The 25 best CDs to invest in before 2024

There's no shortage of high-rate interest-bearing accounts right now. After all, interest rates have skyrocketed over the last couple of years thanks to the Federal Reserve's recent rate hikes, which were done in a bid to temper inflation. And while those higher rates are detrimental to anyone who's borrowing money, they present a great opportunity for savers to earn big interest returns on their funds. 

For example, many certificates of deposit (CDs) are offering rates well above 4.5% currently, which is significantly higher than the rates that were offered on CDs just a few years ago. And, if you do your homework, it may be possible to find even higher interest rates than that. Some CDs even offer rates as high as 7% right now.

But if you want to rake in these types of returns on your savings, it would be wise to lock in a rate on a CD before the new year rolls around. There are still lots of unknowns with the economy, and by putting your money into one of the CDs outlined below, you'll earn at the same top rate throughout the entire term.  

Explore the top CD rates you could qualify for here. 

The 25 best CDs to invest in before 2024

If you're looking for the best place to put your savings before the new year, it may be worth considering these CDs:

3-month CDs

• Dow Credit Union — 5.65% APY: $500 minimum opening deposit requirement; early withdrawal fee is three months of interest
• TotalDirectBank — 5.66% APY: $25,000 minimum opening deposit requirement; early withdrawal fee is one month of interest
• Boeing Employees Credit Union — 5.60% APY: $500 minimum opening deposit requirement; early withdrawal fee is one month of interest
• BECU – 5.60% APY: $500 minimum opening deposit requirement; early withdrawal fee is one month of interest
• Signature Federal Credit Union — 5.55% APY: $500 minimum opening deposit requirement; early withdrawal fee is one month of interest

Find out how today's high CD rates could benefit you here.

6-month CDs

• West Town Bank & Trust – 5.88% APY: $10,000 minimum opening deposit requirement; early withdrawal fee is three months of interest
• TotalDirectBank — 5.76% APY: $25,000 minimum opening deposit requirement; early withdrawal fee is one month of interest
• BluPeak Credit Union — 5.75% APY: $250 minimum opening deposit requirement; early withdrawal fee is three months of interest
• Interior Federal Credit Union — 5.75% APY: $25,000 minimum opening deposit requirement via ACH; early withdrawal fee is one month of interest
• INOVA Federal Credit Union — 5.75% APY: $200 minimum opening deposit requirement; early withdrawal fee is three months of interest

1-year CDs

• Limelight — 5.75% APY: $1,000 minimum opening deposit requirement; early withdrawal fee is 90 days of interest
• Popular Direct — 5.67% APY: $10,000 minimum opening deposit requirement; early withdrawal fee is 270 days of simple interest
• CIBC Bank USA — 5.66% APY: $1,000 minimum opening deposit requirement; early withdrawal fee is 30 days of interest
• Synchrony — 5.65% APY: This is a 14-month CD; $0 minimum opening deposit requirement; early withdrawal fee is 90 days of simple interest at the current rate
• Bask Bank — 5.60% APY: $1,000 minimum opening deposit requirement; penalty may be assessed for early withdrawal

3-year CDs

• Workers Credit Union — 5.50% APY: $500 minimum opening deposit requirement; early withdrawal fee is 50% of the interest that would have been earned
• Luana Savings Bank — 5.32% APY: $2,000 minimum opening deposit requirement; early withdrawal fee is six months of interest
• SouthEast Bank — 5.25% APY: $1,000 minimum opening deposit requirement; penalty is charged for early withdrawal 
• U.S. Senate Federal Credit Union — 5.23% APY: $1,000 minimum opening deposit requirement; early withdrawal fee is 120 days of interest
• The Federal Savings Bank — 5.17% APY: $5,000 minimum opening deposit requirement; early withdrawal fee is 365 days of interest

5-year CDs

• BMO Alto — 5.25% APY: $1,000 minimum opening deposit requirement; early withdrawal fee is 180 days of interest
• Workers Credit Union — 5.25% APY: $500 minimum opening deposit requirement; early withdrawal fee is 50% of the interest that would have been earned
• The Federal Savings Bank — 5.12% APY: $5,000 minimum opening deposit requirement; early withdrawal fee is 365 days of interest
• Farmers Insurance Federal Credit Union — 5.00% APY: $500 minimum opening deposit requirement; early withdrawal fee is a minimum of six months of interest
• First Harvest Credit Union — 4.89% APY: $1,000 minimum opening deposit requirement; early withdrawal fee is six months of interest

The bottom line

Thanks to today's high-rate environment, there are lots of good CD options to choose from. But if you want to reap the benefits of putting your money into a CD with a top rate, you may want to make that move before the new year. By locking in a rate on a CD today, you'll continue to earn the same rate throughout the life of your CD, no matter what happens with the overall rate environment.