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FAQs
You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.
What are Bank of America's current CD rates? ›
Bank of America Featured CD Rates
| Bank of America Featured CD | APY* | $1,000 Deposit Value at Close of CD |
|---|
| 7 months | 4.80% | $1,028.34 |
| 10 months | 4.70% | $1,039.86 |
| 13 months | 4.00% | $1,044.21 |
| 25 months | 3.20% | $1,067.73 |
1 more rowCertificates of deposit with at least 5% interest
| Institution | Most Competitive CD Term | Highest CD APY Available |
|---|
| Bask Bank | 6 months* | 5.00% |
| Bank5 Connect | 6 months | 5.05% |
| Newtek Bank | 6 months* | 5.05% |
| Popular Direct | 3 months | 5.05% |
10 more rows3 days ago
Today's best CD rates
| Term | Highest APY | Bank |
|---|
| 6 months | 5.25% | CommunityWide Federal Credit Union |
| 1 year | 5.00% | America First Credit Union; CommunityWide Federal Credit Union; Limelight Bank |
| 3 years | 4.30% | CommunityWide Federal Credit Union |
| 5 years | 4.19% | First Internet Bank of Indiana |
1 day ago
You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.
Can you get 7% on a CD? ›
While there aren't any financial institutions paying 7% on a CD right now, there are other banks and credit unions that pay high CD rates. Compare today's top CD and savings rates.
Which Bank is giving 7% interest in savings accounts? ›
Why Trust Us? As of September 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking account: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Are CD rates going to go higher? ›
Currently, national average rates for a 1-year CD sit at 1.85% APY, up from 0.15% APY in April 2022. But with no change to rates since December 2023, it doesn't appear rates will continue to go up, at least significantly.
What has been the highest CD rate in history? ›
CD rates reached a historical high of 18.65% in December 1980. As inflation continued and unemployment rose, the country faced a major recession from July 1981 to November 1982.
Who pays the highest 3 month CD rate? ›
Best 3-Month CD Rates
- Merrick Bank – 5.04% APY.
- Financial Resources Federal Credit Union – 5.01% APY.
- American Bank – 5.00% APY.
- Digital Federal Credit Union – 5.00% APY.
- Princeton Federal Credit Union – 4.87% APY.
- Great River Federal Credit Union – 4.80% APY.
- Beal Bank – 4.75% APY.
- Nuvision Federal Credit Union – 4.75% APY.
Earnings on a $10,000 CD Over Different Terms
| Term Length | Average APY | Interest earned on $10,000 at maturity |
|---|
| 6 months | 2.54% | $127.67 |
| 1 year | 2.58% | $261.07 |
| 18 months | 2.18% | $332.10 |
| 2 years | 2.09% | $426.48 |
3 more rowsSep 3, 2024
How much interest would you make on a $5,000 CD? We estimate that a $5,000 CD deposit can make roughly $25 to $275 in interest after one year. In comparison, a $10,000 CD deposit makes around $50 to $550 in interest after a year, depending on the bank.
Can I put 100k in a CD? ›
Credit unions may offer favorable rates as well. If you're investing $100,000 or more in a CD, look into jumbo CDs, which may pay higher rates than standard CDs.
What is Bank of America's interest rate right now? ›
Bank of America has an annual percentage yield (APY) ranging from 0.01% to 0.04%, depending on your balance. To open a Bank of America Advantage Savings account, you'll need a minimum deposit of $100.
Why should you put $15000 into a 1 year CD now? ›
In summary, a certificate of deposit gives you steady and safe returns. Investing $15,000 in a CD could lead to substantial gains, regardless of the CD's length. However, make sure you won't need that money while the CD is active because withdrawing early usually incurs hefty penalties.
What are current US Bank CD rates? ›
U.S. Bank Standard CD Rates
| U.S. Bank CD Term | APY* | Minimum Deposit |
|---|
| 1 year | 0.05% | $500 |
| 18 months | 0.05% | $500 |
| 2 years | 0.05% | $500 |
| 3 years | 0.10% | $500 |
7 more rows