- Today’s best CDs earn up to 4.65% APY.
- Your APY is corrected when you open a CD.
- With APYs falling, locking in a high APY can now maximize your earning potential.
A certificate of deposit can be a great way to store extra money at any time. CDs offer low risk and guaranteed returns, making them ideal for funds you can set aside for a specific period of time. But in the current environment of falling interest rates, they can prove particularly valuable.
Best CDs currently offer annual percentage yields, or APYs, of up to 4.65%. Open one of these CDs now and your APY will be locked in for the duration of the CD. With APYs falling, this can help you maximize your earnings.
Here are some of the highest CD rates currently and how much you could earn by depositing $5,000.
The best CD prices of the day
| Term | Highest APY* | Bank | Estimated earnings |
|---|---|---|---|
| 6 months | 4.65% | Community-Wide Federal Credit Union | $114.93 |
| 1 year | 4.45% | Community-Wide Federal Credit Union | $222.50 |
| 3 years | 4.15% | America’s first credit union | $648.69 |
| 5 years | 4.25% | America’s first credit union | $1,156.73 |
Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get the best rate from CNET’s partners in your area.
Now is the time to secure a high APY
APY on CD and savings accounts have been falling for months after a series of Federal Reserve rate cut. But with inflation is gradually risingMany experts believe the Fed will keep rates steady at next week’s Federal Open Market Committee meeting. This means there is still time to get a good APY.
“We do not anticipate any significant action at the next Fed meeting, as current signals suggest a cautious, wait-and-see approach in determining the pace of interest rate cuts this year,” said Chad Olivier, a certified financial planner and CEO of The Olivier Group. “We still think there will be an easing environment for the Fed. However, all markets are in some ways waiting to see what happens with the new administration before they actually step in and get aggressive on lower interest rates.”
Experts expect rate cuts later this year, so getting a high APY now can maximize your earning potential. Your APY is locked in when you open a CD, meaning your returns will remain the same regardless of the direction of overall rates afterward.
How CD prices have changed over the past week
| Term | Last week’s CNET average APY | This week’s CNET average APY | Weekly change** |
|---|---|---|---|
| 6 months | 4.09% | 4.05% | -0.98% |
| 1 year | 4.03% | 4.01% | -0.50% |
| 3 years | 3.50% | 3.50% | No change |
| 5 years | 3.45% | 3.45% | No change |
How to choose the right CD for you
A competitive APY is important, but it’s not the only thing you should keep in mind. To find the right CD for you, also consider these factors:
- When you need your money: Early Withdrawal Penalties can eat into your interest income. So make sure you choose a duration that fits your savings schedule. Alternatively, you can select a CD without penaltyalthough the APY may not be as high as you would get with a traditional CD of the same term.
- Minimum deposit requirement: Some CDs require a minimum amount to open an account – usually between $500 and $1,000. Others don’t. The amount of money you need to put aside can help you narrow down your options.
- Costs: Maintenance fees and other costs can eat into your income. A lot online banks do not charge fees because their overhead costs are lower than banks with physical branches. Still, read the fine print of any account you’re evaluating.
- Federal deposit insurance: Make sure that any bank or credit union you plan to be a member of the FDIC or NCUA, so your money is protected if the bank goes bankrupt.
- Customer ratings and reviews: Visit sites like Trustpilot to see what customers are saying about the bank. You want a bank that is responsive, professional and easy to work with.
Methodology
CNET examines CD pricing based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions, and financial companies. We rate CDs based on APYs, product offerings, affordability, and customer service.
Current banks included in CNET’s weekly CD averages include Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct , Quontic, Rising Bank, Synchrony, EverBank, People’s Bank, Indiana’s First Internet Bank, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America and Connexus Credit Union.
*APY as of January 22, 2025, based on the banks we follow on CNET. Earnings are based on APYs and assume interest is compounded annually.
**Weekly percentage increase/decrease from January 13, 2025 to January 20, 2025.
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