Ranked: The 5 Best CDs to Open in May 2024 (Rates up to 9.5%)

Banks continue to pay exceedingly high rates on a number of CD terms. While it's certainly not the golden age of CDs -- rates are nowhere near the double-digits of the 1980s -- thank goodness rates are higher than what they were in the 2010s, when even the best CDs earned a fraction of a percentage point. These days, it's not rare to find a 3-month CD paying out above 5.00%.

While CDs have some risks -- like early withdrawal penalties -- the range of terms with great rates makes them accessible to most savers. If you're in the market for a CD in May 2024, here are five of the highest-paying CDs to consider.

1. California Coast Credit Union

APY: 9.50%

Term: 5 months

A 9.50% APY on a 5-month CD -- yeah, our jaws are dropping in unison. But, like most eye-popping APYs, this one comes with a ton of conditions.

First off, you need to have a checking account at California Coast Credit Union, or meeting one of the following requirements:

• Open a new Money Market with a minimum balance of $5,000
• Open a new regular certificate with a minimum balance of $5,000
• Open an IRA certificate with a minimum balance of $5,000
• Open a new consumer loan (excluding shared secured loans and credit cards)

As you might have guessed, this also implies that you need to be a member of California Coast Credit Union, which further requires you to live or work anywhere in one of the following counties: San Diego, Riverside, Orange, Los Angeles, Ventura, Imperial, or San Bernardino. Finally, you need to fund this certificate with new money with a minimum opening deposit of $500 and maximum of $3,000. So, even if you did meet the requirements, you couldn't invest your life savings at that rate.

2. Shoreham CD

APY: 5.50%

Term: 3 months; 9 months

One of the highest rates on the market today comes from Shoreham Bank. Its 3-month and 9-month CDs pay out at 5.50%. Unfortunately, you can't open an account online. You have to call the bank directly or visit one of its branches in Rhode Island.

3. EagleBank CD

APY: 5.40%

Term: 6 to 8 months

EagleBank is offering a 5.40% APY on 6- to 8-month CDs. You can open this account online with as little as $1,000. The bank also has a solid 5.30% rate on a 12-month term, which also has a minimum deposit of $1,000.

4. CIBC

APY: 5.36%

Term: 12 months; 13 months

The Canadian Imperial Bank of Commerce is offering its U.S. neighbors a lucrative rate on 12-month and 13-month CDs. Both terms have 5.36% APYs and require a minimum deposit of $1,000.

5. LendingClub

APY: 5.15%

Term: 12 months

LendingClub has had solid CD rates since before the rate hikes began. The 12-month CD with a 4.00% is one of its best offers. However, the $2,500 minimum deposit requirement is steeper than other CDs on this list.

As the Federal Reserve continues to contemplate its next rate decision, CD rates will likely remain relatively the same. However, if you're certain a CD is the right savings vehicle for you, check out these and other great CD rates. If you're not ready to commit, check out some of the best high-yield savings accounts so you can still capitalize on today's great rates.