CD Rate Hike Alert: 5 Top-Paying CDs for July

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 Member FDIC.	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 June 28, 2024 Min. to earn $1 Open Account for American Express® High Yield Savings Member FDIC.	APY 4.25% Rate info 4.25% annual percentage yield as of June 28, 2024	Min. to earn $1
Citizens Access® Savings APY 4.50% Min. to earn $0.01 Open Account for Citizens Access® Savings Member FDIC.	APY 4.50%	Min. to earn $0.01

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 -- 5.25%

• Term: 12 months
• Minimum deposit: $1,500

Bread Financial's 12-month CD has a competitive 5.25% 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 4.20% 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.