Comparing CD Rates and Savings Accounts: May 2023 Update.

CD rates remain steady despite the Federal Reserve's recent quarter-point rate increase. The top nationwide rate for every CD term is 5.50% APY, available on two 9-month certificates. The longest duration for earning above 5.00% APY is 24 months. Jumbo certificates don't always pay better rates than standard CDs. The Fed's rate-hiking campaign may be coming to an end, making it a good time to lock in a top CD rate. Investopedia tracks the rate data of over 200 banks and credit unions to determine daily rankings of the top-paying certificates in every major term.