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Advertiser Disclosure Some institutions listed may have a business relationship with MonitorBankRates. Our proprietary systems independently track and verify all rates. Advertiser relationships do not influence our Safety Ratings, Star Ratings, or the rates shown.
Written by
Brian McKay Brian McKay
Brian McKay

Brian McKay

Founder & Data Architect
Expertise
  • Automated Online Rate Data Aggregation
  • Location-Based Rate Tables
  • Bank & Credit Union Health Safety Ratings
  • Bank & Credit Union Star Ratings
  • Finance Calculators
Brian is the Founder of MonitorBankRates.com. For over 18 years, he has utilized his background in enterprise infrastructure to engineer proprietary systems that track rates from over 8,000 financial institutions.
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| iEditorial Disclosure
Editorial Disclosure The rates and data displayed are actual, verified figures sourced directly from financial institutions. Our editorial content is independent of any advertiser relationships.
| ✓Fact Checked | Published: September 24, 2014 | Updated: April 2, 2024

Higher Average CD Rates this Week as Banks Increase Rates

For the first time in a long time, average short term and long term certificate of deposit rates are higher. Average rates are moving higher because banks and credit unions are finally increasing their rates. While the average increase was small this week, either 1 or 2 basis points, CD rates will continue to move higher in the coming months and years.

Average 1 year CD rates are now at 0.97%, up 2 basis points this week. Average 2 year CD rates are now at 1.17%, also up 2 basis points this week. 5 year CD rates are currently averaging 1.76%, up from 1.75% last week. This past week we have seen new highs for 1 year, 2 year, 3 year and 5 year CD rates. This is good news for investors and retirees who rely on interest income from certificates of deposit.

Listed below are the highest CD rates for both short term and long term certificates of deposit:

Best Rates Available

  • 3 Month Rate 0.40% APY
  • 6 Month Rate 0.87% APY
  • 1 Year Rate 1.12% APY ( New Top CD Rate)
  • 2 Year Rate 1.50% APY ( New Top CD Rate)
  • 3 Year Rate 1.51% APY ( New Top CD Rate)
  • 4 Year Rate 2.00% APY
  • 5 Year Rate 2.52% APY ( New Top CD Rate)

Check on current CD rates by searching our rate tables here: Best CD Rates