CD rates right now depend on which bank you check and what length of CD you choose
There is no single "current CD rate" — every bank sets its own rates, and those rates shift based on what the Federal Reserve does with interest rates. A CD at one bank might pay 4.50% while another pays 5.25% for the same term. The only way to know what you can actually get is to look at the banks and credit unions where you have accounts or where you want to open one.
Rates also change based on how long you lock your money away. A 3-month CD typically pays less than a 12-month CD at the same bank, which pays less than a 5-year CD. Longer terms usually mean higher rates because the bank gets to hold your money for longer.
The Federal Reserve's decisions about its benchmark interest rate — announced roughly every six weeks — push all CD rates up or down over time. When the Fed raises rates, banks raise CD rates within days or weeks. When the Fed cuts rates, CD rates fall. This is why a rate you see today might be different in a month.
Key Takeaways
- CD rates vary by bank, by term length, and by account size, so comparing rates across at least three banks takes 15 minutes and can save you hundreds of dollars.
- Longer CDs (12 months, 5 years) almost always pay more than short ones (3 months, 6 months) at the same bank.
- Federal Reserve rate decisions move all CD rates in the same direction within weeks, so timing matters if you are watching rates change.
- Banks post their current CD rates on their websites, and rate-comparison sites let you see multiple banks side by side without visiting each one.
How to find the rates banks are offering right now
The fastest way is to visit the websites of banks where you already have accounts — they show current CD rates on their savings or products page, usually without requiring you to log in. If you use Chase, Bank of America, Wells Fargo, or a smaller regional bank, go to their homepage and look for "CDs" or "Certificates of Deposit" in the savings section.
If you want to compare rates across multiple banks at once, use a rate-comparison site like Bankrate, DepositAccounts, or NerdWallet. These sites pull rates from dozens of banks and let you filter by term length and minimum deposit. The rates shown are usually updated daily, though some banks update theirs less frequently. The comparison sites do not sell the CDs themselves — they just show you what each bank is offering so you can decide where to open one.
Credit unions often have competitive CD rates too. If you belong to a credit union, check their website or call their member services line. If you do not belong to one but want to, you can search for credit unions in your area using the CO-OP network locator or by searching "credit unions near me."
Why rates are different at different banks
Banks compete for deposits, so they adjust their CD rates to attract customers. A bank that needs deposits badly might offer 5.10% on a 12-month CD while a bank with plenty of deposits offers 4.75% for the same term. Online banks — which have lower overhead costs than brick-and-mortar banks — often offer higher rates than traditional banks because they pass some of those savings to customers.
Banks also set different rates based on how much money you deposit. Some banks offer a higher rate if you deposit $25,000 or more. Others have the same rate regardless of deposit size. A few banks offer tiered rates, where a larger deposit earns a slightly higher percentage. Always check whether the rate you see applies to the amount you plan to deposit.
What happens to CD rates when the Federal Reserve makes changes
The Federal Reserve does not set CD rates directly. Instead, it sets the federal funds rate — the interest rate banks charge each other for overnight loans. When the Fed raises this rate, banks raise the rates they offer on savings accounts and CDs within days or weeks. When the Fed cuts the rate, CD rates fall.
The Fed announces its decisions roughly every six weeks after a two-day meeting. You can watch for these announcements on the Federal Reserve's website, and you will see news coverage immediately after each decision. If the Fed signals that rates are likely to stay high or go higher, CD rates tend to stay competitive. If the Fed signals rate cuts are coming, some people lock in current rates before they drop.
How to compare CD rates across different term lengths
When you are looking at rates, write down or screenshot the rates for at least three different term lengths at each bank you are considering. A typical comparison might look like this: Bank A offers 4.50% for 6 months, 4.85% for 12 months, and 5.10% for 5 years. Bank B offers 4.40% for 6 months, 4.95% for 12 months, and 5.05% for 5 years.
In this example, Bank B pays more on the 12-month CD, but Bank A pays more on the 5-year CD. Which one is better depends on how long you can lock your money away. If you need access to the money in two years, the 12-month rate matters more. If you are saving for retirement and will not touch the money for five years, the 5-year rate is what you should focus on.
Do not assume the highest rate is always the best choice. A bank offering 5.50% on a 12-month CD might require a $25,000 minimum deposit, while another bank offers 5.35% with a $1,000 minimum. If you only have $5,000, the second bank is the only option, even though the rate is lower.
When rates change and how often to check
Banks can change their CD rates at any time, and they often do so within a few days of a Federal Reserve announcement. If the Fed raises rates on a Wednesday, you might see new CD rates posted by Friday. If you are in the middle of deciding where to open a CD, check rates again the day before you plan to deposit money — a rate that was best yesterday might not be best today.
If you are not in a hurry, you can check rates once a week for a month to see whether they are trending up or down. If the Fed has just announced a rate cut and you expect rates to fall further, waiting a week or two might make sense. If the Fed has just raised rates and you think they might cut soon, locking in a current rate now protects you from lower rates later.
Where to look for the most current information
The Federal Reserve publishes its rate decisions and economic projections on its website, federalreserve.gov. Major financial news outlets like Reuters, Bloomberg, and CNBC cover Fed announcements and explain what they mean for savings rates. Your own bank's website will show its current CD rates, and you can call their customer service line if the website does not show the rate for the term you want.
Rate-comparison sites update their data daily, but the update time varies — some refresh in the morning, others in the afternoon. If you are comparing rates on a Friday afternoon and see a rate that looks unusually high, check back Monday morning to confirm it is still available, because banks sometimes post rates that expire over the weekend.
Frequently Asked Questions
Do CD rates change every day?
Banks can change their rates any day, but most do not change them daily. Most banks update rates once or twice a week, often after a Federal Reserve announcement or when they want to adjust how much they are attracting in deposits. Rate-comparison sites update their data daily, so you might see a rate change there before the bank's own website shows it.
Is there a best time to open a CD based on current rates?
If the Federal Reserve has just raised rates and you expect them to stay high, opening a CD soon locks in that higher rate. If the Fed has just cut rates and you expect more cuts, waiting a few weeks might get you a better rate. But if you need the money to be working for you now, the best time is usually today, because trying to time the market often backfires.
Why do online banks show higher CD rates than my local bank?
Online banks have lower costs because they do not maintain physical branches, so they can offer higher rates and still make a profit. Your local bank has to pay for buildings, staff, and equipment, which means it needs to offer lower rates to stay competitive. Both are safe as long as the bank is FDIC-insured, which protects your deposit up to $250,000.
Can I lock in a rate before I have the money to deposit?
No. You have to deposit the money first, then the rate applies. Some banks let you open a CD online and fund it within a few days, but the rate you see is the rate that applies on the day you actually deposit the funds, not the day you open the account.
What if I find a better rate after I open a CD?
You can open a new CD at a different bank with the better rate, but you cannot move money out of your current CD early without paying an early withdrawal penalty. The penalty is usually a few months of interest. If the new rate is significantly higher, the penalty might be worth paying, but calculate it first.