June 6, 2023: Best CD Rates and Savings Accounts Offering 5% APY or More

The top-paying banks and credit unions are holding CD rates steady at their elevated levels, with the highest rate available on a nationwide CD of any duration continuing to be 5.65% APY, offered for a 9-month term. With CDs paying their highest rates in more than 15 years, it's a good time to consider longer-term options as well, which will guarantee your rate far into the future. The Federal Reserve meets next week, and it's widely expected it will announce a pause in increases to the federal funds rate. That would likely cause CD rates to plateau or possibly even edge lower, making now a potentially good time to lock in a record rate.