How to find the highest CD interest rate this June

News this week that the Federal Reserve would continue to keep high interest rates on pause wasn’t the development millions of borrowers were hoping for, but it will maintain the status quo for savers. And that’s been a profitable place to be in recent years with rates on certificates of deposit (CD) accounts, for example, rising as high as 6% or 7% for select savers. 

While those rate offers have since subsided, there are still multiple attractive options for savers right now. And with the Fed not scheduled to meet again until the end of July and elevated inflation likely to keep rates steady for the next few months, now can be a smart time for savers to thoroughly evaluate their CD rate offers. These savers won’t need to rush to lock in a rate, as some did ahead of a pending Fed rate cut in 2024 and 2025. 

That said, high-rate CDs, as plentiful as they are right now, will require some tracking on behalf of savers. So, how can they find the highest CD interest rate possible this June? Below, we’ll detail three ways they can do just that – and start earning more interest on their money right away.

Start by seeing how much interest you could be earning with a CD account now.

How to find the highest CD interest rate this June

A CD will require you to give up access to your funds for the full term to earn the advertised interest rate, so you’ll want to make sure that the return you’re getting is as high as possible to justify that exchange. The way to do that is by finding the highest CD interest rate around this June. Here are three ways to consider right now:

Look to long-term CDs over short-term ones

Despite some dynamic shifts in recent years, most long-term CDs, which mature in 18 months or longer, have higher rates than short-term ones, which mature in under a year. So, if you can afford to keep your money locked away for an extended period, you’re almost certain to be rewarded with a higher rate. 

Case in point: CDs with terms ranging from three months to one year right now have rates listed between 3.95% and 4.15%, while those with terms above 18 months range from 4.15% to 4.20%. And while those few basis points may not look like a big difference on paper, the interest earnings over time will.

Explore your long-term CD account options online today.

Skip your local bank in favor of an online one

Your local bank may be close to home, convenient and familiar, but it’s unlikely to be the place you find your highest CD account rate option. Because these institutions have overhead costs and maintenance expenses, they tend to offer lower rates than online banks, which have to contend with neither. It can still be worth exploring your local offers to see what they actually are, but most likely, you’ll be better served by skipping your local bank in favor of an online one instead.

Use an online marketplace to easily compare your options

While it may feel arduous to shop around for high CD rates online, especially if you’re unsure of where to begin, it doesn’t have to be. Online marketplaces make it easier than ever to compare CD rates. 

They’ll list terms, lenders, fees and more that can make shopping around simple and easy to navigate. There will also be links on these sites that take you directly to the bank itself once you’re ready to transfer some money into a new account. Use these resources in your favor, then, as they make shopping around for the highest CD rate simple and quick.

The bottom line

High CD interest rates are ubiquitous this June, and that’s unlikely to change now that the Federal Reserve has issued yet another interest rate pause. Because you’ll need to freeze your money in the account, however, you must do so with the highest rate available now. By using these tactics, you’ll better position yourself for CD account success both this month and, potentially, for months and even years still to come.