Best CD Rates of September 2024 – up to 5.92% (2025)

Table of Contents

2024's Best CD Rates - Editors' Picks Best CD with a 3 Month Term First Federal Lakewood 3 Months Special CD First Federal Lakewood 3 Months Special CD Best CD with a 6 Month Term The Maries County Bank 6 Month Special CD The Maries County Bank 6 Month Special CD Best CD with a 9 Month Term EagleBank CD EagleBank CD Best CD with a 1 Year Term Merchants Bank of Indiana Flex Index CD Merchants Bank of Indiana Flex Index CD Best CD with a 3 Year Term Merchants Bank of Indiana Flex Index CD Merchants Bank of Indiana Flex Index CD Best CD with a 5-year Term The Federal Savings Bank 5 Year Special CD The Federal Savings Bank 5 Year Special CD Best CD with a 10 Year Term First National Bank of America CD First National Bank of America CD Best Jumbo CD My eBanc Jumbo Online Time CD My eBanc Jumbo Online Time CD Best No-Penalty CD Climate First Bank No Penalty CD Climate First Bank No Penalty CD Best Business CD Prime Alliance Bank Business CD Prime Alliance Bank Business CD Questions & Answers How do I choose a CD? What is a good CD rate? How do CDs work? Are CDs worth it? What is a CD ladder? Are CDs safe? When should you get a CD? Do you pay taxes on CD interest? What are the pros and cons of CDs? What is the penalty for early withdrawal of a CD? Expert Opinions FAQs References

Selected from 950+ Certificates of Deposit for September 2024

Updated Aug 16, 2024

Fact checked

Written by John Kiernan

Managing Editor

Reviewed by Alina Comoreanu

Senior Researcher

A CD, short for certificate of deposit, is a type of savings account that usually offers a higher interest rate compared to regular savings accounts. However, in return for this higher APY, you agree to keep your funds in the CD for a specific duration, known as the term length. If you withdraw money from the CD before it reaches maturity, you may face substantial penalties.

To help people get the most for their money, WalletHub compared over 950 certificates of deposit from 172 financial institutions, both online-only and branch-based. Below, you can find the best CD rates from financial institutions anyone can apply for.

If you’re also interested in exploring the best CD rates from credit unions that allow only eligible members to apply for, you can check them out further down.

2024's Best CD Rates - Editors' Picks

Best:	CD	APY
3-month CD	First Federal Lakewood CD	5.61%
6-month CD	The Maries County Bank CD	5.51%
9-month CD	EagleBank CD	5.30%
1-year CD	Merchants Bank of Indiana CD	5.92%
3-year CD	Merchants Bank of Indiana CD	5.92%
5-year CD	The Federal Savings Bank CD	4.45%
10-year CD	First National Bank of America CD	3.76%
Jumbo CD	My eBanc CD	5.15%
No-Penalty CD	Climate First Bank CD	5.34%
Business CD	Prime Alliance Bank CD	5.30%
Credit Union CD	Vibrant Credit Union CD	5.50%

WalletHub Shows You Bank Accounts Other Sites Won’t

WalletHub tracks 1,400+ bank accounts (other sites consider a much smaller number of accounts, so they naturally miss a lot of great options)

WalletHub picks the best accounts overall (other sites pick the best offers from their advertising partners)

WalletHub uses a sophisticated rating system to objectively find the best bank accounts (other sites’ picks are influenced by their own biases)

WalletHub has 100% editorial independence(other sites just provide a billboard for advertisers)

WalletHub does not have a conflict of interest (other sites are biased due to promoting their own lending and banking offers)

WalletHub has 15+ years of experience (other sites simply don’t have the same expertise)

WalletHub's best CD picks are completelyindependentand not provided, commissioned, or endorsed by any financial institution. In addition, our editors follow a strict editorial policy.Some offers may come from WalletHub's advertising partners.

Best CD with a 3 Month Term

First Federal Lakewood 3 Months Special CD

0 out of 5 rating

5.0WalletHub Rating

WalletHub Rating

5.0

This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this CD for various consumer needs and picked the rating for the need with the highest score, which is "Saving a large amount for 3 months."

Market Comparison

5.0

Interest Rates: 5.0

savings: 5.0

Other Features: 4.5

Apply Now

APY	Minimum Deposit	Signup Bonus
5.61%	$500	None

APY

5.61%

Monthly Fee

N/A

Editors’ Thoughts

With $500 as minimum deposit, and a 5.61% APY, First Federal Lakewood’s 3-month CD becomes one of the best short-term certificates on the market.

Compare

Best CD with a 6 Month Term

The Maries County Bank 6 Month Special CD

0 out of 5 rating

4.9WalletHub Rating

WalletHub Rating

4.9

Market Comparison

4.9

Interest Rates: 5.0

savings: 5.0

Other Features: 3.0

Apply Now

APY	Minimum Deposit	Signup Bonus
5.51%	$1,000	None

APY

5.51%

Monthly Fee

N/A

Editors’ Thoughts

The Maries County Bank offers a diverse selection of CD terms, with their best offer of 5.51% at the 6-month mark. It does come with a $1,000 minimum deposit requirement though.

Compare

Best CD with a 9 Month Term

EagleBank CD

4.6 out of 5 rating5 Reviews5 Reviews

Apply Now

APY	Minimum Deposit	Signup Bonus
5.30%	$1,000	None

APY

5.30%

Monthly Fee

N/A

Merchants Bank of Indiana Flex Index CD

4.29 out of 5 rating7 Reviews7 Reviews

4.9WalletHub Rating

WalletHub Rating

4.9

Market Comparison

4.9

Interest Rates: 5.0

savings: 5.0

Other Features: 4.0

Apply Now

APY	Minimum Deposit	Signup Bonus
5.92%	$1,000	None

APY

5.92%

Monthly Fee

N/A

Editors’ Thoughts

With $1,000 as minimum deposit, and an APY of 5.92%, Merchants Bank of Indiana’s 1-Year CD offer is the best around for this term.

Compare

BEST CD WITH A 3-YEAR TERM

Best CD with a 3 Year Term

Merchants Bank of Indiana Flex Index CD

4.29 out of 5 rating7 Reviews7 Reviews

4.9WalletHub Rating

WalletHub Rating

4.9

Market Comparison

4.9

Interest Rates: 5.0

savings: 5.0

Other Features: 4.0

Apply Now

APY	Minimum Deposit	Signup Bonus
5.92%	$1,000	None

APY

5.92%

Monthly Fee

N/A

Editors’ Thoughts

Merchants Bank of Indiana offers an APY of 5.92% for its 3-year CD. While $1,000 as a minimum deposit is not the lowest around, its interest rate more than makes up for it.

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BEST CD WITH A 5-YEAR TERM

Best CD with a 5-year Term

The Federal Savings Bank 5 Year Special CD

0 out of 5 rating

4.4WalletHub Rating

WalletHub Rating

4.4

Market Comparison

4.4

Interest Rates: 4.6

savings: 4.7

Other Features: 0.0

Apply Now

APY	Minimum Deposit	Signup Bonus
4.45%	$5,000	None

APY

4.45%

Monthly Fee

N/A

Editors’ Thoughts

This bank’s CD stands out with an APY of 4.45%. While most 5-year certificates average around 2%, the fact that Federal Savings Bank more than doubles it makes it the best offer at this term.

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Best CD with a 10 Year Term

First National Bank of America CD

4.6 out of 5 rating5 Reviews5 Reviews

Apply Now

APY	Minimum Deposit	Signup Bonus
3.76%	$1,000	None

APY

3.76%

Monthly Fee

N/A

My eBanc Jumbo Online Time CD

4.25 out of 5 rating8 Reviews8 Reviews

4.3WalletHub Rating

WalletHub Rating

4.3

Market Comparison

4.3

Interest Rates: 4.7

savings: 4.6

Other Features: 0.0

Apply Now

APY	Minimum Deposit	Signup Bonus
5.15%	$50,000	None

APY

5.15%

Monthly Fee

N/A

Editors’ Thoughts

My e-Bank currently offers the best 1-year Jumbo CD, with an APY of 5.15%, one of the best on the market regardless of CD type. As expected for Jumbo certificates, the minimum deposit required is $50,000.

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Best No-Penalty CD

Climate First Bank No Penalty CD

4.25 out of 5 rating4 Reviews4 Reviews

4.8WalletHub Rating

WalletHub Rating

4.8

Market Comparison

4.8

Interest Rates: 4.8

savings: 4.8

Other Features: 4.5

Apply Now

APY	Minimum Deposit	Signup Bonus
5.34%	$500	None

APY

5.34%

Monthly Fee

N/A

Editors’ Thoughts

If you're looking to earn a higher rate on your deposits while maintaining the flexibility to access your funds in case of an unexpected expense, Climate First Bank's 6-month, no-penalty 5.34% APY CD serves as a beneficial option for storing your emergency savings.

The minimum deposit required to open one of these accounts is $500, which is a little more than what some banks charge but less than what you might pay at a brick-and-mortar bank.

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Best Business CD

Prime Alliance Bank Business CD

4.5 out of 5 rating4 Reviews4 Reviews

4.9WalletHub Rating

WalletHub Rating

4.9

Market Comparison

4.9

Interest Rates: 5.0

savings: 5.0

Other Features: 4.0

Apply Now

APY	Minimum Deposit	Signup Bonus
5.30%	$500	None

APY

5.30%

Monthly Fee

N/A

Editors’ Thoughts

Prime Alliance Bank offers a great 1-year business CD, with a 5.30% APY. The $500 minimum deposit requirement is not great, but its interest rate is the highest around at this term.

Compare

Questions & Answers

Finding the best CD can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered.

How do I choose a CD?

Upvotes

What is a good CD rate?

Upvotes

How do CDs work?

Upvotes

Are CDs worth it?

Upvotes

What is a CD ladder?

Upvotes

Are CDs safe?

Upvotes

When should you get a CD?

Peter Fox, WalletHub Analyst

@PeterFox

Deciding when to get a CD depends on your financial goals, risk tolerance, and current economic conditions. CDs can be a suitable option in the following scenarios:

Short-Term Savings Goal: If you have a specific short-term savings goal (e.g., a vacation, down payment for a car), and you want to earn more interest than a regular savings account while preserving the principal, a short-term CD might be a good choice.
Stable Income...

Upvotes

Do you pay taxes on CD interest?

Peter Fox, WalletHub Analyst

@PeterFox

In general, you must pay taxes on the interest earned from certificates of deposit. The interest income you receive from a CD is considered taxable income by the government, and it must be reported on your annual income tax return.Interest income from CDs is typically taxed at your ordinary income tax rate. However, there are some exceptions to this rule. For example, if you are over 65 and you have a qualified retirement account, you...

Upvotes

What are the pros and cons of CDs?

Marshall Jamieson, WalletHub Finance Consultant

@bergman77

Certificates of Deposit (CDs) are a type of time deposit offered by banks and credit unions that offer a fixed interest rate for a specific term, during which you agree not to withdraw the funds. Here are some pros and cons of investing in CDs:

Pros of CDs:

Safety: CDs are considered relatively safe investments because they are typically insured by the government up to a certain limit (e.g., up to $250,000...

Upvotes

What is the penalty for early withdrawal of a CD?

Lauren Smith, WalletHub Staff Writer

@laurenellesmith

The penalty for early withdrawal of a CD could be 7 to 700+ days' worth of interest, a percentage of the amount withdrawn, or a percentage of the interest earned. The exact penalty will vary by financial institution, term length, and the specific account.

Federal law sets the minimum penalty at 7 days' simple interest if you withdraw your money from a CD within the first 6 days after you make your initial deposit....

Expert Opinions

To help people understand the CD rates a bit better, WalletHub posed the following questions to a panel of banking experts. You can meet the panel and check out their comments below. Just click “Read More” to see an expert’s responses.

What advice do you have for someone looking for the best CD rates right now?
What are the biggest/most common mistakes that people make when shopping for certificates of deposit?
Does it make sense for savers to consider local banks and credit unions in addition to larger financial institutions?
Is it a good idea to keep money in a CD right now?

William Klinger
Professor of Business at Raritan Valley Community College
Read More

Sheri Geddes
Business Instructor - Accounting, Washtenaw Community College
Read More

Shawn Tysiak
Senior Lecturer of Finance, John B. and Lillian E. Neff College of Business and Innovation, The University of Toledo
Read More

Steven R. Wasserman
Senior Lecturer, Finance Department, Bentley University
Read More

Matthew L. Carey
Senior Clinical Lecturer, Director of The Center for Financial Market Studies, LaPenta School of Business, Iona University
Read More

Kyle S. Wells
Professor of Finance, Utah Tech University, College of Business
Read More

More Experts

FAQs

Best CD Rates of September 2024 – up to 5.92%? ›

The highest CD rate for September 12, 2024 is 5.92% from Merchants Bank of Indiana for 12 months. Beat the national average for CD rates* with our featured partners below.

Discover More Details ›

How high will CD rates go in 2024? ›

Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.

Read The Full Story ›

Who is paying the highest CD rates right now near? ›

Best CD Rates Today

Institution	Rate (APY)	Early Withdrawal Penalty
Vibrant Credit Union	5.25%	All earned interest
Mountain America Credit Union	5.25%	3 months of interest
MutualOne Bank	5.25%	3 months of interest
Communitywide Federal Credit Union	5.25%	Complex formula; refer to disclosures and exercise caution

18 more rows

Discover More ›

What is the best CD rate for $100,000 today? ›

Compare the Best Jumbo CD Rates

Institution	Rate (APY)	Minimum Deposit
Credit One Bank	5.15%	$100,000
Third Federal Savings & Loan	5.10%	$100,000
Justice Federal Credit Union	5.10%	$100,000
Quorum Federal Credit Union	5.10%	$100,000

12 more rows

Can you get 6% on a CD? ›

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

What bank is paying 5% on CDs? ›

Certificates of deposit with at least 5% interest

Institution	Most Competitive CD Term	Highest CD APY Available
Bask Bank	6 months*	5.00%
Bank5 Connect	6 months	5.05%
Newtek Bank	6 months*	5.05%
Popular Direct	3 months	5.05%

10 more rows

5 days ago

Learn More ›

Should I lock in a CD rate now? ›

They're especially attractive when interest rates are on an upward trend. The higher your annual percentage yield (APY), the more you'll earn. Now could be a great time to lock in CD rates since they're still competitive—and since rates could start decreasing soon.

Discover More Details ›

Can you get 7% on a CD? ›

While there aren't any financial institutions paying 7% on a CD right now, there are other banks and credit unions that pay high CD rates. Compare today's top CD and savings rates.

Learn More Now ›

Which Bank gives 7% interest on savings accounts? ›

As of September 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions offer high-interest checking accounts: Landmark Credit Union Premium Checking with a 7.50% APY and OnPath Credit Union High Yield Checking with a 7.00% APY.

What is a Jumbo CD? ›

As the name suggests, a jumbo CD is a type of savings account that requires a large initial deposit—typically $100,000 or more. The money you deposit will earn interest that compounds in regular intervals, generally daily or monthly, throughout the life of the CD.

Find Out More ›

What is considered a good 6-month CD rate right now? ›

The national average CD rate on a 6-month term is 1.82% APY (Annual Percentage Yield), according to the FDIC. However, there are much higher interest rates on 6-month CDs right now. The best CD rate for a 6-month term is 5.10% APY available at Barclays, America First Credit Union, and Quontic Bank.

View Details ›

What is the highest a CD has ever been? ›

CD rates reached a historical high of 18.65% in December 1980. As inflation continued and unemployment rose, the country faced a major recession from July 1981 to November 1982.

Show Me More ›

What is the predicted interest rate for 2024? ›

Mortgage rates should continue declining this year as the U.S. economy weakens, inflation cools and the Federal Reserve cuts interest rates. The 30-year fixed mortgage rate is expected to fall to the low-6% range through the end of 2024, potentially dipping into high-5% territory in 2025.

Know More ›

Will CD rates go up or down in 2025? ›

Are CD Rates Expected To Rise or Fall? CD rates are expected to remain fairly tight through the end of 2024, with slight drops as we move into 2025. They aren't likely to rise much in the near future and are more likely to begin declining, although at a slow pace.

Learn More Now ›

What is the money market forecast for 2024? ›

At the end of 2024, the top-yielding nationally available money market account and savings account are projected to be at 4.45 percent APY.

Get More Info Here ›

What is the interest rate forecast for the next 5 years? ›

There are no sources for officially projected interest rates in five years, but the Mortgage Bankers Association and Fannie Mae both predict rates on 30-year fixed-rate mortgages will drop to 5.9% by the end of 2025.

Discover More ›