Lauren Smith, WalletHub Staff Writer
@laurenellesmith
No, you cannot get 6% on a CD right now. In the past, people living in specific areas of the country or working for certain employers could get CD rates as high as 6% or 7% through credit unions or local banks, but the best APYs widely available now range from 5.0% to 5.5%.
High-Yield CDs Available Now
| Bank or Credit Union | APY | Min Deposit | Term |
| 5.38% | $10,000 | 1 year | |
| 5.36% | $1,000 | 1 year | |
| 5.36% | $5,000 | 1 year | |
| 5.35% | $1,000 | 1 year | |
| 5.35% | $25,000 | 1 year | |
| 5.30% | $500 | 6-11 months | |
| 5.25% | $1,000 | 9 months |
Even though a 6% CD rate isn’t available currently, that doesn’t mean it won’t be in the future. Certificate of deposit rates vary over time, as you can see from the annual averages below. Shifts in the rate environment occur for several reasons, including economic expansion and contraction, inflation, and changes to the monetary policy set by central banks.
Average CD Rates by Year
| Year | 12-Month CD Rate |
| 2022 | 0.42% |
| 2021 | 0.14% |
| 2020 | 0.28% |
| 2019 | 0.58% |
| 2018 | 0.40% |
| 2017 | 0.25% |
| 2016 | 0.21% |
| 2015 | 0.20% |
| 2014 | 0.19% |
| 2013 | 0.20% |
Source: FDIC
You can compare the best CD rates here at WalletHub.
People also ask
What is the best CD rate for $100,000?
The best CD rate for a $100,000 deposit is a jumbo CD. Currently, the highest jumbo CD rate is My eBanc CD with an APY of 3.75% on a 6-Month term. However, with terms ranging from 3 months to 5 years there are more options to consider:
Best Jumbo CDs Available
| Term | Account | APY |
|---|---|---|
| 3-Month | Farmers National Bank CD | 3.75% |
| 9-Month | Farmers National Bank CD | 3.75% |
Where can I get the best CD rates?
Today, rates in most investments are at historic lows. Most short term CD rates (less than 24 months) are in the range of 1.00% APY or less. By extending the CD term to 5 years or more, you can find options in the 2.00% APY range. But, do you want to tie up your money for that long? There are other options such as money market accounts and rewards checking accounts that offer similar or...
read full answer by Northpointe Bank, BankWhere can I get 5 percent interest on my money?
Several banks and credit unions offer Certificates of Deposit (CDs) with APYs of 5% or even higher. Currently, the Merchants Bank of Indiana CD has an APY of 4.08% on its 1, 2, and 3-year CDs. Here are other options to consider:
- 3-Month: Shoreham Bank CD has 3.90% APY. Minimum opening deposit of $1,000.
- 6-Month: Mountain View Bank of Commerce CD has 1.40% APY. Minimum opening deposit of $1,000.
- 1-Year: Texas Capital Bank CD offer a 3.90% APY. Minimum opening deposit of $1,000.
- 3-Year...
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