CD Rates Fluctuate: Here's What You Need to Know in June 2023.

The best rate for a nationally-available certificate of deposit (CD) is now 5.65% APY for a 9-month term, with the top rate in the 18-month category moving up to 5.45%. There were also increases in the market-leading rates in the 1-year and 5-year terms, with a total of 20 CDs now paying at least 5.25% APY. CD rates are directly linked to the federal funds rate, and the next Fed meeting on June 14 will determine whether rates will plateau or continue to climb higher. Despite inflation remaining high, several Fed officials have signaled a rate hike pause, which could impact CD rates.