- Today’s top CDs earn up to 4.65% APY.
- APYs are falling after the Fed cut interest rates at its last three meetings.
- The sooner you open a CD, the better the APY you may be able to lock in — and the greater your earning potential could be.
Timing is key when it comes to how much you can earn with a certificate of deposit. Unlike savings account rates, which are variable, CD rates are fixed when you open the account. So, opening a CD while rates are high can help you maximize your returns.
Today’s best CDs offer up to 4.65% annual percentage yield, or APY. But APYs have been falling for months, and we’re likely to see them fall further. That makes now the ideal time to lock in your APY and protect your earnings.
Here are some of the highest CD rates right 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.
There’s still time to score a great CD rate
CD rates may still be attractive, but the days of sky-high APYs are over. APYs have been falling for months following a series of Federal Reserve rate cuts. The Fed doesn’t directly set CD rates, but banks tend to move in lockstep with its decisions. When the Fed cuts rates, banks cut APYs on products like CDs and savings accounts.
To fight COVID-era inflation, the Fed raised rates 11 times starting in March 2022, and CD rates soared, reaching 5.65% APY for the banks we track at CNET. They’ve come down considerably since then, especially in recent months as cooling inflation caused the Fed to cut rates at its last three meetings. With experts expecting more Fed rate cuts in 2025, locking in one of today’s best APYs can protect your earnings from additional drops.
“If you need a secure place to park cash for a set period of time, a CD is still a solid, low-risk choice,” said Taylor Kovar, CFP, founder and CEO of 11 Financial. “Just don’t expect the returns you might have seen a year ago.”
Average CD rates month-to-month
| Term | CNET average APY on Dec. 13, 2024 | CNET average APY on Jan. 13, 2025 | Change |
|---|---|---|---|
| 6 months | 4.15% | 4.05% | -2.41% |
| 1 year | 4.08% | 4.01% | -1.72% |
| 3 years | 3.52% | 3.50% | -0.57% |
| 5 years | 3.46% | 3.45% | -0.29% |
How to choose the right CD for you
A competitive APY is important, but it’s not the only thing you should consider. To find the right CD for you, weigh these factors, too:
- When you’ll need your money: Early withdrawal penalties can eat into your interest earnings. So be sure to choose a term that fits your savings timeline. 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 amount to open an account — typically, $500 to $1,000. Others do not. How much money you have to set aside can help you narrow your options.
- Fees: Maintenance and other fees can eat into your earnings. Many online banks don’t charge fees because they have lower overhead costs than banks with physical branches. Still, read the fine print for any account you’re evaluating.
- Federal deposit insurance: Make sure any 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 Jan. 15, 2025, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.
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