CD Rates Today: March 16, 2023—Take Home 5% Interest Or More

You can earn 4.50% and up on your money with today’s best CDs. Plus, average CD yields keep inching upward. Take a look at the top rates and typical yields being offered on CDs of various durations.
Related: Compare the Best CD Rates
Highest CD Rates

CD Rates Today

Highest Rate
Average APY

6 Months

12 Months

18 Months

24 Months

60 Months

*Highest reported in the last week. Data unavailable for today.

Source: Quoted rates are based on the highest clicked-on rate for each CD term. For banks and credit unions offering top rates, check out our list of the best CD rates.

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Current 6-Month CD Rates
The current average APY for a six-month CD is 1.88%, steady with last week at this time.
APY provides a more accurate depiction of the yearly interest you’ll earn with a CD because it takes into account compound interest. That’s the interest you earn not only on your deposit (or principal) but also on the interest itself.
Current 9-Month CD Rates
Nine-month CDs today are being offered at an average APY of 2.55%, up from 2.51% a week ago.
Current 1-Year CD Rates
The highest interest rate currently being offered on a one-year CD—one of the most popular CD terms—is 5.12%. If you discover a 12-month CD with a rate in that vicinity, you’ve found a good deal. One week ago, the best rate was the same.
The average APY, or annual percentage yield, on a one-year CD is now 2.43%, up from 2.40% a week ago.
Current 15-Month CD Rates
On a 15-month CD, today’s best interest rate is 4.85%; you’ll do well if you can find a rate in that range.
Current 2-Year CD Rates
If you can hold out for two years, 24-month CDs today are being offered at interest rates as high as 4.50% APY. The top rate last week at this time was a similar 4.50%. Two-year CDs now have an average APY of 2.54%, an increase from 2.52% last week.
Current 3-Year CD Rates
CDs with longer terms tend to have some of the most attractive interest rates and APYs—if you’re willing to keep your money locked away for years.
The average APY on a three-year CD is now 2.72%, the same as a week ago.
Current 5-Year CD Rates
On a five-year CD, the highest rate today is 3.20%. APYs are averaging 2.82%, the same as this time last week.
The longer the term, the harsher the early withdrawal penalty. It’s not unusual to lose one full year’s worth of interest or more if you break open a five-year CD too soon. Be absolutely certain you understand the penalty before you make your investment.
Related: CD Interest Rates Forecast: How Good Will They Get?
Building a CD Ladder
Want to earn higher yield, but wary of keeping your money chained up for years? A CD ladder can help you earn good returns and make your investment feel more liquid.
You build a ladder by investing your money in multiple CDs with terms of different lengths. You might buy a one-year CD, a two-year CD, a three-year CD, a four-year CD and a five-year CD. As each of the shorter-term CDs matures, you replace it with a new five-year CD.
Follow this plan, and in a few years you’ll have one better-yielding five-year CD maturing each year. If you’re ever having a bad year, you could take some of the cash from the expiring CD and use it to pay bills instead of pouring it all into a fresh CD.
You must comparison shop to track down the best CD rates. Banks and credit unions compete by offering alluring yields to land your business, so shopping around is a must before you purchase any bank CD or credit union share certificate.
Are CDs a Good Deal?
CDs typically pay higher interest than other savings vehicles, even the best high-yield savings accounts and money market accounts. And while they may not offer the kind of enviable returns that are possible with stocks, CDs beat the more attention-getting investments in one regard: They’re one of the safest places to put your money.
Investors lost millions in the 2022 crypto crash, and putting your money into the stock market, real estate or gold and other commodities can be risky, too. But when you buy a certificate of deposit or credit union share certificate from a federally insured financial institution, you can sleep easily with the knowledge that your investment is protected.
The FDIC provides you with up to $250,000 in coverage in the event the bank issuing your CD ever fails. For share certificates purchased from federal credit unions and most state-chartered credit unions, the NCUA insures your money up to the same limit.