Top CD prices today, April 14
:max_bytes(150000):strip_icc()/cdrates4-14-23-f579a89f897f4c359c8bd8136981445d.jpg "Top CD prices today, April 14")
As a Federal Reserve interest rate plateau appears increasingly likely to approach, CD customers are beginning to feel the effects. Three CD terms saw their top nationwide rate drop today, and instead of two institutions offering the market-leading rate of 5.35% APY, we̵[ads1]7;re down to just one.
CBC Federal Credit Union, which just three days ago launched term-leading rates of 4.95% APY for 4 years and 5.00% APY for 5 years, has already left these market leaders behind. The top rates in these two terms have now been reduced to 4.73% APY and 4.68% APY, respectively, both on offer from Lafayette Federal Credit Union.
Important takeaways
- The industry-leading rate across terms is still 5.35% APY, but that rate is now only available from one credit union instead of two.
- The peak rate on 4- and 5-year CDs fell below 5% today, meaning 35 months is the longest term currently offering a rate of at least 5.00% APY.
- The number of nationwide CDs paying 5.25% APY or more has dropped to just six, after the week started at 12.
- The top yield for jumbo CDs showed no movement today.
| CD Term | Yesterday’s highest national rate | Today’s highest national rate | Today’s change (percentage points) |
|---|---|---|---|
| 3 months | 5.00% APY | 5.00% APY | No change |
| 6 months | 5.25% APY | 5.25% APY | No change |
| 1 year | 5.25% APY | 5.25% APY | No change |
| 18 months | 5.25% APY | 5.25% APY | No change |
| 2 years | 5.35% APY | 5.35% APY | No change |
| 3 years | 5.35% APY | 5.00% APY | – 0.35 |
| 4 years | 4.95% APY | 4.73% APY | – 0.22 |
| 5 years | 5.00% APY | 4.68% APY | – 0.32 |
| 10 years | 4.30% APY | 4.30% APY | No change |
Credit Human had been offering 5.35% APY on 24- to 35-month certificates. That was the highest nationally available rate you could earn on a CD term, an honor it shared with Langley Federal Credit Union, which still pays the annual percentage rate (APY) on 22-month certificates. But Credit Human lowered the rate today to 5.00% APY.
Several of the top CD rates are still beating the 5% March inflation rate released this week. This is a relatively rare occurrence, at least in recent years. No one knows what the inflation number for April will be, but this could be a good time to lock in an inflation-busting CD rate.
| CD Term | Today’s highest national bank interest rate | Today’s highest national credit union interest rate | Today’s top national jumbo rate |
|---|---|---|---|
| 3 months | 5.00% APY | 4.50% APY | 3.91% APY |
| 6 months | 5.25% APY | 5.01% APY | 5.25% APY |
| 1 year | 5.25% APY | 5.15% APY | 5.15% APY |
| 18 months | 5.20% APY | 5.25% APY | 5.25% APY |
| 2 years | 5.28% APY | 5.35% APY | 5.04% APY |
| 3 years | 4.60% APY | 5.00% APY | 4.99% APY |
| 4 years | 4.55% APY | 4.73% APY | 4.89% APY |
| 5 years | 4.50% APY | 4.68% APY | 4.84% APY |
| 10 years | 4.10% APY | 4.30% APY | No |
Jumbo certificate prices remain stable, with a high rate of 5.25% APY for two periods. It’s often smart not to limit your search to jumbo CDs when you have a large deposit because you can usually find better prices among standard certificates. But right now, the best jumbo 4- and 5-year options actually pay more than the best standard CDs in those terms.
Below you can see how the best CD prices have developed in recent weeks. The points on the graph indicate a Monday-to-Monday look at the highest nationally available CD rate in each semester.
Will CD prices rise or fall?
CD yields skyrocketed as a result of the Federal Reserve aggressively raising the federal funds rate to combat inflation. Although the Fed has raised the Fed Funds rate twice this year, both times by 0.25%, it is far lower than the cumulative 4.25% of increases it implemented last year. As a result, interest rates on savings accounts increased in 2022, and have since crept slightly higher this year.
Economic data released this week on inflation, retail sales and manufacturing all show growing evidence of a slowing economy, suggesting the Fed’s interest rate campaign is starting to gain meaningful traction. This in turn drives market predictions that the Federal Reserve will end its rate hikes soon. In fact, the leading forecast is currently for “one and done,” meaning just one more hike when the Fed meets in a few weeks, followed by a rate plateau and eventually a decline.
The Fed’s interest rate committee will conclude its next meeting on May 3. While it looks like it will rise again that day, current movements in prime CD rates suggest that some institutions aren’t waiting to start dialing back their aggressive rates. That means now is probably a good time to lock in a course you’d like to have for months or years to come.
Note that the “peak rates” listed here are the highest nationally available rates that Investopedia has identified in its daily rate survey of hundreds of banks and credit unions. This is much different than the national average, which includes all banks that offer a CD with that term, including many large banks that pay petty cash in interest. Thus, the national average is always quite low, while the top rates you can find by shopping around are often five, 10 or even 15 times higher.
Disclosure of Prize Collection Methodology
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers across the country, and determines daily rankings of the best-paying certificates in each major period. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions) and the CD’s minimum deposit must 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 (for example, you don’t live in a certain area or work in a certain type of job), we exclude credit unions whose donation requirements is $40 or more. For more on how we choose the best prices, read our full methodology.
