18 CDs offering rates of 5.5% or higher in January 2024

If you're a saver who hasn't yet taken advantage of today's elevated rate environment, it may be time to make a change. Right now, there are several types of interest-bearing accounts offering top rates to account holders, meaning that there are a range of opportunities to earn big returns on your money. 

But while you can find excellent interest rates being offered on everything from money market accounts to high-yield savings accounts and certificates of deposit (CDs), not all of these accounts offer fixed rates on your money. One type of account that does, though, is CDs.

When you open a CD, you lock in your rate for the full term, meaning that your rate won't fluctuate if there are changes to the overall rate environment. This can be an attractive perk for many types of savers — and you can easily find CDs with rates of 5.5% or higher right now. Considering that the average regular savings account only offers 0.46%, it can make a lot of sense to lock in a top rate with one of the CDs outlined below.

Ready to start earning? Explore today's top CD accounts online here.

18 CDs offering rates of 5.5% or higher in January 2024

Maximizing the returns on your savings is simple with the CDs listed below, which offer some of the top rates available today.

• EagleBank 6-month CD — 5.75% APY: The minimum opening deposit amount on this CD is $1,000; the early withdrawal fee is equal to three months of interest
• Citizens State Bank 7-month CD — 5.75% APY: The minimum opening deposit amount on this CD is $10,000; the early withdrawal fee is equal to 180 days of interest on the amount withdrawn or half of the future interest, whichever is greater, and a $50 penalty
• NASA Federal Credit Union 9-month CD: 5.70% APY: The minimum opening deposit amount on this CD is $10,000; the early withdrawal penalty is equal to 182 days of dividends on the amount withdrawn (if the certificate account was opened within 182 days); if the funds have been in the account less than 182 days, the early withdrawal penalty is equal to all dividends on the withdrawn amount
• CIBC U.S. 1-year CD — 5.66% APY: The minimum opening deposit amount on this CD is $1,000; the early withdrawal penalty is equal to one month of interest
• TotalDirectBank 3-month CD — 5.66% APY: The minimum opening deposit amount on this CD is $25,000; the early withdrawal penalty is equal to one month of compounded interest earned on the CD
• Hyperion Bank 15-month CD — 5.65% APY: The minimum opening deposit amount on this CD is $2,500; the early withdrawal penalty is equal to six months of interest
• Forbright Bank 9-month CD — 5.60% APY: The minimum opening deposit amount on this CD is $1,000; the early withdrawal penalty is equal to three months of interest
• State Bank of Texas 1-year CD — 5.60% APY: The minimum opening deposit amount on this CD is $50,000; the early withdrawal penalty is equal to 60 days of interest
• Lafayette Federal Credit Union 1-year CD — 5.56% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to six months of interest
• Colorado Federal Savings Bank 1-year CD — 5.55% APY: The minimum opening deposit amount on this CD is $5,000; the early withdrawal penalty is equal to three months of interest
• Nexbank 1-year CD — 5.55% APY: The minimum opening deposit amount on this CD is $25,000; the early withdrawal penalty is equal to six months of interest
• Northpointe Bank 11-month CD — 5.55% APY: The minimum opening deposit amount on this CD is $25,000; the early withdrawal penalty is equal to nine months of interest
• Signature Federal Credit Union 3-month CD — 5.55% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to 45 days of interest
• Expedition Credit Union 15-month CD — 5.51% APY: The minimum opening deposit amount on this CD is $2,500; the early withdrawal penalty is equal to 180 days of interest
• BMO Alto 1-year CD — 5.50% APY: There is no minimum opening deposit to consider with this CD; the early withdrawal penalty is equal to 180 days of interest
• Bread Savings 1-year CD — 5.50% APY: The minimum opening deposit amount on this CD is $1,500; the early withdrawal penalty is equal to 180 days of simple interest
• Marcus by Goldman Sachs 1-year CD — 5.50% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to 90 days of interest
• CommunityWide Federal Credit Union 6- and 12-month CDs — 5.50% APY: The minimum opening deposit amount on this CD is $1,000; the early withdrawal penalty is equal to the amount of remaining days of the certificate at the rate of two times the current APR (divided by 365)

Find out the top CD rates available to you today.

The bottom line

If your goal is to earn a top rate on a CD, you have your choice of options above — many of which have terms that last just a few months. Those shorter CD terms allow you to earn hefty interest without having to lock away your funds for years on end, which can be a big bonus for certain types of savers. As with any type of savings or lending product, though, it's important to understand all of the requirements and restrictions before opening any type of CD. Otherwise, you may end up paying stiff penalties or earning lower returns than expected on your money.