Top CDs Today, July 30, 2024 - Guaranteed 6% Rate Available for One More Day

Below you'll find featured rates available from our partners, followed by details from our ranking of the best CDs available nationwide.

Top-Paying 6.00% CD Offer Expires Wednesday

Since it came on the scene in early June, Nuvision Credit Union's remarkable 6.00% rate on a 10-month CD has been advertised with a July 31 expiration date. That 6.00% CD is the highest rate we've seen since November, and it stands far above the second-place certificate. But take note: Nuvision's CD only accepts a maximum deposit of $5,000, so if you want to put more than that in a CD, you'll do better with a slightly lower-paying CD that can accept your full deposit amount.

Today's best nationwide CD rates are on CDs with shorter terms. TotalBank is paying 5.51% APY on either a 3-month or 6-month term. However, you'll need a hefty minimum deposit of $25,000. After that, four options pay 5.50% on terms of 3 to 9 months. The leading 12-month rate is meanwhile available from NexBank, whose 5.35% offer is guaranteed until 2025.

CDs With Longer Rate Guarantees Are Smart Right Now

If you can commit your money for longer, you can extend your rate guarantee into 2026. Top options in this category are this week's new leader in the 18-month term, Jovia Financial Credit Union. It's paying 5.30% for 15 months, boosting the top rate in that term from 5.25% APY.

Stretching your rate lock even further into the future is also wise, since it's expected the Fed will cut interest rates one or more times later this year. In addition, U.S. interest rates could also continue to decline over the next couple of years. While this will push new CD rates lower, any CD you've already opened will honor its guaranteed rate until the end of its term.

To lock in a high CD rate you can enjoy into 2026, consider the best 2-year CD, a 5.10% certificate from USAlliance Financial. Or take a look at the best 3-year CD. With its 30-month term, Vibrant Credit Union is promising 5.00% APY until early 2027.

The best 4-year CDs can guarantee your rate even longer. The top offer there pays 4.70%. Alternatively, you can lock in 4.75% for 5 years. BMO Alto offers both of these CDs. Grow Financial also pays 4.75% for a 5-year term.

CD Rates Are Near 20-Years Highs

Though today's CD rates aren't at their absolute peak, they're still running historically high. We saw a top nationwide rate of 6.50% in October, and although only one promotional CD is at 6.00% today, quite a few banks and credit unions are offering 5.00% or better. Seven CDs among the top national rates pay 5.50% or more, while 15 pay at least 5.35%.

The longest currently available term of 5% or better is 30 months from Vibrant Credit Union, mentioned above. Any APY above 4% may be worth locking in—before the Fed cuts rates.

Jumbo CDs Currently Lead for 5-Year Term

Jumbo CDs require much larger deposits, and the best jumbo CDs currently don't offer the best rates in most terms—except for 5-year CDs. Right now, Grow Financial Federal Credit Union pays 4.86% for a 60-month term, edging out the best standard CD (4.75%) by .11 percentage points. Grow Financial's 5-year jumbo CD requires a minimum deposit of $100,000.

Where Are CD Rates Headed in 2024?

Financial markets are betting the Fed will hold rates steady at its meeting that concludes Wednesday, according to the CME FedWatch tool. But 100% of traders expect the Fed will implement a rate cut in September, and then possibly a second decrease in November.

Last week's inflation report provided more evidence that the Fed's campaign to tamp down inflation has been effective, strengthening predictions of rate cuts in the near future. The central bank's mission to beat inflation led it to raise the federal funds rate 11 times between March 2022 and July 2023, bringing the fed funds rate to its highest level in 22 years.

The central bank's rate-hike campaign has been a boon to savers with cash in the bank, as the fed funds rate directly influences the rates that banks and credit unions pay on CDs. As a result, CD rates hit a 20-year high last fall. Those with money in a high-yield savings or money market account have also benefited from these historic rates, with savings accounts still paying their highest rates in two decades.

But the Fed has kept rates steady since its last rate hike in July 2023. At its last meeting on June 12, the Federal Reserve's rate-setting committee declared that it would keep the federal funds rate at its current level, as was expected. This was the seventh consecutive meeting in which the central bank held its benchmark rate steady.

Fed officials are generally careful not to jump the gun and will likely continue waiting for additional reports before making any decisions about changing the fed funds rate. But with confidence in a September rate cut high—and CD rates likely to move in anticipation of the central bank's move—it's high time to lock in an excellent CD rate while you still can.

How We Find the Best CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), the CD's minimum initial deposit must not exceed $25,000, and any specified maximum deposit cannot be under $5,000.

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.