CD rates took a summer break today, with all of the best yields for certificates of deposits (CDs) holding steady at yesterday's levels.

Those levels are nothing to balk at. The top rate available in any term of our daily ranking of the best CDs remains 5.65% APY for a 9-month certificate. 💟And there are now a whopping 42 cert𝓀ificates that pay the superb rate of 5.25% or better. Five of those pay 5.50% or better.

The longest term for which you can earn at least 5.00% APY continues to be three years for a standard CD that pays 5.13% APY, or four years for a jumbo CD that pays 5.12% APY and requires a $100,000 deposit.

Where Are CD Rates Headed This Year?

The Federal Reserve has been on a mission for the last 15 months to combat decades-high inflation with aggressive increases to the 澳洲幸运5官方开奖结果体彩网:federal funds rate. Those rate hikes totaled 4.25% last year and then another 0.75% so far in 2023. Because changes to the Fed rate push bank deposit rates in the same direction, the Fed's multiple increases have driven today's savings and CD rates to their highest levels since 2007, creating 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.

Last week, the Fed decided to hold rates steady for the first time in 11 meetings. But it also signaled that it's likely to implement one or two additional rate hikes this year. If those increases arrive, we could see CD rates climb even higher this year. The Fed's next meeting will conclude July 26.

But a word of caution: There is never any guarantee on what the Fed's future moves will be, as each rate decision is based on up-to-the-minute economic data and financial news. So while it looks probable that the Fed will raise rates further, there is no guarantee it will do so. If instead it backs away from that plan, it could mean today's CDs are already 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 mﷺinimum initial deposit must not exceeꦯd $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.