Current CD Rates: February 2024

CD rates — both high yield and national averages — remain high but may fall soon. See rates by CD term below.
Spencer Tierney
By Spencer Tierney 
Updated
Edited by Sara Clarke

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

The best CD rates remain above 5% annual percentage yields, particularly for six-month through one-year terms. The best CD rates for terms of three years or longer tend to be between 4% and 5% APY. Some of the mid-5% short-term rates have begun to drop, according to a NerdWallet analysis. Skip down to see current CD rates.

Online-only banks and credit unions continue to have the most competitive interest rates on certificates of deposit, but CD rate increases have slowed down as the Federal Reserve has stopped raising the federal funds rate. See where rates are going on on our CD rate forecast.

National average CD rates have also been higher than they’ve been in the past decade, though they remain far lower than CDs at online institutions. The gradual rise of online high-yield CD rates started in July 2021, after a relatively low-rate environment in 2020 and early 2021. If the Fed starts to cut its rate this year, as expected, CD rates may fall. (See more details about historical CD rates as you consider what to expect soon.)

High-yield CD rates today can be several times the national average of 1.40% APY for five-year terms and the national average of 1.83% APY for one-year terms. Unlike regular savings accounts, most CDs have fixed rates, so you can lock in a higher rate while it lasts.

Here's a look at current CD rates at some online banks and credit unions.

» Want to compare more CDs? Check out our best CD rates

CD rate trends 2024: Higher short-term CDs

The current trend of shorter-term CD rates being higher than longer-term CD rates continues, both for national averages and among high-yield CDs. While seeing CD rates higher than 5% can be exciting, the term length is also important. You earn less interest with a six-month CD than a one-year CD with the same rate.

Current promotional CD rates

The following promotional CD rates stand out based on NerdWallet’s data analysis in January 2024. Expiration dates for a promo are shown when available.

In general, promotional rates tend to be for irregular CD terms and are featured on banking websites as a “promotional rate” or “CD special.” (For more details, see how promotional CD rates work.)

Name (click to see our review)

CD rate (or certificate rate)

Bank of America: 7-month CD

4.85% APY.

EverBank (formerly TIAA Bank): 9-month CD

5.15% APY.

Live Oak Bank: 9-month CD

5.15% APY.

U.S. Bank: 9-month CD

Up to 5.05% APY (Varies by location).

Consumers Credit Union: 10-month Certificate

5.00% APY.

NBKC Bank: 11-month CD

5.00% APY.

BMO: 13-month CD

5.00% APY.

Ally Bank: 14-month CD

4.65% APY (expires 3/20/24).

Service Credit Union: 15-month Certificate

5.10% APY.

PenFed Credit Union: 15-month Certificate

4.55% APY.

Connexus Credit Union: 17-month Certificate

4.96% APY.

Current CD rates: high-yield nad national averages by term

Here’s a sample of three high-yield CD rates per term, compared to the national average, at various online banks and credit unions.

CURRENT CD RATES: 3-month

Popular Direct

5.00% APY.

Alliant Credit Union

4.25% APY.

EverBank (formerly TIAA Bank)

3.95% APY.

National average for 3-month CD

1.69%.

CURRENT CD RATES: 6-month

Popular Direct

5.27% APY.

BMO Alto

5.50% APY.

Alliant Credit Union

4.75% APY.

National average for 6-month CD

1.53%.

CURRENT CD RATES: 1-year

Popular Direct

5.30% APY.

BMO Alto

5.15% APY.

Bread Savings™

5.35% APY*.

National average for 1-year CD

1.83%.

CURRENT CD RATES: 3-year

Popular Direct

4.55% APY.

BMO Alto

4.60% APY.

Bread Savings™

4.25% APY*.

National average for 3-year CD

1.40%.

CURRENT CD RATES: 5-year

Popular Direct

4.45% APY.

BMO Alto

4.60% APY.

Bread Savings™

4.15% APY*.

National average for 5-year CD

1.40%.

“National average” refers to the Federal Deposit Insurance Corp. national averages.

Breads Savings says: "All Bread Savings APYs are accurate as of 02/01/24. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time."

Marcus by Goldman Sachs logo
Learn More

Member FDIC

Marcus by Goldman Sachs High-Yield CD

Marcus by Goldman Sachs logo
APY

5.15%

Term

14 months

Barclays logo
Learn More

Member FDIC

Barclays Online CD

Barclays logo
APY

5.15%

Term

1 year

Discover® Bank logo
Learn More

Member FDIC

Discover® CD

Discover® Bank logo
APY

4.80%

Term

1 year

Video preview image

» Want to see a wider pool of high rates? See our list of the best high-interest accounts

» Want to take a quiz? See what bank is best for you below (or read full quiz instructions here)

On a similar note...

Find a better savings account

See NerdWallet's picks for the best high-yield online savings accounts.

Nerd-Approved CDs
Interest rates may never be this high again. Lock in a top APY with these CDs.
Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.