Best CD Rates of May 2024 (Up to 5.15%)

Barclays offers competitive rates on most common CD terms with no minimum balance requirements. There are no monthly fees, so you likely won't lose money unless you try to withdraw your funds early. The only common CD term missing is a six-month CD -- in fact, there's no CD term less than one year, but those interested in building longer-term CD ladders will find plenty to like here.

Discover has a higher minimum balance requirement than some of its competitors, but its rates are competitive and you don't have to worry about getting hit with any fees unless you withdraw funds via wire transfer or choose to withdraw from your CD before it reaches its maturity date. It also offers some unique term lengths, including CDs as short as three months and as long as 10 years.

Western Alliance offers some of the highest APYs we've seen across short-term CDs, low $1 minimums, and relatively low withdrawal penalties without any additional fees. But you will need to look elsewhere for terms longer than one year.

Quontic Bank offers CDs with terms ranging from six months to five years. It offers most of the terms one would expect, though it is missing a four-year CD, so it may not be ideal for those hoping to build a CD ladder. Its rates are competitive, especially on its longer term CDs, and its minimum deposit is more affordable than what you see with some other top banks.

LendingClub CDs don't skimp on interest, offering competitive APYs for all six of their CD terms, from six months to five years. They're also FDIC insured. One downside is that you'll need to commit at least $2,500 to open an account.

Backed by Capital One's well-known brand, the Capital One 360 CDs offer competitive rates across many common terms, though they're stronger in durations of a year or longer. There's no minimum deposit, so savers can benefit even if they don't have a large sum to deposit. Check Capital One's web site for the most up-to-date rates.

Perhaps one of the lesser-known names on the list, Synchrony is a full-line bank with a 90-year history. Synchrony's CDs are notable for competitive rates at most term lengths, plus low or no minimum deposits.

Savers have the potential to create effective CD ladders through Marcus, as it provides competitive rates through the most common CD terms. The minimum deposit is $500 and withdrawal penalties are moderate compared with competitive banks.

Comenity Direct CDs (the bank behind Bread Savings) are available in many of the most popular terms, making it a flexible high-yield CD to consider for differing needs. There's also no monthly maintenance fee. But its $1,500 minimum deposit is a little steeper than what some of its competitors charge.

Ally High Yield CDs are notable for saver-friendly features like no minimum deposits and lower-than-average withdrawal penalties (though you're still better off holding through your CD term!). The rates are generally not at the very top of the market, but they tend to not be far off.