Best CD Rates of July 2023 (Up to 7.19% APY)

 

The best CD rate is 7.19% APY on a 7-month share certificate from Alpena Alcona Area Credit Union.

To open a CD at Alpena Alcona Area Credit Union, you must meet one of the following requirements for membership: 1) live, work, own property, go to school, or worship in any county in Michigan; 2) work at the credit union or 3) have an immediate family member who is an existing member. The CD also has a maximum opening deposit of $7,000. If you aren't eligible to join this credit union or want to explore additional accounts, you can also find high CD rates at other institutions.

Get Exclusive Savings with Raisin: Open a no-fee Raisin account in minutes and spread your savings across an exclusive network of over 30 FDIC-insured banks and NCUA-insured credit unions. Earn top savings rates and manage it all with a single secure login. Today's top CD rate is 5.50%. Start saving today»

We check rates daily to find the best rates for a variety of CD terms. If you want a no-penalty CD, a unique term length, or if you don't have much money to deposit, we've also included picks for these circumstances, too.

CDs aren't as accessible as other types of savings accounts, so bear in mind how long you can keep money in the account without potentially facing early withdrawal penalties. Also, make sure you know what steps you need to take once your CD term ends.

The Best CD Rates

Market Leader

• Alpena Alcona Area Credit Union (7-month term) paying 7.19% APY

Top CD Rates by Term

• 3 Month: 5.23% APY. Start saving with Oklahoma State Bank (powered by Raisin).
• 6 Month: 5.35% APY. Start saving with Popular Direct.
• 9 Month: 5.75% APY. Start savings with Andrews Federal Credit Union.
• 1 Year: 5.50% APY. Start saving with Santander Bank.
• 18 Month: 5.70% APY. Start savings with USAlliance Financial.
• 2 Year: 5.00% APY. Start saving with Bread Savings.
• 3 Year: 4.85% (on balances $1,000 - $99,999) or 4.95% (on balances of $100,000 or more) APY. Start saving with Quorum Federal Credit Union.
• 4 Year:  4.65% APY. Start saving with First National Bank of America.
• 5 Year: 4.65% APY. Start saving with First National Bank of America.
• No Penalty: 5.25% APY. Start savings with Blue Federal Credit Union (powered by Raisin).

Our top picks for CDs are protected by FDIC or NCUA insurance. Although First Republic Bank was recently shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.