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Best CD Rates Of June 2024

Updated: June 02, 2024, 10:50am

At Quote States, we’re proud to showcase a variety of products from our esteemed partners who provide us with compensation. This arrangement might shape our coverage regarding which products we discuss and the placement and presentation of these products on our site. Nevertheless, we maintain editorial integrity: our assessments and opinions remain unbiased and solely our own. For transparency, here’s a directory of our partners, along with an explanation of how we sustain our operations and generate revenue.

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At the moment, the highest CD rate available is 5.42%, provided by TotalDirectBank for a 3-month CD term. However, it's worth noting that several other banks also present appealing CD rates across various terms. CDs are essentially savings accounts that lock in an interest rate for a predetermined duration. Typically, withdrawing money from a CD before its maturity date results in penalties, including the potential loss of some or all the interest accrued.

Best CD Rates From Our Partners

Connexus Credit Union Share Certificate

5.0

On Connexus Credit Union's Website.

APY

3.51% to 5.25%

Minimum Deposit Requirement

$5,000

Monthly Maintenance Fee

10 Months to 5 Years

Rates

10 month special: 5.25% or 5.30% APY
12 months: 5.01% or 5.06% APY
24 months: 4.63% or 4.68% APY
36 months: 4.21% or 4.26% APY
48 months: 3.91% or 3.96% APY
60 months: 3.51% or 3.56% APY

Membership

You must become a credit union member to open a certificate with Connexus Credit Union. If you don’t qualify under the regular group and geographic categories of membership, you can join the credit union by making a one-time $5 donation to the Connexus Association.

Compounding schedule

Yields earned on credit union accounts are referred to as dividends rather than interest. At Connexus, dividends are compounded and credited to your account quarterly. Many other banks compound interest daily and pay it into your account quarterly, allowing your funds to grow faster than if they were held at Connexus.

Early withdrawal penalties and grace period

Early withdrawal penalties range from 90 to 365 days’ worth of dividends on the amount withdrawn. Share certificates automatically renew at maturity, following a 10-day grace period during which you can withdraw funds. All members are required to open a Connexus Credit Union Member Share Savings Account with a minimum deposit of $5.

Why We Picked It
We chose Connexus Credit Union for the Connexus Credit Union Jumbo Share Certificate because you’ll get a boost on its already competitive rates if you deposit at least $100,000. Even the credit union’s regular certificates, which require a minimum deposit of $5,000, pay some of the highest yields available—particularly on terms in the one- to two-year range.

Why We Like It
We love Connexus for its 10-month , which pays 5.25% APY on deposits of or more and 5.30% APY on deposits of or more with the . We also like that this credit union makes it easy to join online by making a one-time donation of $5.

What We Don’t Like
The minimum deposit on regular certificates is a little high, and you can find better rates on terms of three years or longer at other institutions on our list.

Who It’s Best For
Consider Connexus Credit Union’s share certificates if you have at least to deposit and are looking for a 10-month, 12-month or 24-month CD term.

First National Bank of America Certificates of Deposit

4.8

On First National Bank of America's Website.

APY

3.05% to 5.15%

Minimum Deposit Requirement

$1,000

Monthly Maintenance Fee

6 Months to 7 Years

6 months: 3.05% APY
12 months: 5.15% APY
24 months: 4.80% APY
36 months: 4.65% APY
48 months: 4.55% APY
60 months: 4.55% APY
72 months: 4.35% APY
84 months: 4.30% APY

Rates and CD options may differ slightly for Michigan residents.

Compounding schedule

Interest is compounded and credited to your account quarterly.

Early withdrawal penalties and grace period

The early withdrawal penalty ranges from 90 to 540 days of interest, depending on the term length. The bank provides a notice approximately 30 days before the CD matures, at which time you can decide to withdraw your funds, automatically renew your CD or rollover your funds to a different CD.

We picked First National Bank Of America Review as a top choice for long-term CDs because it’s one of the few banks in our database offering CD terms of 72 and 84 months, which pay 4.35% and 4.30%, respectively. Plus, this bank pays some of the highest APYs available on 24-month, 36-month, 48-month and 60-month CDs.

Why We Like It

First National’s rates manage to top almost all other banks in our database when it comes to CD terms of 24 months or longer, and the bank offers longer term lengths than most.

What We Don’t Like

First National isn’t the best choice for short-term CDs. At 3.05% APY, its six-month CD rate isn’t the highest, and the bank doesn’t offer any three- or nine-month CDs.

Who It’s Best For

Look into First National Bank of America if you want to invest in a CD for at least two years and earn some of the highest yields out there. If you’re looking for a 72- or 84-month CD, First National is one of just a few options.

Quontic Bank Certificate of Deposit

4.7

On Quantic Bank's Website

APY

4.30% to 5.30%

Minimum Deposit Requirement

$500

Monthly Maintenance Fee

6 Months to 5 Years

We rated Quontic Bank highly because its three-year CD pays 4.40% APY, one of the most competitive rates for that term option. Quontic’s rates on all terms are near the top yields available, and the online bank makes it easy to open a CD in minutes.

Why We Like It

We like that Quontic’s CDs pays top rates on its three-year CD and competitive yields all around. We also love the bank’s low minimum deposit requirement, user-friendly mobile app and innovative online tools.

What We Don’t Like

With only standard CDs on offer and five CD terms to choose from, Quontic could benefit from providing more variety.

Who It’s Best For

Go for a Quontic CD if you’re comfortable with banking online and have at least $500 to deposit.

PenFed Credit Union Money Market Certificates

4.6

On PenFed Credit Union's Website

APY

3.00% to 4.20%

Minimum Deposit Requirement

$1,000

Monthly Maintenance Fee

6 Months to 7 Years

Compounding schedule

The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends on six-month certificates are earned on a simple (not compound) interest basis and are paid when the certificate matures. Dividends on all other CDs are compounded daily and credited monthly.

Early withdrawal penalties

Early withdrawal penalties vary by term.

Maturity options

With PenFed, you choose your maturity option when you open your certificate and can change it anytime prior to maturity. This gives you some flexibility, and extra time, to decide what you’d like to do with the funds in your account when it matures. You can transfer the funds into another PenFed account, roll it into a new certificate, get a mailed check or transfer it via ACH.

We gave PenFed Credit Union a spot on our list because it’s one of the few brick-and-mortar institutions offering competitive yields. Consumers who value the human touch of opening a certificate in person will appreciate the credit union’s excellent customer satisfaction scores and network of nearly 50 branches nationwide.

Why We Like It

This credit union prioritizes customer service and in-person access while still offering competitive rates. We also like that it has nine term options and easy-to-meet membership requirements—anyone can join PenFed Credit Union by depositing $5 into a savings account.

What We Don’t Like

While it’s fairly easy to join PenFed and open the required savings account online, we still prefer CDs you can open without jumping through extra hoops.

Who It’s Best For

You’ll like PenFed’s certificates if you prioritize customer service and prefer having in-person banking access.

CommunityWide Federal Credit Union CW Certificate Account

4.6

On CommunityWide Federal Credit Union's Website

APY

4.00% to 5.30%

Minimum Deposit Requirement

$1,000

Monthly Maintenance Fee

6 Months to 5 Years

Compounding schedule

The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded and credited to your certificate account monthly.

Early withdrawal penalties

Early withdrawal penalties vary by term.

Maturity options

Unlike many other credit unions and banks, CommunityWide won’t automatically renew your certificate account upon maturity. Instead, you can choose to renew it for another term or to deposit the principal and interest into another account at CommunityWide or another institution.

Membership

CommunityWide requires membership in the credit union to open a certificate account. Membership is open to U.S. citizens who open a savings account with a $10 minimum deposit, $5 of which goes to an organization of your choice—the Marine Corps, Habitat for Humanity or Goodwill

CommunityWide Federal Credit Union made our list because it offers one of the highest rates available on any CD on its six-month certificate, which pays 5.30% APY. Its 12- and 18-month certificates are also competitive, paying 5.15% and 4.85% APY respectively.

Why We Like It

The yields on CommunityWide’s short-term certificates are about as good as it gets, and we like that these certificates don’t automatically renew upon maturity.

What We Don’t Like

While almost anyone can join, you will have to become a credit union member and open a savings account with a $10 minimum opening deposit to get a certificate here.

Who It’s Best For

Opt for CommunityWide’s certificates if you are looking for term lengths shorter than two years and are willing to join a credit union.

Bethpage Federal Credit Union Certificate Account

4.5

On Bethpage Federal Credit Union's Website

APY

2.25% to 4.00%

Minimum Deposit Requirement

$50

Monthly Maintenance Fee

3 Months to 5 Years

Compounding schedule

The yields earned on credit union accounts are referred to as dividends rather than interest. For certificates opened online, dividends are compounded daily and credited monthly. Members who open a six-, 12-, 24-, 36- or 39-month certificate in a branch can select a dividend period and crediting frequency of monthly or quarterly.

Maturity options

There’s a seven-day grace period after your certificate matures to renew or change the account.

Early withdrawal penalty

Early withdrawal penalties equal either 90 or 180 days’ dividends, depending on term length.

We deemed Bethpage Federal Credit Union the winner when it comes to opening a CD with very little to deposit—all you need is $50. With nine term options and an easy online membership application, this credit union makes it easy for just about anyone to open a certificate account.

Why We Like It

All you’ll need to invest in a CD with Bethpage is a $50 opening deposit and $5 to open aBethpage Savings Account, which is required to get a CD.

What We Don’t Like

Bethpage’s certificate rates are competitive, but they aren’t the highest rates available.

Who It’s Best For

If you’ve got less than $500 to invest in a CD, you’ll want to check out Bethpage’s share certificates

Bread Savings Certificate of Deposit

4.4

On Bread Savings Website

APY

4.15% to 5.25%

Minimum Deposit Requirement

$1,500

Monthly Maintenance Fee

12 Months to 5 Years

Compounding schedule

Interest is compounded daily and credited monthly. The early withdrawal penalty equals either 180 or 365 days’ simple interest, depending on the term.

Maturity options

There’s a 10-day grace period to withdraw funds or close the account after maturity. If you don’t take action, your CD will automatically renew.

FDIC insurance

Like the other banks on this list, CDs at Bread Savings are insured up to $250,000 per depositor, for each ownership category, by the FDIC in the event of a bank failure. But the option to deposit more is available.

We picked Bread Savings because it offers the highest one-year CD rate—5.25% APY. CDs from Bread Savings also allow account holders to deposit up to $1 million per account and $10 million per customer, a balance maximum that’s significantly higher than offered by other banks on our list.

Why We Like It

You’ll be hard-pressed to find a higher rate on a one-year CD, and early withdrawal penalties are reasonable.

What We Don’t Like

With only five term length options and none less than one year, this isn’t the best option for short-term savers.

Who It’s Best For

If you’re after a minimum one-year term or have a significant sum to deposit, you’ll want to look at Bread Savings.

EverBank Basic CD

4.3

On Bread Savings Website

APY

3.95% to 5.15%

Minimum Deposit Requirement

$1,000

Monthly Maintenance Fee

3 Months to 5 Years

We chose EverBank (formerly TIAA Bank) because it offers 10 CD terms, all with competitive APYs and modest minimum deposit requirements, making it ideal for building a CD ladder. Even better, its online application takes about five minutes to complete, so opening multiple CD accounts should be a breeze.

Why We Like It

The sweet spot of high APYs, low minimum deposit requirements and term variety shines at EverBank. It also offers a 20-day advanced maturity alert and 10-day grace period, giving you plenty of time to figure out what to do with your funds.

What We Don’t Like

If you’re looking to open a long-term CD, keep in mind that EverBank only offers terms ranging up to five years. Some other banks offer CDs with terms of up to 10 years.

Who It’s Best For

EverBank is ideal for anyone looking to open multiple CDs with staggering term lengths.

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Best CD Rates Of June 2024

Best CD Rates From Our Partners

Connexus Credit Union Share Certificate

APY

3.51% to 5.25%

Minimum Deposit Requirement

$5,000

Monthly Maintenance Fee

10 Months to 5 Years

First National Bank of America Certificates of Deposit

APY

3.05% to 5.15%

Minimum Deposit Requirement

$1,000

Monthly Maintenance Fee

6 Months to 7 Years

Quontic Bank Certificate of Deposit

APY

4.30% to 5.30%

Minimum Deposit Requirement

$500

Monthly Maintenance Fee

6 Months to 5 Years

PenFed Credit Union Money Market Certificates

APY

3.00% to 4.20%

Minimum Deposit Requirement

$1,000

Monthly Maintenance Fee

6 Months to 7 Years

CommunityWide Federal Credit Union CW Certificate Account

APY

4.00% to 5.30%

Minimum Deposit Requirement

$1,000

Monthly Maintenance Fee

6 Months to 5 Years

Bethpage Federal Credit Union Certificate Account

APY

2.25% to 4.00%

Minimum Deposit Requirement

$50

Monthly Maintenance Fee

3 Months to 5 Years

Bread Savings Certificate of Deposit

APY

4.15% to 5.25%

Minimum Deposit Requirement

$1,500

Monthly Maintenance Fee

12 Months to 5 Years

EverBank Basic CD

APY

3.95% to 5.15%

Minimum Deposit Requirement

$1,000

Monthly Maintenance Fee

3 Months to 5 Years

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