It was as quiet as a breezeless summer day today in ꦇour rankings of the top ra༒tes for certificates of deposit (CDs). Already elevated annual percentage yields (APYs) among the top contenders are holding steady.

The most you can earn across any term in our daily ranking of the best CDs still stands at 5.65% APY o﷽𝔉n a 9-month certificate. And there are 19 CDs that pay at least 5.35% APY.

If you instead want to lock in a rate of at least 5.00% APY for as far into the future as possible, you might want the leading 3-year CD, which pays 5.13% APY. But if you have a deposit of $100,000 or more, you can stretch that to four years 🧸with a jumbo CD paying 5.12% APY.

Where Are CD Rates Headed This Year?

Market watchers are currently pricing in more than 90% odds that the Federal Reserve will implement a quarter-point rate increase to the 澳洲幸运5官方开奖结果体彩网:federal funds rate at its next meeting, scheduled to conclude on July 26. And the♌re are several signs that one or two such rate hikes could be coming.

Since March 2022, the Fed has been on a mission to combat decades-high inflation with aggressive increases to the fed funds rate. Because banks and credit unions closely follow this benchmark when setting their own rates, the Fed's cumulative increases (they've totaled 5.00% in all) have driven today's savings and CD rates to their highest levels since 2007. This has created a heyday for CD shoppers as well as anyone holding cash in a 澳洲幸运5官方开奖结果体彩网:high-yield savings or 澳洲幸运5官方开奖结果体彩网:money market account.

On June 14, the central bank held its benchmark rate steady for the first time in 11 meetings, in order to better study the impact of previous rate hikes. Minutes from that meeting that were 澳洲幸运5官方开奖结果体彩网:released yesterday show that all 11 voting members of the rate-setting committee that makes that decision agreed to it. But several members pushed for or "could have supported" a proposal to raise rates a quarter point at that meeting because “the labor market remained very tight, momentum in economic activity had been stronger than earlier anticipated, and there were few clear signs that inflation was on a path to return to the committee’s 2% objective over time.”

The minutes and several other indicators, including statements from Fed Chairman Jerome Powell last week, have signaled that two more rate hikes are possible this year.

But beware that Fed rate moves are never reliably predictable, as conditions can change quickly, and each rate decision is based on up-to-the-minute economic data and news. What we do know is that if the Fed implements any further rate hikes, it will almost certainly push CD rates higher. But if instead the Fed continues to hold its benchmark rate steady, today's CDs may already be at or near their peak rates, making them a good buy right now.

Rate Collection Methodology Disclosure

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), 🐼and the CD's minimum initial deposit mus𒐪t not exceed $25,000.

Banks must be available 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 (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, 澳洲幸运5官方开奖结果体彩网:read our full methodology.