Credit unions celebrating milestone anniversaries are advertising some of the highest certificate of deposit (CD) rates in the country.
For example, Southland Credit Union in Southern California is honoring its 90th anniversary with a nation-leading 9% annual percentage yield, or APY, on a nine-month CD. Lynchburg Municipal Employees Federal Credit Union in Virginia is offering a similar one-time deal: a 6.5% APY on a 78-month CD for its 65th anniversary.
The fine print for promotional CD offers often reveals that they’re not quite as generous as they initially seem. The CDs with the highest APYs may have low deposit limits, short terms or strict membership criteria.
Still, the offers are a sign of an improving CD market, which is often one of the few upsides for consumers of rising inflation.
Why CD rates are rising
Yields are climbing on CDs with 12- and 24-month terms as the Bureau of Labor Statistics reported a 3.5% inflation rate in June, according to CD Valet, a marketplace that tracks about 40,000 CD rates from banks and credit unions. It was the fourth consecutive month of consumer price index, or CPI, inflation above 3%.
The jump in inflation has put interest rate hikes on the table in 2026. Rate hikes make it more expensive for financial institutions to borrow from each other, which prompts banks and credit unions to boost CD rates to attract more cash from consumers.
The median CD rate is 3.25%, up 0.9 percentage points in the past six months, CD Valet found. Here are median CD APYs by term:
Six months: 3.5%
12 months: 3.25%
24 months: 3%
Banks and credit unions raised yields on more than 800 CD products during the week of July 20, ahead of Wednesday’s Federal Reserve interest decision, CD Valet data shows. The Fed’s rate-setting committee voted 9-3 to hold interest rates steady. The three dissenting members preferred a 25-basis-point increase. Following the Fed decision, savers can expect “stability” in CD rates in August, according to CD Valet.
CD rates will likely rise if the Federal Reserve raises interest rates later this year.
“The Fed’s benchmark rate is an important factor impacting CD offers, but competition is another major driver of CD rates. Banks eager for deposits are raising rates,” CD Valet said in an email release. “A little time spent on comparison shopping can make a big impact on total earnings.”
The 10 highest CD rates available right now
Here are the 10 CDs with the highest rates, deposit ranges and terms. Keep in mind that some offers are limited to new customers in a particular region of the country.
Southland Credit Union: 9% APY for nine months ($100-$1,000 deposit range). Eligibility: “Live, work, worship in Orange or LA Counties in CA.”
Lynchburg Municipal Employees Credit Union: 6.5% APY for 78 months ($650-$10,000 deposit range). Eligibility: “Extensive list of employees and their families of [several] government orgs and private companies.”
Holy Rosary Credit Union: 6.03% APY for seven months ($500-$2,000 deposit range). Eligibility: “[Make a] $5 donation to Magis Foundation.”
Financial Partners Credit Union: 6% APY for eight months ($1,000-$5,000 deposit range). Eligibility: “Live, work, or go to school in Orange, San Diego, Riverside, or Los Angeles County, or in the cities of South San Francisco or Alameda.”
Pepco Federal Credit Union: 5.12% APY for five months ($50-$5,000 deposit range). Eligibility: “Full-time employees (and retirees) of Potomac Electric Power Company (Pepco) and its corporate affiliates working in DC, Maryland, or Virginia, plus immediate family members.”
Golden Valley Federal Credit Union: 5.09% APY for 12 months ($500-$2,000 deposit range). Eligibility: “Live, work, worship, or attend school in San Joaquin County, CA.”
Birmingham City Credit Union: 5% APY for 18 months ($500 minimum deposit). Eligibility: “City of Birmingham employees and their immediate family.”
A+ Federal Credit Union: 5% APY for 12 months ($10-$1,000 deposit range). Eligibility: “$10 donation to A+ Education Foundation.”
New Jersey Law and Public Safety Credit Union: 5% APY for six months ($1,000-$2,000 deposit range). Eligibility: “Limited to employees and retirees of the NJ Office of the Attorney General/Law and Public Safety (including the Division of Motor Vehicles), NJ Judiciary employees, Office of the Public Defender employees, credit union employees, and their immediate families.”
Gather Federal Credit Union: 5% APY for six months ($1,000 minimum deposit). Eligibility: “Live, work, worship on the island of Kauai, HI.”
The 10 highest CD rates available nationwide
Here are the nationally available CDs with the highest rates:
Clearpath Federal Credit Union: 4.5% APY for 13 months ($5,000 minimum deposit). Eligibility: “[Make a] $5 donation, nationally available.”
E*Trade: 4.4% APY for 12 months ($500 minimum deposit)
E*Trade: 4.35% APY for 60 months ($500 minimum deposit)
E*Trade: 4.35% APY for 36 months ($500 minimum deposit)
Bank Iowa: 4.3% APY for 60 months ($50,000-$1,000,000 deposit range)
E*Trade: 4.3% APY for 24 months ($500 minimum deposit)
Credit One Bank: 4.3% APY for 11 months ($100,000-$1,000,000 deposit range)
First National Bank of America: 4.25% APY for 120 months ($1,000 minimum deposit)
Bank Iowa: 4.25% APY for 48 months ($50,000-$1,000,000 deposit range)
Climate First Bank: 4.25% APY for 30 months ($500 minimum deposit)