Best CD Rates of February 2024

ElitePersonalFinance
Last Update: March 11, 2023 Banking Make Money Save Money Studies

With peace of mind that allows you to set it and forget it, a certificate of deposit (CD) is a solid place to invest your short-term savings. And while capital market participants have to endure volatility to earn a higher return, CDs can help grow your money without taking any risk.

Why Should You Trust ElitePersonalFinance?

With accuracy and accountability in mind, we pride ourselves on presenting the latest information from the most trusted sources. And our goal is to help you find the best products available in the marketplace. Moreover, we hope that our study will make it easier to determine where you should invest your hard-earned savings.

To do so, we analyzed hundreds of CD accounts and organized our findings by those that offer the highest annual percentage yields (APYs). However, what’s the point of a high-interest rate if you can’t depend on your institution? That’s why we ensured that all of the institutions on our list reported being insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).

As a result, the U.S. federal government guarantees all of our recommended CDs up to $250,000 per person, per account.

Best CD Rates of February 2024

We felt it was best to present the institutions that offer the highest APYs for long-term CDs to begin our study. However, if you’re looking for the best options over a shorter time horizon, we’ll cover those details soon. Also, please note that some of the institutions on our list don’t offer CDs across all maturities. As a result, some tables have more or less data, depending on how many institutions offer the selected terms.

In addition, please consider that some of the options on our list are only available in select states. And if you’re curious about whether your region qualifies, please read our full reviews for all of the essential details.

Up first, Edward Jones (1.75%), Ardent Credit Union (1.50%), and Ashland Credit Union/Credit Human (1.40%) have the highest 5-year APYs in the marketplace. And with minimum deposit requirements of $500 or less, they’re solid options if you’re in the market for a long-term CD.

Institution:5-Year CD APY:Min. Deposit:FDIC/NCUA Insured:Account Fees:
Edward Jones1.75%$100Yes$0
Ardent Credit Union1.50%$100Yes$0
Ashland Credit Union1.40%$500Yes$0
Credit Human1.40%$500Yes$0
Keesler Federal Credit Union1.35%$1,000Yes$0
Teachers Federal Credit Union1.35%$1,000Yes$0
Pentagon Federal Credit Union1.30%$1,000Yes$0
First National Bank of America1.25%$1,000Yes$0
Connexus Credit Union1.21%$5,000Yes$0
Quontic Bank1.20%$500Yes$0
First Tech Credit Union1.15%$500Yes$0
Comenity Direct1.10%$1,500Yes$0
TIAA Bank1.05%$1,000Yes$0
Bethpage Federal Credit Union1.00%$50Yes$0
Synchrony Bank1.00%$1Yes$0
Marcus By Goldman Sachs1.00%$500Yes$0
Discover1.00%$2,500Yes$0
Popular Direct1.00%$10,000Yes$0
Live Oak Bank0.90%$2,500Yes$0

Best 3-Month CD Rates

Some banks and credit unions have higher CD APYs depending on their maturities. For example, you might assume that if an institution offers the highest 5-year CD APY, it would also provide the highest 3-month and 3-year CD APYs. However, we found that it doesn’t always work that way. As a result, we organized the data by maturity to help you make the most informed decision.

To that point, we found that Bethpage Federal Credit Union (0.40%), TIAA Bank (0.35%), and Ardent Credit Union (0.25%) have the highest 3-month APYs in the marketplace. Moreover, if you need help determining which product is right for you, we cover the pros and cons in our reviews.

Institution:3-Month CD APY:
Bethpage Federal Credit Union0.40%
TIAA Bank0.35%
Ardent Credit Union0.25%
Keesler Federal Credit Union0.25%
Teachers Federal Credit Union0.25%
Discover0.20%
Synchrony Bank0.15%
Popular Direct0.15%
Edward Jones0.10%

Best 6-Month CD Rates

Quontic Bank (0.55%), Credit Human (0.50%), and Live Oak Bank (0.50%) have the highest 6-month APYs in the marketplace. Moreover, with many of the best high-yield savings accounts offering APYs in the 0.50% range, purchasing a 6-month CD from Quontic Bank results in a solid interest rate and the ability to avoid locking up your funds for too long.

Institution:6-Month CD APY:
Quontic Bank0.55%
Credit Human0.50%
Live Oak Bank0.50%
Pentagon Federal Credit Union0.45%
Bethpage Federal Credit Union0.40%
TIAA Bank0.40%
Keesler Federal Credit Union0.35%
Ashland Credit Union0.35%
Ardent Credit Union0.25%
Teachers Federal Credit Union0.25%
Synchrony Bank0.25%
Discover0.25%
Edward Jones0.20%
Popular Direct0.15%
First Tech Credit Union0.15%
Marcus By Goldman Sachs0.15%

Best 1-Year CD Rates

For CDs that reach the annual milestone, Pentagon Federal Credit Union (0.85%), Live Oak Bank (0.75%), and First National Bank of America (0.65%) have the highest 1-year APYs in the marketplace. As a result, if you don’t need to access your funds and can tolerate the 12-month duration, the options below may be suitable for you.

Institution:1-Year CD APY:
Pentagon Federal Credit Union0.85%
Live Oak Bank0.75%
First National Bank of America0.65%
Comenity Direct0.65%
Connexus Credit Union0.61%
Quontic Bank0.60%
Bethpage Federal Credit Union0.60%
Keesler Federal Credit Union0.60%
TIAA Bank0.55%
Ardent Credit Union0.55%
Synchrony Bank0.55%
Marcus By Goldman Sachs0.55%
Discover0.55%
Credit Human0.50%
Edward Jones0.50%
Ashland Credit Union0.45%
Teachers Federal Credit Union0.40%
First Tech Credit Union0.25%
Popular Direct0.15%

Best 2-Year CD Rates

If we extend the investment time horizon, Quontic Bank (0.95%), Edward Jones (0.90%), and Pentagon Federal Credit Union (0.85%) have the highest 2-year APYs in the marketplace. However, please note that fixed-rate CDs often have early withdrawal penalties. As a result, it’s essential to determine whether or not you’ll need to access your funds during the term. If not, one of the options below can fulfill your needs. If so, a high-yield savings account or a CD with a shorter maturity is likely more appropriate.

Institution:2-Year CD APY:
Quontic Bank0.95%
Edward Jones0.90%
Pentagon Federal Credit Union0.85%
Live Oak Bank0.85%
Keesler Federal Credit Union0.85%
Credit Human0.85%
First National Bank of America0.80%
Comenity Direct0.75%
Ardent Credit Union0.75%
Connexus Credit Union0.71%
Bethpage Federal Credit Union0.70%
Marcus By Goldman Sachs0.70%
Ashland Credit Union0.70%
TIAA Bank0.65%
Synchrony Bank0.65%
Discover0.65%
Teachers Federal Credit Union0.50%
First Tech Credit Union0.45%
Popular Direct0.35%

Best 3-Year CD Rates

Moving further out along the CD curve, Edward Jones (1.25%), Quontic Bank (1.10%), and Ashland Credit Union (1.05%) have the highest 3-year APYs in the marketplace. But as mentioned, some of the options below are not available in all regions. However, we will cover all of the details in our reviews.

Institution:3-Year CD APY:
Edward Jones1.25%
Quontic Bank1.10%
Ashland Credit Union1.05%
Pentagon Federal Credit Union1.00%
Credit Human1.00%
First National Bank of America1.00%
Comenity Direct1.00%
Ardent Credit Union1.00%
Popular Direct0.95%
Live Oak Bank0.90%
Connexus Credit Union0.81%
Keesler Federal Credit Union0.80%
TIAA Bank0.80%
Marcus By Goldman Sachs0.75%
Synchrony Bank0.75%
Discover0.75%
Bethpage Federal Credit Union0.70%
First Tech Credit Union0.65%
Teachers Federal Credit Union0.60%

Best 4-Year CD Rates

Finally, Edward Jones (1.45%), Ardent Credit Union (1.25%), and Ashland Credit Union (1.20%) have the highest 4-year APYs in the marketplace. However, with their 5-year APYs 0.20% to 0.30% higher than their 4-year APYs, it’s probably wise to opt for a 5-year CD if your investment time horizon stretches this far.

Institution:4-Year CD APY:
Edward Jones1.45%
Ardent Credit Union1.25%
Ashland Credit Union1.20%
First National Bank of America1.10%
Keesler Federal Credit Union1.10%
Teachers Federal Credit Union1.10%
Connexus Credit Union1.06%
Comenity Direct1.05%
Credit Human1.00%
Pentagon Federal Credit Union0.95%
Live Oak Bank0.90%
TIAA Bank0.90%
Marcus By Goldman Sachs0.80%
Discover0.80%
Bethpage Federal Credit Union0.80%
Synchrony Bank0.75%
Popular Direct0.60%

Edward Jones

5-Year CD APY:1.75%
Min. Deposit:$100
Monthly Service Fee:$0
FDIC/NCUA Insured:Yes
Learn More

Edward Jones has CDs with terms that range from three months to 10 years and listed APYs that range from 0.15% to 1.75%. Moreover, there are no monthly account fees, and your deposits are FDIC-insured up to $250,000 per person, per account. However, Edward Jones’ disclosures state that certain APYs and maturities “may not be available in all states.” Thus, while the firm doesn’t specifically list any exempt states, certain areas may have restrictions.

In addition, purchasing a CD must be done through an Edward Jones financial advisor. As a result, while some firms allow you to buy online, the option isn’t available at Edward Jones. However, the firm has nearly 19,000 financial advisors across the United States, and its search directory is easy to navigate. Moreover, with more than 15,000 branches in North America, you shouldn’t have any trouble reaching a representative.

However, please note that Edward Jones’ CDs are subject to interest rate risk. For example, if the Fed raises interest rates, the value of your CD will decline. However, this is only a concern if you withdraw your funds before maturity. Conversely, you can’t lose any principal or interest if you hold the CD until the term is up. In addition, Edward Jones may restrict early withdrawals for certain CDs. And when early withdrawals are permitted, you will likely incur a fee to end the agreement early.

Pros:

  • For maturities of three years to five years, Edward Jones has the highest APYs in the marketplace.

Cons:

  • Some of Edward Jones’ CDs may not be available in all states.

Who is the account best suited for?

  • If you want to earn the highest APY, a long-term Edward Jones CD may be right for you.
  • An Edward Jones advisor can help you manage your money more efficiently.

The impact of COVID-19:

With stock markets hitting all-time highs during the pandemic, Edward Jones’ financial advisory service should have prospered. For example, financial advisors charge commissions or earn fees on a percentage of clients’ assets. As a result, Edward Jones’ team should have benefited from record stock market inflows.

Ardent Credit Union

5-Year CD APY:1.50%
Min. Deposit:$100
Monthly Service Fee:$0
FDIC/NCUA Insured:Yes
Learn More

Ardent Credit Union has CDs with terms ranging from three months to five years and APYs ranging from 0.25% to 1.50%. Moreover, there are no monthly account fees, and your deposits are NCUA-insured up to $250,000 per person, per account. However, please consider that the offer is only available to residents of Pennsylvania. For context, Ardent Credit Union has branches in the Philadelphia area and has more than 85,000 fee-free ATMs in the region.

Moreover, the firm’s disclosures state that early withdrawal penalties can have a substantial impact on your return. For example, if you withdraw a portion of your funds before maturity, you forfeit the interest received up until that date, or 180 days’ worth of interest on the withdrawn amount, whichever is less. Moreover, Ardent Credit Union may require you to provide, in writing, 60 days’ notice of your intention to withdraw the funds. As a result, it’s prudent to choose your maturity wisely to avoid the potential headache.

Also, please note that you have to become a member of Ardent Credit Union to purchase any of its products. For example, you must be a community member in the Philadelphia, Bucks, Chester, Delaware, or Montgomery counties to be eligible. You can also be a relative of a member or a qualified business owner.

Pros:

  • Ardent Credit Union’s 5-year CD has one of the highest APYs in the marketplace.

Cons:

  • The offer is only available in Pennsylvania.

Who is the account best suited for?

  • If you live in Pennsylvania and want to purchase a long-term CD, Ardent Credit Union is a solid choice.

The impact of COVID-19:

Ardent Credit Union has less exposure to capital market activity as a regional institution. As a result, the firm likely focused on providing support and forbearance options during the pandemic.

Ashland Credit Union

5-Year CD APY:1.40%
Min. Deposit:$500
Monthly Service Fee:$0
FDIC/NCUA Insured:Yes
Learn More

At Ashland Credit Union, you can invest in CDs with terms that range from six months to five years, with APYs that range from 0.35% to 1.40%. Moreover, there are no monthly account fees, and your deposits are NCUA-insured up to $250,000 per person, per account. However, unlike the options above, you need at least $500 to invest. Also, Ashland Credit Union has branches in three states — Kentucky, Minnesota, and Ohio. And you have to live, work, worship, or attend school in one of these areas to be eligible for membership. As a result, the offer isn’t available nationwide.

However, if you meet the eligibility requirements, you can increase your APY. For example, $35,000 or more investments qualify for jumbo dividend rates. And here, APYs range from 0.45% (three months) to 1.50% (five years). As a result, if you have a large amount to invest, there is a 0.10% increase in APYs across all maturities. Again though, Ashland Credit Union charges a penalty fee if you withdraw your funds before the CD matures. As a result, please consider your time horizon before taking the plunge.

Pros:

  • Ashland Credit Union’s 5-year CD has the third-highest APY on our list.

Cons:

  • The offer is only available in three states.

Who is the account best suited for?

  • If you live in Kentucky, Minnesota, or Ohio, Ashland Credit Union’s 5-year CD offers plenty of value.

The impact of COVID-19:

With its business focused on deposit accounts and loans, the pandemic may have been immaterial to Ashland Credit Union. However, given the material increase in the money supply, the firm should have increased its asset base.

Credit Human

5-Year CD APY:1.40%
Min. Deposit:$500
Monthly Service Fee:$0
FDIC/NCUA Insured:Yes
Learn More

At Credit Human, you can choose from CDs with terms ranging from six months to 10 years and APYs ranging from 0.50% to 1.40%. Moreover, there are no monthly account fees, and your deposits are NCUA-insured up to $250,000 per person, per account. Also, at 0.50%, Credit Human has the second-highest 6-month APY on our list. As a result, investing your money in a Share Certificate is a wise short-term decision until you figure out your long-term goals.

However, please note that Credit Human’s services are only available in Texas. As a result, you need to be active in local communities to qualify for membership. For context, roughly 33% of Credit Human’s members reside outside Texas. However, they’re housed under brands like CU Factory Built Lending, Mountainside Financial, and Credit Acquisition Resources Systems (or CARS). As a result, the CDs above are best for individuals in The Lone Star State.

Moreover, with a relatively low minimum deposit requirement of $500, you don’t need a large sum to purchase a CD. However, like the other options on our list, Credit Human imposes penalties if you withdraw your funds before maturity, and these charges can be “substantial” for tax-deferred alternatives. As a result, please consider the pros and cons before investing.

Pros:

  • Credit Human’s 6-month CD has the second-highest APY in the marketplace.

Cons:

  • The offer is only available in Texas.

Who is the account best suited for?

  • If you live in Texas and have short-term savings to invest, Credit Human checks off all the boxes.

The impact of COVID-19:

With its business structured around deposits and loans, Credit Human is less active in the capital markets. However, the firm helped ease Americans’ burden during the pandemic by offering loan extensions and processing deferment requests.

Keesler Federal Credit Union