5 Great CDs to Check Out in May

Certificates of deposit (CDs) have been all the rage among savers and investors in 2024. That's because the best CD rates have reached levels unseen in over two decades. Depending on the term, you might snag a CD rate above 5.00%, even while some judicious savers managed to catch rates even higher than that before they started to drop.

Although CD rates are not as lucrative as they were six months ago, you can still find a great deal on accounts with short terms. With that in mind, let's take a look at five excellent CDs on the market in May.

1. Bread Savings CD

Term: 1-year

APY: 5.25%

Our Picks for the Best High-Yield Savings Accounts of 2024

SoFi Checking and Savings APY up to 4.60% Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. Min. to earn $0 Open Account for SoFi Checking and Savings Member FDIC.	APY up to 4.60% Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.	Min. to earn $0
Synchrony Bank High Yield Savings APY 4.75% Rate info Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC Min. to earn $0 Open Account for Synchrony Bank High Yield Savings Member FDIC.	APY 4.75% Rate info Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC	Min. to earn $0
Capital One 360 Performance Savings APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings Member FDIC.	APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.	Min. to earn $0

Bread Savings CDs offer a 1-year term with a 5.25% APY, plus a chance to lock in 5.30% in your CD's second year when you agree to auto renewal. That's basically like getting 5.28% APY on a 2-year CD, which is pretty much unheard of in today's CD market (for perspective, Bread's 2-year CD has a 4.65% APY). The minimum opening deposit is $1,500, which isn't the lowest we've ever seen, and you can withdraw interest monthly.

2. LendingClub CD

Term: 1-year

APY: 5.15%

LendingClub CDs have frequently been a frontrunner with competitive CD rates on all terms. It currently offers three CD terms with rates at 5% or above: 6-month (5.00%), 12-month CD (5.15%), and 18-month CD (5.00%). The bank has a steep opening deposit of $2,500, which could shatter hopes of building out a long CD ladder.

3. Tab Bank CD

Term: 6-month, 9-month, 1-year

APY: 5.27

Tab Bank CDs come in three terms paying out at a 5.27 APY: 6-month, 9-month, and 12-month terms. It even has an 18-month CD with a 5.00% rate, which is getting hard to come by for longer terms. These CDs have a $1,000 minimum opening deposit and interest is credited to your account monthly.

4. TotalDirectBank CD

Term: 3-month, 6-month

APY: 5.51%

TotalDirectBank has the highest rates for short-term CDs. Currently, it offers three terms that pay at or above 5.50%: 3-month CD (5.51%), 6-month CD (5.51%), and a 12-month CD (5.35%). That said, you'd need a fair chunk of change to meet the minimum: $25,000 is required to open a CD account and earn the advertised APY.

5. Vio Bank High-Yield CD

Term: 6-month

APY: 5.25%

This 6-month CD from Vio Bank has a very competitive rate and comes with a low minimum of $500. Your money will compound daily, too, which gives your rate a little extra power. This CD can be combined with any of Vio's other eight terms to build out a long CD ladder, though its highest rates are on its short-term CDs.

These five CDs have excellent APYs, but they're not the only bank products to offer high rates. If you're not ready to lock your money up for a fixed period, you could also open a high-yield savings account. Either way, be sure to take advantage of today's high rates before it's too late, for who knows how long they'll stick around.