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The highest certificate rate today is 6.167% APY.
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Credit Union One of Oklahoma is offering the highest interest rate for a CD right now.
Many more banks and credit unions are offering rates well over 5% APY.
See today’s best high-interest accounts »
More CD rates are surpassing 6%.
Credit Union One of Oklahoma, an institution that serves the greater Oklahoma City area, is offering a 6-month share certificate with an interest rate of 6.167% APY (Annual Percentage Yield). A share certificate is what credit unions call a certificate of deposit, or CD. Credit Union One of Oklahoma has a $2,500 minimum requirement for opening this certificate.
Until now, Old Point National Bank in Virginia had claimed the title of the highest CD rate, offering 6.02% on a 6-month CD. Even so, Old Point National Bank’s promotional rate has now expired.
Interest rates on savings products like CDs and high-yield savings accounts have been steadily increasing over the last couple of years. In recent months, 5% has become the new normal for CDs. Credit Union One of Oklahoma is only the second institution to break 6%, but it’s not unlikely that more bank and credit unions will follow.
See Insider’s guide to the best CD rates >>
How to get the highest interest rate on your savings
Credit Union One of Oklahoma is a credit union, not a bank, meaning only certain people can join and open accounts. To become a member, you must live, work, worship, or go to school in one of the following Oklahoma counties: Canadian, Cleveland, Logan, McClain, Oklahoma, or Pottawatomie. You’re also eligible to join if you work or are a member of one of 40 companies in the state. Then you have to open a savings account with $25.
If you aren’t able to join Credit Union One of Oklahoma, you have plenty of other options for earning high rates on CDs. While the credit union is offering the highest rate right now, other banks and credit unions aren’t far behind:
NASA Federal Credit Union 9 Month Share Certificate: 5.65%CFG Bank 1 Year CD: 5.52% APYBrioDirect High-Yield 1 Year CD: 5.35% APYPopular Direct 1 Year CD: 5.35% APYColumbia Bank Savings Account, powered by Raisin: 5.15% APY
A certificate (also called a CD at banks), is a savings product best used for getting a guaranteed return on short-term savings you won’t need to use in the near future. When you put money in a CD, you know upfront how long that CD will last (like six months, one year, or three years) and in most cases, you can’t remove your money before then without paying a penalty.
If you aren’t sure you can leave your money alone for the length of a CD, consider a high-yield savings account instead.