5 CD accounts earning more than 5.40% APY right now
One of the best ways to take advantage of current high savings rates is with a certificate of deposit (CD). Not only do these deposit accounts carry fixed interest rates, which allow you to lock in today's competitive APYs for your entire account term — but they also offer some of the highest interest rates available.
While top savings accounts may earn as much as 5.00% variable APY on your balances, you may find CDs today with rates far beyond that. Some even offer close to 5.50% APY right now. Below, we've rounded up some of the best CDs available today across various terms with interest rates over 5.40% APY.
Looking to save more today? Start comparing some of the best savings and CD accounts here now.
5 CD accounts earning more than 5.40% APY right now
In general, you'll find the highest CD rates today when you open an account with a shorter term length. While accounts with longer terms may only offer about 4.50% APY, interest rates approaching 5.50% APY are more common among short-term CDs that mature in about one year.
Here are some of the top CD rates available today, which offer at least 5.40% APY. Each of these accounts is FDIC-insured up to the $250,000 limit (per depositor and per account type).
Northern Bank Direct 11-month CD: 5.60% APY
The highest rate on our list is a 5.60% APY for an 11-month CD from Northern Bank Direct, the online division of Northern Bank. This CD doesn't carry any monthly fees, but you will need to deposit at least $500 to open your account. You'll also take on a penalty fee if you need to withdraw early.
Sallie Mae Bank 18-month CD: 5.55% APY
A close second for high rates is the 5.55% APY 18-month CD from Sallie Mae Bank, which is also the longest term you can lock in. There are no monthly fees, but to earn that amount, you will need to deposit and maintain at least a $2,500 minimum balance.
Sallie Mae Bank 12-month CD: 5.50% APY
Salle Mae Bank's 18-month CD isn't the only high-earning account option from the online bank. You can earn a similarly high 5.50% APY on 12-month, 13-month and even 15-month CDs. These CDs each carry the same $2,500 minimum balance requirement.
If you need to withdraw from your Sallie Mae Bank CD early, you'll face a penalty fee. This is equal to 90 days' interest on the amount withdrawn for 12-month CDs and 180 days' interest for terms longer than that.
Popular Direct 12-month CD: 5.50% APY
Popular Direct also offers a 5.50% APY 12-month CD. This account does have a much higher minimum deposit requirement, at $10,000, but there are no monthly fees. The penalty for early withdrawal with this account is equal to 270 days' simple interest payments.
Crescent Bank 12-month CD: 5.45% APY
The 12-month CD from Crescent Bank can make another great online banking option for savers, thanks to a 5.45% APY. This account has no monthly fees but you will incur a penalty for early withdrawal. To open the CD, you'll also need a minimum opening deposit of $1,000.
Find more of today's top rates here so you can start comparing the best options for you.
The bottom line
A competitive CD can be a powerful tool for savers today. These accounts can earn more than 5.00% APY — with some offering even more than 5.50% APY — as fixed interest rates throughout the entire term length. To find the best CD for your savings goals, make sure you compare different accounts before opening. Details like the minimum balance required, penalty fees, renewal options, account access and more can all help you determine which makes most sense for your goals.
Get started today with some of the top savings rates available now here.
