Current CD Rates, July 2024: APYs Slowly Dip

CD rates — both high yield and national averages — remain high but continue to dip. See rates by CD term below.
Updated
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Written by Spencer Tierney
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Edited by Sara Clarke
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The best CD rates remain around 5% annual percentage yields for six-month through one-year terms. But more short-term rates have dropped below 5% since the start of 2024, according to a NerdWallet analysis. The best CD rates for terms of three years or longer tend to be closer to 4% APY. Skip down to see current CD rates.

» COMPARE: Check out our best CD rates

2024 data highlight: minor drops for high-yield CDs so far

There’s been a slow decrease of 20 basis points (0.20 percentage point) or less in the median APYs for high-yield CDs at nearly two dozen online banks and credit unions from late January to late May this year. Shorter-term rates generally remain higher than longer-term rates.

CD term

Median APY: Late Jan. 2024

Median APY: Late May 2024

Change

6-month CD

5.00%.

4.80%.

-0.20 percentage point (20 basis points).

1-year CD

5.10%.

5.00%.

-0.10 percentage point (10 basis points).

3-year CD

4.25%.

4.10%.

-0.15 percentage point (15 basis points).

5-year CD

4.00%.

4.00%.

None.

Medians, or midpoints, consist of APYs of CDs or share certificates collected from the websites of the following financial institutions: Alliant Credit Union, Ally Bank, Andrews Federal Credit Union, Barclays, BMO Alto, Bread Savings, Capital One, Citizens, Connexus Credit Union, Discover Bank, EverBank, LendingClub, Live Oak Bank, Marcus by Goldman Sachs, Pentagon Federal Credit Union, Popular Direct, Quontic Bank, Sallie Mae Bank, Self-Help Credit Union, Synchrony Bank and TAB Bank. In cases where an institution doesn’t offer a specific term, the median of remaining institutions was used. Dates of collection were Jan. 26, 2024, and May 28, 2024.

CD rate trends 2024: higher short-term CDs

The 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 around 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.

Overview: high-yield and national CD rates

Online-only banks and credit unions continue to have the most competitive interest rates on certificates of deposit, but these high-yield CD rates have mostly started to drop as the Federal Reserve keeps the federal funds rate steady. The last Fed rate increase was in July 2023. See where rates are going in our CD rate forecast.

High CD rates for now

CD rates have started to dip and may continue to fall, especially if the Fed decides to drop its rate. Now might be a good time to get high CD rates if they work for your savings goals.

National average CD rates have also been higher than they’ve been for most of 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 drop even more. (See more details about historical CD rates to see more context.)

High-yield CD rates today can be several times the national average of 1.43% APY for five-year terms and the national average of 1.86% 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.

Current promotional CD rates

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

In general, promotional rates tend to be for irregular CD terms and 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

5.00% APY.*

U.S. Bank: 7-month CD

Up to 4.50% APY (Varies by location).

Wells Fargo: 7-month CD

4.75% APY.

NASA Federal Credit Union: 9-month Certificate

5.25% APY.

Bask Bank: 9-month CD

5.30% APY.

CIBC U.S.: 9-month CD

5.11% APY.

EverBank (formerly TIAA Bank): 9-month CD

5.05% APY.

Synchrony Bank: 9-month CD

4.90% APY.

Live Oak Bank: 9-month CD

4.90% APY.

NBKC Bank: 11-month CD

5.00% APY.

BMO: 13-month CD

4.75% APY.

Service Credit Union: 15-month Certificate

4.75% APY.

NASA Federal Credit Union: 49-month Certificate

4.30% APY.

*Bank of America’s rate is based on a San Francisco ZIP code. Rates may vary by location.

Current CD rates: high-yield and 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

5.25% APY.

Alliant Credit Union

4.25% APY.

EverBank (formerly TIAA Bank)

3.95% APY.

National average for 3-month CD

1.53%.

CURRENT CD RATES: 6-month

Popular Direct

5.35% APY.

BMO Alto

5.10% APY.

Alliant Credit Union

5.00% APY.

National average for 6-month CD

1.81%.

CURRENT CD RATES: 1-year

Popular Direct

5.20% APY.

BMO Alto

5.05% APY.

Bread Savings™

5.25% APY*.

National average for 1-year CD

1.86%.

CURRENT CD RATES: 3-year

Popular Direct

4.50% APY.

BMO Alto

4.60% APY.

Bread Savings™

4.25% APY*.

National average for 3-year CD

1.44%.

CURRENT CD RATES: 5-year

Popular Direct

4.30% APY.

BMO Alto

4.75% APY.

Bread Savings™

4.15% APY*.

National average for 5-year CD

1.43%.

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

All Bread Savings APYs are accurate as of 03/14/2024. 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.

Ready to choose a CD?

View a curated list of our picks based on competitive rates and terms.

on NerdWallet's secure site

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» 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)

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