Today’s best CD rates range from 4.50% to 4.65%. Short-term CDs — those usually under about 12 months — offer the highest APYs right now.
Rates are likely to hold steady for the near term, but it could be a smart move to lock in today’s competitive rates before the Fed makes potential rate cuts in May. Jump in now and make your money work harder for you.
Below are some of the best CD rates we’ve found.
|
Bank |
APY |
Term |
Minimum Deposit |
|---|---|---|---|
|
OMB |
4.65% |
7 Months |
$1,000 |
|
DR Bank |
4.65% |
6 Months |
$500 |
|
United Fidelity Bank |
4.60% |
10 Months |
$1,000 |
|
Brilliant Bank |
4.55% |
9 Months |
$1,000 |
|
Marcus by Goldman Sachs |
4.50% |
14 Months |
$500 |
|
LendingClub |
4.50% |
10 Months |
$2,500 |
Data source: Issuing banks. Rates are accurate as of April 2, 2025.
Want to find the best CD for your timeline and goals? Explore top rates by term:
Should you open a CD now?
CD rates have gone down since mid-2024, but they’re still deserving of attention. The Fed has opted to keep rates the same for now, though some predict possible cuts later in 2025.
It could be a good idea to open a CD if you want safe, steady returns and protection from potential future rate cuts.
CDs offer peace of mind with FDIC backing, covering up to $250,000 per person, per bank if a bank fails. They are low-risk, but the stock market might provide higher returns (with higher risk). Make your choice based on your goals and level of comfort.
How to open a CD
When you’re ready, you can open a CD in just a few simple steps:
- Shop around to find the highest APY for the term you want.
- Read the fine print and make sure you can meet the minimum deposit, if there is one.
- Apply for a new account on the bank’s website or mobile app, or over the phone. You’ll likely be approved and ready to invest in minutes.
- Link an existing bank account to transfer funds to a new CD. Remember that you can only make one deposit per CD.
Click here to explore the best CD rates and open a high-yield CD today.
Once you’ve opened your CD, keep an eye on its maturity date. When a CD matures, the bank will typically do one of two things unless you say otherwise:
- Pay out your initial deposit plus your earnings as cash
- Reinvest your funds in a new CD with the same term (but potentially a different APY)
Most banks give you a grace period of seven to 10 days after the CD’s maturity date to make a decision.
Earn up to 4.10% APY without locking up your money
If you want to earn a high APY with more flexibility and less commitment, look into a high-yield savings account.
The best high-yield savings accounts allow you to:
- Deposit and withdraw money whenever you want
- Quickly transfer money to other accounts
Savings account rates are variable and can change at any time. However, high-yield savings accounts currently have APYs that rival the best CDs, making either one a great choice now, depending on your savings goals.