The Highest CD Rate Available Is 6.02%, From Old Point National Bank

June 21, 2023

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Old Point National Bank is offering the highest interest rate for a CD right now.
Many more banks and credit unions are offering rates over 5% APY.
See today’s best high-interest accounts »

CD rates have broken 6%.

Old Point National Bank, based in Hampton, Virginia, is offering a 6-month CD with an interest rate of 6.02% APY, and a minimum balance of $500. Until now, NASA Federal Credit Union had claimed the title of highest CD rate, offering 5.65% APY for a 9-month share certificate.

For years, savings products like CDs and high-yield savings accounts offered rates more in the realm of 3% and 4% APY, but in recent months 5% has become the new normal for CDs. While Old Point National is the first one to break 6%, it’s not unlikely that more banks and credit unions could follow.

How to get the highest interest rate on your savings

Old Point National Bank is a bank, not a credit union, meaning anyone who can afford the minimum balance can put money into its CDs. However, you must visit a branch location to open a CD. While it’s offering the highest rate right now, other banks and credit unions aren’t far behind:

CloudBank 24/7 High Yield Savings Account

Annual Percentage Yield (APY)

5.11%

Minimum Deposit Amount

Fees

no monthly service fee

CloudBank 24/7 High Yield Savings Account

Annual Percentage Yield (APY)

5.11%

Minimum Deposit Amount

Fees

no monthly service fee

CloudBank 24/7 High Yield Savings Account

Details

Fees

no monthly service fee

Annual Percentage Yield (APY)

5.11%

Minimum Deposit Amount

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Accounts pay high interest rates

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No fees

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Open accounts you might not be able access outside of Raisin

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Minimum opening requirements are often lower than if you opened an account directly with a bank

No checking accounts or business accounts

Only way to deposit or withdraw money is by connecting to an external account

Can’t connect to third-party budgeting apps, like Mint

A CD (certificate of deposit, technically), 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 one year, six months, or three years) and in most cases, you can’t remove your money before then without paying a penalty fee.

If you aren’t sure you can leave your money alone for the length of a CD, consider a high-yield savings account instead.

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Libby Kane, CFEI

Executive Editor, Personal Finance Insider

Libby Kane, CFEI, is the Executive Editor for Personal Finance Insider, Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money Insider readers already know and love.
She holds the Certified Financial Education Instructor (CFEI) certification issued by the National Financial Educators Council. She is a member of the Insider Committe, a cross-team focus group working on making Insider an even better place to work.
Previously at Insider, she oversaw teams including Strategy, Careers, and Executive Life.
Her team at Insider has tackled projects including:
• Women of Means, a series about women taking control of their finances
• Inside the Racial Wealth Gap, an exploration of the causes, effects, and potential solutions of the racial wealth gap in the US (finalist, Drum Award, “Editorial Campaign of the Year,” 2021)
• Strings Attached, a series of essays from people who have left insulated communities and how that journey affected their relationship with money
• Master Your Money, a year-long guide for millennials on how to take control of their finances (first runner up, Drum Award, “Best Use of Social Media,” 2022)
• The Road to Home, a comprehensive guide to buying your first house (silver award winner, National Association of Real Estate Editors, “Best Multi-Platform Package or Series – Real Estate,” 2022)
Personal Finance Insider also rates, explains, and recommends financial products and services.
Outside of personal finance, she’s written about everything from why Chinese children are so good at math to the business of dogs to hard truths about adulthood.
In September 2016, she helped launch Insider Netherlands in Amsterdam.
She’s always interested in research, charts, and people: new and interesting research, compelling charts and other visuals, and people who are willing to share the details of their impressive financial accomplishments and strategies.
Before joining the company in March 2014, she was the associate editor at LearnVest, covering personal and behavioral finance.
If you have something to share, please reach out to lkane@insider.com.