From MarketWatch Picks: The top 10 rates for CDs today are in excess of 5.5% APY. Here’s what you need to know.
In times of economic instability, certificates of deposit — better known as CDs — have been one age-old way to stay protected from fluctuating interest rates. Although the average annual percentage yield, or APY, these days is just 1.63% for 12-month notes, some banks and credit unions are touting rates as high as about 5.5% APY. See some of the best CD rates you can get now here.
Just like with interest rates for mortgages or savings accounts, CDs are closely tied to the fed funds rate. As the Fed has aimed at lowering consumer prices by raising the fed funds rate — now at 5%-5.25% — the cost to borrow from banks and credit unions has increased as a result.
Early withdrawal penalties can charge up to 180 days of interest or more for removing your funds prior to the maturity date. That number can be higher or lower, usually depending on the length of the CD’s term. 10 CDs with the highest APY of June 2023 The following banks and credit unions offer CDs with rates well above 5% APY, all of which are insured by either the FDIC or NCUA. Just be sure to read the fine print.
Finworth: 5.52% for 14-month CD The rules here are pretty simple: deposit at least $50,000 into a 14-month CD and keep it invested through the entire term. Finworth also allows account holders to open multiple CDs, however there is an account limit of $240,000. There are also early withdrawal penalties so be sure to read all of the fine print before opening this account.
Mountain America Credit Union: 5.50% APY for 6-month CD Bring as little as $500 and you can qualify for this high 5.50% APY CD at Mountain America Credit Union. There are of course fees for early withdrawals and rates are subject to change, so a close look at the fine print here is important. Read here for details on how to become a member and qualify for this offer.
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