CD Rates Today: March 23, 2023—Earn More Than 5% On Your Money

You can earn 4.50% and up on your money with today’s best CDs. Check out 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
If you’d prefer a CD with a shorter term than one year, today’s best rate on a six-month CD is 4.74%. The current average APY for a six-month CD is 1.89%, compared to 1.88% last week at this time.
APY provides a more accurate portrait of the annual 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 in the account.
Current 9-Month CD Rates
Nine-month CDs today are being offered at an average APY of 2.55%, the same as 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 one-year 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%, the same as a week ago.
Current 15-Month CD Rates
Within the last week, the top rate on a 15-month CD has been 4.85%.
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%. That’s the same as last week at this time.
Current 3-Year CD Rates
CDs with longer terms often have some of the most attractive interest rates and APYs—if you’re willing to keep your money locked up 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
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?
How to Open a CD
CDs may seem a little exotic as bank accounts go, but how they work is actually pretty simple. You open the account with an amount of money, leave your deposit alone for a period of months or years, and let the compound interest work its magic.
Many CDs and their cousins, the share certificates offered by credit unions, require you to deposit hundreds, thousands or even tens of thousands of dollars to open your account. Other financial institutions have no minimum deposit requirement, meaning you could open the account with as little as a penny.
But banks and credit unions typically won’t allow you to add to your deposit once the term begins and the clock starts ticking. And they’re serious about not letting you crack open your CD or share certificate too soon. The early withdrawal penalties can be so tough they’ll eat into your principal, not just take back some of your interest.
The Benefits of 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.