Best CD Rates For June 2024 - Up to 5.40% | Bankrate (2024)

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Reviewed by

Updated June 24, 2024

Note: Annual percentage yields (APYs) shown were updated between June 21 and June 27. All other information is current as of June 24. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

Best CD rates from top banks for June 2024

Note: Annual percentage yields (APYs) shown were updated between June 21 and June 27. All other information is current as of June 24. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

At its last meeting on June 12, the Federal Reserve, once again, didn’t change interest rates but is projecting only one rate cut this year. The Fed’s Federal Open Market Committee kept its key benchmark, the federal funds rate, at a target range of 5.25 to 5.5 percent.

Although it’s generally a bad time to borrow money at these rates, and credit card rates are near an all-time high according to Bankrate data, it’s a great time to save as top savings yields haven’t been this high in more than a decade. Top CD yields peaked at the end of 2023, but you can still open a CD with a competitive APY.

CD yields have peaked. Whether your time horizon is measured in months or years, think about locking in current CD yields.— Greg McBride, CFA | Bankrate chief financial analyst

Where are CD rates headed in 2024?

CD rates are likely to maintain their current levels or slightly dip.

Currently, shorter-term CDs – with terms of six months to 18 months – generally have higher yields than longer-term CDs. But those longer-term CD yields could be peaking soon, if they haven’t already. So locking one in now could be a good decision for long-term money that you want to keep safe in an FDIC-insured bank.

However, most CDs have significant early withdrawal penalties, so consider these when deciding on an account and term.

National average interest rates for CDs

The national average of CD interest rates suggests that shorter term CDs have higher yields than longer-term CDs. With the Fed having raised rates 11 times since March 2022, what goes up might eventually come down. So, getting a long-term CD now could make sense if the Fed lowers rates in the future.

Researching average interest rates provides insight into the CD rate environment and can help in finding a CD with a yield that's much higher than average.

Here are the current average rates as of June 28, 2024, according to Bankrate's most recent survey of institutions:

Some banks have promotional CD rates. There might be certain restrictions on these CDs. For instance, you might have to bring money from outside the bank to be eligible for this APY. Promotional CDs may renew at a different term and at a different APY. (That APY is likely to not be known when you purchase a promotional CD.)

Even some of the largest banks might have some featured CD rates.

*It’s possible for these offers to end sooner.

These promotional CDs might not be available in certain areas. APYs for some products may vary by region. The CD may renew for a different term. The promotional offers are as of June 7, 2024.

When you open a CD, selecting a term is an important step. The term is the length of time that the money stays stashed in the account. For example, opening a CD with a one-year term means you’re making a commitment to the bank that you’ll keep your money in the account for one year.

Here’s where you’ll find some of the top yielding CDs by term.

Learn more:What is a CD?

Types of CDs

Banks and credit unions offer a wide range of CDs to fit different financial needs. Take some time to consider which type of CD is best for you.

A CD is useful when you want to earn a consistent, fixed yield on your lump sum of cash over the term of your savings account, especially if interest rates are declining. It also encourages you to be disciplined in leaving your money untouched as it earns interest because a CD is a time deposit account and imposes an early withdrawal penalty if you withdraw your funds before the CD matures.

A good time to open a CD is when you have a lump sum of money that you want to sock away for a specific period of time in the hopes of consistently growing interest. Also, it’s worth opening a CD when you know you have a specific timeframe in mind when you think you’ll need this money. A six-month CD, for example, could be a good place to put your money aside for an insurance premium that’s due in eight months.

Learn more:How to build a CD ladder

Pros and cons of CDs

Before you choose a CD, weigh the pros and cons to ensure you're making the right investment choice for your financial situation.

Research methodology

Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.

The banks and credit unions on this page are selected based on popularity, Bankrate’s review score and CD APYs. The listings are ordered based on Bankrate’s scoring system, and ties are broken through minimum balance requirements and then alphabetical order.

Note: Bankrate doesn’t include callable CDs or brokered CDs on this page and compares regular CDs and no-penalty CDs separately.