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12 Best CD Rates for April 12, 2024: Up to 5.27%

Spencer Tierney
By Spencer Tierney 
Edited by Sara Clarke

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The best CD rates provide a stable way to grow fixed sums of savings faster than other certificates of deposit or savings accounts.

Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

APY research methodology: The APYs shown are current as of the publication date of this page. Each weekday, we review rates to make sure we have the most up-to-date APYs.

Online banks and credit unions tend to have the best yields on certificates of deposit. You can find rates far higher than the national averages of 1.81% for one-year terms and 1.38% for five-year terms. The Federal Reserve has raised its rate multiple times since March 2022, leading banks to raise their rates too. For more on rate changes, see our analysis of current CD rates.

If you don’t need immediate access to some of your money, high-yield CDs can be a way to build your savings. They have some of the highest interest rates available for federally insured bank accounts, and the rate is guaranteed for the duration of the CD term.

Here’s a look at some of the highest CD rates on the market.

APYs shown are current as of April 12, 2024. All other information is current as of March 25, 2024.

🤓Nerdy Tip

Some banks have started lowering CD yields, though overall current CD rates remain high. With a CD, you can lock in high rates while they’re still around.

Best CD Rates for April 12, 2024: Up to 5.27%

Discover the bank accounts that fit your financial goals
Just answer a few questions to compare bank accounts that meet your needs.

Our pick for

CD Rates

NerdWallet rating 

5.0

/5
BMO Alto Certificate of Deposit
Learn more

at BMO Alto, Deposits are FDIC Insured

Minimum deposit
$0
Deposits are FDIC Insured
APY
1-year APY: 5.05%

3-year APY: 4.50%

5-year APY: 4.50%
NerdWallet rating 

5.0

/5
Bread Savings™️ CD
Minimum deposit
$1,500
Member FDIC
APY
1-year APY: 5.25%

3-year APY: 4.25%

5-year APY: 4.15%
NerdWallet rating 

5.0

/5
Alliant Credit Union Certificate
Minimum deposit
$1,000
Federally insured by NCUA
APY
1-year APY: 5.15%

3-year APY: 4.20%

5-year APY: 4.00%
NerdWallet rating 

4.0

/5
LendingClub CD
Minimum deposit
$2,500
Member FDIC
APY
1-year APY: 5.15%

3-year APY: 4.30%

5-year APY: 4.00%
NerdWallet rating 

5.0

/5
Quontic Bank CD
Minimum deposit
$500
Member FDIC
APY
1-year APY: 4.50%

3-year APY: 4.40%

5-year APY: 4.30%
NerdWallet rating 

4.0

/5
TAB Bank CD
Minimum deposit
$1,000
Member FDIC
APY
1-year APY: 5.27%

3-year APY: 4.25%

5-year APY: 4.00%
NerdWallet rating 

5.0

/5
Marcus by Goldman Sachs High-Yield CD
Minimum deposit
$500
Member FDIC
APY
1-year APY: 4.90%

3-year APY: 4.15%

5-year APY: 4.00%
NerdWallet rating 

5.0

/5
Synchrony Bank CD
Minimum deposit
$0
Member FDIC
APY
1-year APY: 4.80%

3-year APY: 4.15%

5-year APY: 4.00%
NerdWallet rating 

4.0

/5
Sallie Mae Bank CD
Minimum deposit
$2,500
Member FDIC
APY
1-year APY: 4.95%

3-year APY: 4.00%

5-year APY: 4.00%
NerdWallet rating 

4.5

/5
EverBank Basic CD
Minimum deposit
$1,000
Member FDIC
APY
1-year APY: 4.85%

3-year APY: 4.20%

5-year APY: 4.00%
NerdWallet rating 

4.0

/5
Andrews Federal Credit Union Fixed Rate Share Certificates
Minimum deposit
$1,000
Federally insured by NCUA
APY
1-year APY: 5.00%

3-year APY: 4.20%

5-year APY: 3.90%

Want to compare more options? Here are our other top picks:

» Curious about other savings options? Check out NerdWallet’s best high-yield online savings accounts

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.

CD Rates News

Competitive CD rates have started to dip gradually in 2024, according to NerdWallet analysis. Banks and credit unions have generally raised CD rates in the past two years to follow the direction of the Federal Reserve’s benchmark rate, which saw almost a dozen increases. However, since late July 2023, the Fed has kept its rate steady and may drop its rate sometime this year. The right time for CDs ultimately depends on your savings goals, but if you’re in the market for them, consider taking advantage of high CD rates while they last. Learn more about how the best time for high CD rates might be right now.

Current promotional CD rates

The following promotional CD rates stand out based on NerdWallet’s data analysis in March 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

4.75% APY.

U.S. Bank: 7-month CD

Up to 4.75% APY (Varies by location).

EverBank (formerly TIAA Bank): 9-month CD

5.05% APY.

Live Oak Bank: 9-month CD

4.90% APY.

Capital One: 10-month CD

5.10% APY.

NBKC Bank: 11-month CD

5.00% APY.

BMO: 13-month CD

4.90% APY.

Ally Bank: 14-month CD

4.55% APY (expires 3/20/24).

5.00% APY (annual percentage yield) as of 03/20/2024. Special offer expires 4/17/2024. APY may change before CD is opened and funded. APY.

Service Credit Union: 15-month Certificate

4.75% APY.

PenFed Credit Union: 15-month Certificate

4.20% APY.

CD definition

A certificate of deposit is a bank account that requires you to lock funds away for a fixed period of months or years in exchange for a fixed interest rate that can be higher than other bank accounts. See more about what CDs are.

Best CD rates for April 2024

  • Alliant Credit Union: APYs: 5.15% (1 year); 4.20% (3 years); 4.00% (5 years); Term range: 3 months - 5 years; Minimum to open: $1,000.

  • Bread Savings: APYs: 5.25% (1 year); 4.25% (3 years); 4.15% (5 years); Term range: 1 - 5 years; Minimum to open: $1,500.

  • Popular Direct: APYs: 5.15% (1 year); 4.55% (3 years); 4.30% (5 years); Term range: 3 months - 5 years; Minimum to open: $10,000.

  • Quontic Bank: APYs: 4.50% (1 year); 4.40% (3 years); 4.30% (5 years); Term range: 6 months - 5 years; Minimum to open: $500.

  • BMO Alto: APYs: 5.05% (1 year); 4.50% (3 years); 4.50% (5 years); Term range: 6 months - 5 years; Minimum to open: None.

  • TAB Bank: APYs: 5.27% (1 year); 4.25% (3 years); 4.00% (5 years); Term range: 6 months - 5 years; Minimum to open: $1,000.

  • LendingClub Bank: APYs: 5.15% (1 year); 4.30% (3 years); 4.00% (5 years); Term range: 6 months - 5 years; Minimum to open: $2,500.

  • EverBank: APYs: 4.85% (1 year); 4.20% (3 years); 4.00% (5 years); Term range: 3 months - 5 years; Minimum to open: $1,000.

  • Marcus by Goldman Sachs: APYs: 4.90% (1 year); 4.15% (3 years); 4.00% (5 years); Term range: 6 months - 6 years; Minimum to open: $500.

  • Synchrony Bank: APYs: 4.80% (1 year); 4.15% (3 years); 4.00% (5 years); Term range: 3 months - 5 years; Minimum to open: None.

  • Sallie Mae Bank: APYs: 4.95% (1 year); 4.00% (3 years); 4.00% (5 years); Term range: 6 months - 5 years; Minimum to open: $2,500.

  • Andrews Federal Credit Union: APYs: 5.00% (1 year); 4.20% (3 years); 3.90% (5 years); Term range: 6 months - 7 years; Minimum to open: $1,000.

How much does a $10,000 CD make in a year?

The three main factors that impact CD earnings are the rate, the CD term and the CD deposit, or the starting amount you put into a CD. Unlike regular savings accounts, you don’t generally have the ability to add money to a CD after the initial deposit. Here’s a look at three scenarios including how much $10,000 in a CD can earn in a year. (Or use our CD calculator.)

Here’s what we get after one year if we put different amounts in CDs with the same rate:

Starting balance

1-year CD APY

Interest earned

$500.

5.00%.

$25.

$1,000.

5.00%.

$50.

$5,000.

5.00%.

$250.

$10,000.

5.00%.

$500.

Here’s what we get after one year if we put the same amount in CDs with different rates:

Starting balance

1-year CD APY

Interest earned

$10,000.

3.00%.

$300.

$10,000.

4.00%.

$400.

$10,000.

5.00%.

$500.

$10,000.

5.30%.

$530.

Here’s what we get after five years if we put the same amount in CDs with different rates:

Starting balance

5-year CD APY

Interest earned (rounded to the nearest dollar)

$10,000.

3.00%.

$1,593.

$10,000.

4.00%.

$2,167.

$10,000.

5.00%.

$2,762.

$10,000.

5.30%.

$2,946.

How to choose a CD

Consider each part of a CD to help break down your decision:

  • CD term: Most terms at a bank or credit union range from three months to five years. Learn how to choose your CD term.

  • CD type: Some CDs have an unusual feature, such as a no-penalty CD that doesn’t charge for early withdrawals or a bump-up CD that allows for a rate increase during a term. High-yield CDs work like standard CDs but have the best rates and are often at online banks. See types of CDs.

  • CD rate: Once you’ve narrowed down the term and type of CD, you can compare banks and credit unions to find a competitive rate. You may decide to go with a bank you already have accounts at or choose a new institution, depending on whether convenience matters to you, but aiming for a high rate is ideal. See current CD rates.

  • CD deposit: The amount you put into a CD depends on your savings goals, but you want to have more funds than a CD’s opening minimum requirement. And, if you’re worried about a bank failing, keep less than the FDIC insurance limit of $250,000 in your accounts to keep your money protected. Learn how to choose your CD deposit.

What is a no-penalty CD?

A no-penalty CD is a type of CD that doesn’t have a penalty for withdrawing money before the term ends. It can be appealing if you want the traditionally higher yield of a CD, compared to regular savings accounts, but you might need the money sooner than you expect.

Best no-penalty CD rates

If you withdraw money from a CD before the term ends, you generally pay a penalty of at least several months' worth of interest earned. But some providers have CDs without this early withdrawal penalty, though rates are slightly lower than other CD rates.

The following four banks offer no-penalty CDs (click each link to read the full review):

» See more details on our list of the best no-penalty CD rates

What happens if I withdraw from a CD early?

Most CDs have an early withdrawal penalty that tends to range from several months' to a year's worth of interest earned, depending on the CD term length and the bank's policy. No-penalty CDs are the only type of CD that lets you withdraw money from a CD early without a fee. Learn more about different types of CDs.

Last updated on April 12, 2024

Methodology

On a monthly basis, we compare rates at over 40 financial institutions, pulled from our full list, that we’ve seen to be consistently competitive. On a quarterly basis, we analyze our full list, excluding banks that offered brokered CDs, since those accounts work differently from standard bank CDs. Higher rates might be available elsewhere.

We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.

To recap our selections...

NerdWallet's Best CD Rates for April 12, 2024: Up to 5.27%

Frequently asked questions