NerdWallet’s weekly CD rate index confirms what many savers already know: finding a deposit account that beats inflation is extraordinarily tough. Barring a few exceptions, you’ll likely need to store your cash for 4 years or more in order to earn a yield of 1% or greater. However, finding the best CD rates can mean earning as much as 3 times that rate.
This week we continue to see very little changes to the national average CD rates by length of term. 12-month, 4-year and 5-year rates fell by just 1 basis point each.
|Length of Term (months)||% of Available Accounts||Average APY|
Top 25 credit union rates
The top 25 rates we identified came from just 20 different credit unions (membership eligibility restrictions may apply), each of which offered a rate at least 75% higher than the average for a comparable term.
Top online CD rates
Online banks are another great option for savers seeking higher yields. Anyone can open an account, but there’s not likely to be a branch nearby – all transactions and customer service takes place over the internet or phone.
|Bank||Length of Term (months)||APY|
|Bank of Internet USA||60||1.60%|
Top CD rates by state
The top rates for each state have largely remained at the same institutions this week:
Piggybank image via shutterstock