Banking Certificates of Deposit

Lock Down a 5% APY (or More) With These 15 High-Yield CDs

Interest rates are up, which means now is the perfect time to explore these 15 high-yield CD options.

african american couple holding hands in office
Updated Aug. 29, 2024
Fact checked

We receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

Certificates of deposit (CDs) are a useful way to earn interest on a lump sum of cash and boost your bank account. As long as you don’t withdraw the money from the CD before a set amount of time, you’ll earn a predetermined amount of interest on your cash (more than you would with a traditional savings account).

To make the most of today’s higher APYs while ensuring you can still maintain cash flow, you might consider CD laddering. Using this financial strategy, you’ll invest money in a variety of CDs that mature at staggered times. That way, you’ll generate interest on savings without tying up all your money indefinitely.

Whether you’re on the lookout for your first CD or you’re hoping to take advantage of today’s excellent interest rates through CD laddering, keep reading. We cover 15 of the best high-yield CDs for you to consider.

Note that all of the APYs listed in this article came directly from each bank’s website and are accurate as of May 23, 2023. All of the CDs give you a chance to lock in a rate around 5%.

Featured CD account to consider

Blue Federal 15 Month CD Benefits

  • 4.70% APY on a 15-month CD1
  • $1 minimum deposit
  • NCUA insured
  • SOC 2 certified organization

CIBC Bank USA 12-month CD: 5.27% APY

gstockstudio/Adobe senior female sitting in office explaining plans to female colleague on laptop

CIBC USA is the U.S.-based subsidiary of the Canadian Imperial Bank of Commerce. Its CDs all have a $1,000 minimum deposit, and certain CDs have different interest rates depending on the amount of money you invest.

Fortunately, the 12-month CDs have the highest APY (5.27%) that applies equally to accounts with more and less than $25,000. The same is true of CIBC USA’s 9-month CD, which has a 5.11% APY. However, the 18-month CDs offer 5.02% APY for accounts with at least $25,000 or 4.97% APY for accounts with less than $25,000.

Want to learn how to build wealth like the 1%? Sign up for Worthy to get ideas and advice delivered to your inbox.

Limelight Bank 12-month CD: 5.25% APY

GustavsMD/Adobe male finance advisor explaining investment policies to senior couple at office

Limelight’s CDs require a $1,000 minimum deposit. It has just four CD term options (6 months, 12 months, 18 months, and 36 months), which are far fewer options offered by most other banks and fintech services on our list.

First Internet Bank 12-month CD: 5.22% APY

kitipol/Adobe stack of pennies on table showing concept of investment

First Internet Bank’s CD terms start at 3 months and range up to 60 months. Currently, all of its CDs — except for the 3-month CD, which earns up to 3.04% APY — have an APY of 4.49% or higher.

The bank’s 12-month CD has the best APY at 5.22%. A minimum opening deposit of $1,000 is required. Note that, unlike most banks on our list, First Internet Bank doesn’t send out annual or monthly statements for its CDs. The burden is on you to check in on your CD and its interest earnings.

Bread Financial 1-year CD: 4.40% APY

Alex/Adobe man skimming through cash notes in hand with laptop in background

Bread Financial is a fintech company that offers 1-, 2-and 3-year CDs. The company’s 1-year CD comes with a 4.40% APY.2 

While the account has no monthly maintenance fee, a minimum deposit of $1,500 is required.

Alliant Credit Union: Up to 5.15% APY

Studio Romantic/Adobe businesswoman sitting in office explaining graphs to male colleague on monitor

Alliant’s 18-month certificates can have an APY of up to 5.15%. Its 12-month certificates are nearly as good at 5.00% (or 5.05% if you’re able to deposit $75,000 or more). If you want a shorter-term investment, a 6-month CD from Alliant can earn 4.75% APY.

Quontic Bank 12-month CD: 4.50% APY

Pixel-Shot/Adobe female accountant using calculator to calculate expenses with laptop and papers on table

Quontic Bank has two short-term CDs: A 6-month CD with a 5.05% APY and a 12-month CD with a 4.50% APY. 

Its longer-term CDs include 24-, 36-, and 60-month CDs with APYs ranging from 4.30% to 4.50%.

BMO Alto Online 12-month CD: 5.10% APY

J Bettencourt/peopleimages.com/Adobe asian man talking to female colleague at workplace with colleagues walking around

BMO offers six different CD terms that range from 6 to 60 months, but its best APY comes with its 12-month CD. BMO doesn’t have a minimum opening deposit amount or required minimum balance.

Marcus by Goldman Sachs 10-month CD: 5.05% APY

kerkezz/Adobe male manager shaking hands with female client in suit after making deal

With this special promotional CD from Marcus by Goldman Sachs, you can earn up to 5.05% APY (for CDs opened before September 15, 2023). 

In order to earn the high APY, you have to make a minimum deposit of $500 and cannot make any withdrawals on the principal amount during the CD’s term.

Vio Bank 6-month CD: 5.05% APY

Prostock-studio/Adobe happy senior couple sitting on couch at home reviewing insurance documents in hand with laptop on table

Vio Bank’s CD terms start at 6 months and range up to 120 months (10 years, the longest term length on our list). The 6-month CD has the best available APY at 5.05%. 

The bank’s minimum opening deposit requirement is just $500, half the minimum of most other CD options listed here.

Bethpage Federal Credit Union 12-month CD: 5.00% APY

Reese/peopleimages.com/Adobe multi ethnic female colleagues sitting in office reviewing documents

Bethpage Federal Credit Union is based in New York but is open to anyone in the country, no matter where they live. 

Its lowest listed rate is 2.25% APY (for a 3-month CD term) while its highest listed rate is up to 5.00% APY (for a 12-month CD term). Bethpage’s minimum deposit is just $50.

Ally Bank 18-month CD: 5.00% APY

fizkes/Adobe male finance advisor sitting in office consulting young couple

Ally Bank’s CD terms range from 3 months to 5 years with interest rates starting at 2.50%. As of May 23, 2023, the 18-month CD has the highest APY at 4.80%. 

Ally doesn’t charge a monthly maintenance fee, has no minimum deposit requirement, and currently offers a 0.05% reward for customers who choose to renew an Ally CD.

Synchrony Bank 6-month CD: Up to 5.00% APY

Kirsten Davis/peopleimages.com/Adobe senior couple sitting at home using smartphone and laptop to plan retirement

Synchrony Bank’s CDs range from 6 to 24 months. Rates for Synchrony’s 6-month CD can be as high as 5.00%, and the bank doesn’t have a required minimum deposit. 

The online bank’s 24-month Bump-Up CD currently has a lower APY of 3.70%, but users can request an interest-rate increase once during the CD’s term if the bank’s CD APY increases.

Barclays Online Bank 6-month CD: 4.50% APY

Liubomir/Adobe happy young businessman sitting at table reviewing papers while using laptop on table

Barclays has six CD term length options, starting at 6 months and ending at 60 months. Its best APY is 4.50% for its 6-month certificate of deposit. 

The bank doesn’t have a minimum balance or opening deposit requirement, though you must fund the CD account within 14 days of opening it. 

However, as long as you have enough money to generate $0.01 in interest, you can continue to maintain the account.

Discover® Bank 12-month CD: 5.25% APY

baranq/Adobe woman sitting on couch at home writing on papers to file tax

Most big banks have CDs with very poor terms, but thanks to its 12-month CDs with up to 5.25% APY, Discover Bank is the main exception. 

Northern Bank Direct 17-month CD: 3.75% APY

New Africa/Adobe couple standing in bank depositing money

Northern Bank Direct is an online-only bank affiliated with Massachusetts-based Northern Bank. It offers 11 different CD terms, starting at 6 months and maxing out at 60 months. 

Its 17-month CD has the best APY at 3.75%. The minimum opening balance for Northern Bank Direct’s CDs is $500.

Bottom line

Drazen/Adobe happy african american couple getting consultation from male finance advisor at office

CDs are one crucial aspect of your broader investment strategy that can give you fairly consistent access to liquid capital while growing your money faster than keeping the cash in most savings accounts. 

Whether you’re planning for retirement or simply hoping to save some cash for a major expense while earning the maximum amount of interest, one of the CDs on this list could help you meet your savings goals this year and build wealth for your future.

4.5
info

Western Alliance Bank High-Yield Savings Premier Benefits

  • Earn 4.46% APY3from a top-rated U.S. bank with $70B+ in assets4
  • Enjoy 24/7 online access to your account and funds
  • Interest is compounded daily and posted to your account monthly
  • No fees,5$500 minimum deposit, $0.01 minimum balance to earn APY
  • Enhanced security and FDIC insured
Click here to open a Western Alliance Bank High-Yield Savings Premier Account