CD Rate Hike Alert: 5 Top-Paying CDs for July
KEY POINTS
- Although many banks have started cutting CD rates in 2024, some providers on the Raisin platform hiked their rates in June.
- The leading CD rate is 6.00% APY on a 10-month CD from Nuvision Credit Union, with TotalDirectBank taking second at 5.51%.
- Banc of California offers 5.34% on a trio of CDs via Raisin, while Bread Financial and LendingClub are paying out above 5.00% for 12- and 18- month CDs.
If you've been on the fence about opening a new CD in 2024, your chances of snagging the best rates may have just improved. While CD rates across the country have been slowly falling, the financial platform Raisin recently announced a rate hike to some of its CD offerings. To be sure, the difference isn't major -- 5.30% to 5.34% as Raisin's leading offer -- but it's minor proof that high interest rates aren't going away just yet.
With that in mind, here are five of the top-paying CDs to watch in July.
All rates mentioned below are current as of June 19, 2024.
1. Nuvision Credit Union -- 6.00% APY
- Term: 10 months
- Minimum deposit: $1,000
The highest CD rate we've found on the market today comes with a few caveats. First, to snag this 6.00% APY, you have to become a member of the Nuvision Credit Union. Fortunately, becoming a member is as easy as joining the American Consumer Council, which charges $15 for a lifetime membership. Secondly, this CD has a maximum deposit of $5,000. Still, a $5,000 deposit earning 6.00% APY would yield about $250.
Our Picks for the Best High-Yield Savings Accounts of 2024
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
On Capital One's Secure Website. |
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
|
American Express® High Yield Savings
![]() APY
4.25%
Rate info
4.25% annual percentage yield as of August 25, 2024
Min. to earn
$1
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
APY
4.25%
Rate info
4.25% annual percentage yield as of August 25, 2024
|
Min. to earn
$1
|
UFB Portfolio Savings Account
![]() APY
5.15%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn
$0
Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
APY
5.15%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
|
Min. to earn
$0
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2. TotalDirectBank -- 5.51% APY
- Term: 3 months, 6 months
- Minimum deposit: $25,000
TotalDirectBank offers two CD terms paying at 5.51%: a 3-month CD and 6-month CD. These CDs, coupled with its 12-month CD (5.35% APY) could produce a solid CD ladder, though you'll need to meet the steep minimum first: $25,000 per CD.
3. Banc of California via Raisin -- 5.34%
- Term: 1 month, 2 months, 3 months
- Minimum deposit: $1
If TotalDireckBank's minimum is too steep, this trio of CDs could be more your style. Available through Raisin, you can grab a 5.34% APY on any of these three short terms. Short-term CDs like these are typically better for those who want more flexibility, as you don't have to wait a long period for your money to become free. If you're looking for something a tad bit longer, check out Banc of California's 12-month CD on the Raisin platform (5.13% APY).
4. Bread Financial -- 5.15%
- Term: 12 months
- Minimum deposit: $1,500
Bread Financial's 12-month CD has a competitive 5.15% APY and low minimum deposit of $1,500. What's more, you can get a 5.30% APY for your CD's second year, if you choose to let it auto-renew upon maturity. Taken together, these two rates would give you the leading APY on a 2-year CD (the average is about 4.50%).
5. LendingClub -- 5.00%
- Term: 18 months
- Minimum deposit: $2,500
Finally, I thought I would add in a CD with a longer term. This offer from LendingClub gives you 18 months to earn a 5.00% APY -- something that's becoming more rare as banks slowly drop rates on longer terms. You can also get a 4.60% APY on a 12-month CD and 5.00% APY on a 6-month term.
All in all, if you want these CD rates, I wouldn't hesitate to open an account. While there are certainly great CD offers on the market today, it's possible CD providers could start cutting rates more drastically later this year. Take a look at our list of best CDs and start earning high interest on your savings before it's too late.
Our Research Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
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