These 12 CDs currently offer the highest rates (up to 6% APY)

There is no doubt that savers have had some good things happen over the past year. The Federal Reserve has kept its benchmark interest rate steady a two-decade high to moderate inflation, rates on interest-bearing accounts, such as high yield savings accounts And Certificates of Deposit (CDs)have been much higher than just a few years ago, so returns have been rewarding for savers who have placed money in one or more of these types of accounts.

And as the Fed’s fight against inflation bears fruit, Inflation slows faster than expected and are now around 3% — rates on these accounts are still high overall. But they may not be for much longer. If the Fed cuts its benchmark rate at its next meeting, which will be planned for the end of Julyrates on deposit accounts (and other types of accounts) would fall, reducing the earning potential for savers.

But if you open the correct CD account now you will lock Today’s High CD Rates for the entire term of the account. This protects you against future rate cuts, which are likely to occur sometime in 2024. Additionally, the CDs below offer some of the highest rates available today, so if you’re trying to maximize the earning potential of your savings, the CD accounts described below may be worth a look.

Compare today’s best CD options and start earning more interest today.

These 12 CDs currently offer the highest rates (up to 6% APY)

The following CD accounts offer some of the best rates available today:

• Third 6-Month Bonus CD from Federal Savings and Loan — 6.00% APY: To open this CD, you will need to deposit a minimum of $500. If you need to withdraw your funds from the account before maturity, the early withdrawal penalty is equal to 90 days of interest.
• Farmers Insurance Federal Credit Union 3-Year CD — 5.75% APY: To open this CD, you will need to deposit a minimum of $1,000. If you need to withdraw your funds from the account before maturity, the early withdrawal penalty is equal to 180 days of interest.
• Elements Financial 2-Year CD — 5.72% APY: To open this CD, you will need to deposit a minimum of $1,000. If you need to withdraw your funds from the account before maturity, an early withdrawal penalty may apply.
• CD Total Direct Bank 6 months — 5.51% APY: To open this CD, you will need to deposit a minimum of $25,000. If you need to withdraw your funds from the account before maturity, the early withdrawal penalty is equal to 30 days of interest.
• Shoreham Bank 6-Year CD — 5.75% APY: To open this CD, you will need to deposit a minimum of $1,000. If you need to withdraw your funds from the account before maturity, an early withdrawal penalty may apply.
• Greenwood Credit Union 9-Month CD — 5.50% APY: To open this CD, you will need to deposit a minimum of $1,000. If you need to withdraw your funds from the account before maturity, the early withdrawal penalty is equal to 180 days of interest.
• Vibrant Credit Union 9-Month CD — 5.50% APY: To open this CD, you will need to deposit a minimum of $1,000. If you need to withdraw your funds from the account before maturity, an early withdrawal penalty may apply.
• Presidential Bank 7-Month CD — 5.50% APY: To open this CD, you will need to deposit a minimum of $1,000. If you need to withdraw your funds from the account before maturity, an early withdrawal penalty may apply.
• Mountain View Bank of Commerce 6-Month CD — 5.50% APY: To open this CD, you will need to deposit a minimum of $1,000. If you need to withdraw your funds from the account before maturity, an early withdrawal penalty may apply.
• My 5-Month CD from My Banking Direct — 5.50% APY: To open this CD, you will need to deposit a minimum of $2,500. If you need to withdraw your funds from the account before maturity, the early withdrawal penalty is equal to 90 days of interest.
• Quontic Bank 3-Month CD — 5.50% APY: To open this CD, you will need to deposit a minimum of $500. If you need to withdraw your funds from the account before maturity, an early withdrawal penalty may apply.
• 1-year NexBank CD — 5.40% APY: To open this CD, you will need to deposit a minimum of $2,500. If you need to withdraw your funds from the account before maturity, an early withdrawal penalty may apply.

The essential

Even though inflation has started to slow, today’s high CD rates still give you the opportunity to take advantage of the high-rate environment and earn above-average returns on your money. But if you’re considering opening a CD account, you may want to act soon. With the Fed planning to cut rates at least once this year, you’ll want to lock in a rate before that happens.