20 CDs offering rates of 5.50% or more in December 2023

Today's high-rate environment may be putting pressure on borrowers' wallets, but it's also offering big benefits to savers. For example, right now, it's easy to earn big returns on your money simply by putting it into the right account, thanks in large part to the Federal Reserve's rate hikes over the last 18 months.

While high-yield savings accounts may be what comes to mind when you think about interest-bearing accounts, don't overlook what certificates of deposit (CDs) can offer to you. Not only do CDs offer some of the best rates available right now, but when you put your money in this type of account, you're locking in the interest rate for the full CD term. 

Choosing an account with a fixed interest rate can be a smart move in uncertain rate environments — like the one we're experiencing now. After all, fixed rates aren't impacted by rate drops during the CD's term, which, in turn, protects your earnings. But to get the most from your CD, it's important to look for one with a top rate and requirements that fit within your financial picture, so you may want to start with the options outlined below.

Compare the top CD rates available to you here.

20 CDs offering rates of 5.50% or more in December 2023

If you're searching for a simple way to grow your funds, the following CDs offer some of the best rates available right now:

• West Town Bank & Trust 6-month CD – 5.88% APY: $10,000 minimum opening deposit requirement; early withdrawal fee is equal to three months of interest
• TotalDirectBank 6-month CD — 5.76% APY: $25,000 minimum opening deposit requirement; early withdrawal fee is equal to one month of interest
• Limelight 1-year CD — 5.75% APY: $1,000 minimum opening deposit requirement; early withdrawal fee is equal to 90 days of interest
• BluPeak Credit Union 6-month CD — 5.75% APY: $250 minimum opening deposit requirement; early withdrawal fee is equal to three months of interest
• INOVA Federal Credit Union 6-month CD — 5.75% APY: $200 minimum opening deposit requirement; early withdrawal fee is equal to three months of interest
• Popular Direct 1-year CD — 5.67% APY: $10,000 minimum opening deposit requirement; early withdrawal fee is equal to 270 days of simple interest
• CIBC Bank USA 1-year CD — 5.66% APY: $1,000 minimum opening deposit requirement; early withdrawal fee is equal to 30 days of interest
• TotalDirectBank 3-month CD — 5.66% APY: $25,000 minimum opening deposit requirement; early withdrawal penalty is equal to one month of interest
• Dow Credit Union 3-month CD — 5.65% APY: $500 minimum opening deposit requirement; early withdrawal penalty is equal to three months of interest
• Financial Resources Federal Credit Union 6-month CD — 5.64% APY: $500 minimum opening deposit requirement; early withdrawal penalty is equal to six months of interest
• BECU 3-month CD – 5.60% APY: $500 minimum opening deposit requirement; early withdrawal penalty is equal to one month of interest
• Signature Federal Credit Union 3-month CD — 5.55% APY: $500 minimum opening deposit requirement; early withdrawal penalty is equal to one month of interest
• Bask Bank 6-month CD — 5.55% APY: $1,000 minimum opening deposit requirement with this CD; early withdrawal penalty is equal to 90 days of interest
• Popular Direct 6-month CD — 5.55% APY: $10,000 minimum opening deposit requirement; early withdrawal penalties apply
• Charles Schwab 3-month CD — 5.51% APY: $1,000 minimum opening deposit requirement; no early withdrawal penalty on this CD
• Merrick Bank 3-month CD — 5.50% APY: $25,000 minimum opening deposit requirement; early withdrawal penalty is equal to three months of interest
• BMO Alto 6-month CD — 5.50% APY: No minimum opening deposit requirement; early withdrawal penalty is equal to 90 days of interest
• Boeing Employees Credit Union 3-month CD — 5.60% APY: $500 minimum opening deposit requirement; early withdrawal penalty is equal to one month of interest
• Workers Credit Union 3-month CD — 5.50% APY: $500 minimum opening deposit requirement; early withdrawal fee is equal to 50% of the interest that would have been earned
• Workers Credit Union 3-year CD — 5.50% APY: $500 minimum opening deposit requirement; early withdrawal fee is equal to 50% of the interest that would have been earned

Learn more about the top CD options online here. 

The bottom line

In today's high-rate environment, you have plenty of opportunities to maximize the returns on your CD accounts. And, reaching your savings goals will be even easier if you choose one of the CDs outlined above, given the high rates they offer. The one big caveat is that most CDs require you to leave your money deposited in the account for the full CD term; otherwise, you could end up paying hefty early withdrawal fees. That's why it's important to fully weigh your options and find a CD that works best for your financial goals.