consider the overall economic climate when evaluating the attractiveness of a CD rate.

What is the highest-paying 12-month CD?

Several online banks provide competitive rates for 12-month CDs, with some of the most attractive offerings featuring rates between 4.75% to 5.00%. While traditional banks also offer 12-month CDs, it’s common to observe comparatively lower rates in this sector. It’s essential to carefully review and verify the current rates, terms, and conditions directly with the respective banks to ensure accurate and up-to-date information before making any financial decisions.

Are 10-year CD rates worth it?

The decision to invest in a 10-year CD depends on your financial goals, risk tolerance, and economic outlook. While 10-year CDs typically offer higher interest rates compared to shorter-term CDs, there are considerations. The long commitment means limited liquidity, and if interest rates rise during the term, you may miss out on better opportunities. Additionally, inflation could erode the real returns. If you prioritize stability and have a long-term horizon, a 10-year CD might suit you. However, for flexibility and potential market opportunities, shorter-term options might be more suitable. Consult with a financial advisor to align with your specific needs.

*APY’s are subject to change. APY’s are updated as of Jan. 2, 2024.

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