This year has been unusual for CD buyers. But for anyone still in the market at high speed, August was exceptionally fruitful. As of yesterday, you can earn up to 6.00% APR on CD nationwide.
Not only that, but if you live in one of eight lucky US states, you have even more options to earn up to a whopping 6.17% APY.
It’s all thanks to the Federal Reserve raising interest rates starting in March 2022 to fight historic inflation. Since then, the central bank has raised its benchmark rate to 5.25 percent, the highest level since 2001. As a result, the price of the best CD has increased.
This 6.00% CD lead is available to anyone nationwide.
As we mentioned yesterday, it was the first CD on the market to offer at least 6.00% API. Presented by America 1 Credit UnionThis leading international certificate is available for a period of 12 months with a minimum deposit of $1,000.
Before hitting the 6.00% threshold, the leading rate on CDs nationwide was 5.75% APY for most of the six weeks — though there was a three-day period with a fleeting 5.90% APY.
If you live in one of these lucky areas, get up to 6.17% on CD
Additionally, depending on where you live, there are the following eight CDs for US residents to choose from. In addition to specifying who qualifies, we’ve provided basic details on terms and minimums.
But be sure to do your own research on withdrawal penalties first before Perform any of these CDs. Penalty policies vary widely, and you have every right to understand the policy before you sign on the dotted line.
Guardian Credit Union (Alabama) – 6.17% APIThis CD has an 11-month term (no penalty) and a minimum deposit of $10,000. Available to residents of these 14 Alabama counties: Autauga, Butler, Chilton, Coosa, Covington, Crenshaw, Elmore, Lee, Lowndes, Macon, Montgomery, Pike, Russell and Tallapoosa.
Merit Credit Union (Louisiana) – 6.09% API: This CD has a 6-month term and a minimum deposit of $2,500. Available to residents of these five Louisiana parishes: Acadia, Iberia, Lafayette, St. Martin and Vermilion.
BayFirst National Bank (Florida) – 6.01% API: This CD has a term of 14 months and a minimum deposit of $1,000. Available to residents of these five counties in the Tampa area: Hillsborough, Manatee, Pasco, Pinellas and Sarasota.
Encourage federal credit unions (New York) – 6.00% API: This CD has a 3 month term and the minimum deposit is $500. Available in Buffalo, Syracuse, Utica and many other area cities.
National Credit Union (Ohio) – 6.00% API: This CD has a 4 month term and the minimum deposit is $500. Available to residents of these nine Ohio counties: Fairfield, Fayette, Highland, Hocking, Jackson, Pickaway, Pike, Ross and Vinton.
Complex Community Federal Credit Union (Texas) – 6.00% APIThis CD has a 6-month term, with a minimum deposit of $500. Available to residents of these 13 Texas counties: Andrews, Crane, Ector, Gaines, Howard, Lubbock, Martin, Midland, Pecos, Reeves, Upton, Ward and Winkler.
City Credit Union (Texas) – 6.00% API: This CD has a 12-month term and a minimum deposit of $1,000. Available to residents of these 13 Texas counties in the Dallas area: Collin, Cook, Dallas, Denton, Ellis, Grayson, Hunt, Johnson, Kaufman, Parker, Rockwall, Tarrant and Wise.
Five Star Credit Union (Alabama and Georgia) – 6.00% API: This CD has a term of 13 months and the minimum deposit is $500. For these eight Alabama counties residents are: Barbour, Coffee, Dale, Geneva, Henry, Houston, Pike and Russell. Residents of 20 Georgia counties are eligible, as well as those who donate to an affiliated nonprofit organization with other Georgia residents.
Not eligible for one of the 6.00%-plus offers above? never mind. You still have an abundance of resources in the CD market today. We post the best CD rates available nationwide every day, and today’s list includes certificates that pay 5.50% APY or more. Do you have a large deposit? Our daily Best Jumbo CDs list features many winners.
Not eligible for one of the 6.00%-plus offers above? never mind. You still have an abundance of resources in the CD market today. We post the best CD rates available nationwide every day, and today’s list includes certificates that pay 5.50% APY or more. Do you have a large deposit? Our daily Best Jumbo CDs list features many winners.
Disclosure of collection method
Each business day, Investopedia tracks the rates of nearly 100 banks and credit unions nationwide that offer savings accounts to customers, using that information to determine the daily rate for the highest-paying accounts. To qualify for our listings, the institution must be federally insured (FDIC for banks, NCUA for credit unions) and the savings account’s minimum initial deposit must not exceed $25,000.
For our best CD rate list, banks must be located in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (for example, you don’t live in a certain area or work in a certain occupation), credit unions don’t have a donation requirement of $40 or more. For more on how we choose the best high-yield savings accounts, read our full methodology.
