- Today’s best CDs offer APYs as high as 4.65%.
- APYs are holding steady for now, but they won’t last forever.
- Your APY is locked in when you open a CD, so opening one now can shield your earnings from future rate cuts.
After months of tumbling, certificate of deposit rates seem to have leveled off for now, thanks to the Federal Reserve’s latest rate pause. But if the past few years have taught us anything about CD rates, it’s that timing is key when it comes to how much you can earn. And with a rate cut expected later this year, snagging a high rate while you still can is a smart move.
You can earn up to 4.65% annual percentage yield with today’s best CDs — more than twice the national average for some terms. Read on to see some of the highest CD rates available now and how much you could earn by depositing $5,000.
Today’s best CD rates
| Term | Highest APY* | Bank | Estimated earnings |
|---|---|---|---|
| 6 months | 4.65% | CommunityWide Federal Credit Union | $114.93 |
| 1 year | 4.45% | CommunityWide Federal Credit Union | $222.50 |
| 3 years | 4.15% | America First Credit Union | $648.69 |
| 5 years | 4.25% | America 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 CNET’s partners’ best rate for your area.
What’s happening with CD rates
A CD can be a great place to stash your cash at any time, but in periods of inflation like today’s, they can be especially lucrative. As the Federal Reserve raises interest rates to fight inflation, banks tend to follow suit, raising APYs on consumer products like CDs and savings accounts.
If you open a CD while rates remain elevated, you can continue to enjoy the same high returns even when rates begin to fall because your APY is locked in when you open a CD.
But don’t wait too long to take advantage of today’s APYs. While the Fed chose to pause rates at its January meeting, experts expect it to cut rates later this year, which means the clock is ticking.
“Short-term interest rates tend to fluctuate in anticipation of market changes, so even if the Fed doesn’t lower rates immediately, we could still see CD rates begin to trend slightly downward,” said Chad Olivier, Certified Financial Planner and CEO of The Olivier Group. “That said, with the Fed taking a more cautious, wait-and-see approach, CD rates and other safe-money options are likely to remain at these high levels for now.”
💰You can earn up to 5% APY on the best high-yield savings accounts. Check out top savings rates now.
How CD rates have changed over the past week
| Term | Last week’s CNET average APY | This week’s CNET average APY | Weekly change** |
|---|---|---|---|
| 6 months | 4.08% | 4.08% | No change |
| 1 year | 4.07% | 4.07% | No change |
| 3 years | 3.56% | 3.56% | No change |
| 5 years | 3.55% | 3.56% | 0.0028 |
What to look for in a CD
A competitive APY is important, but it’s not the only thing you should consider. To find the right CD for you, weigh these things, too:
- When you’ll need your money: Early withdrawal penalties on CDs can eat into your interest earnings if you need your money before the term ends, so choose a timeline that makes sense. Alternatively, you can select a no-penalty CD, although the APY may not be as high as you’d get with a traditional CD of the same term.
- Minimum deposit requirement: Some CDs require a minimum deposit to open an account, typically $500 to $1,000. Knowing how much money you have to set aside can help you narrow your options.
- Fees: Maintenance and other fees can cut into your savings. Many online banks don’t charge fees because they have lower overhead costs than banks with physical branches. Read the fine print for any account you’re evaluating.
- Safety and security: Make sure the bank or credit union you’re considering is an FDIC or NCUA member so your money is protected if the bank fails.
- Customer ratings and reviews: Visit sites like Trustpilot to see what customers are saying about the bank. You want a bank that’s responsive, professional and easy to work with.
Methodology
CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service.
The 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, Popular Bank, First Internet Bank of Indiana, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America and Connexus Credit Union.
*APYs as of Feb. 18, 2025, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.
**Weekly percentage increase/decrease from Feb. 11, 2025, to Feb. 18, 2025.
Add comment