- You can earn up to 4.70% APY with today's best CDs.
- APYs have been falling for months, and they're likely to keep falling after the Fed's latest rate cut.
- Locking in an APY now can protect your earnings from additional rate drops.
A certificate of deposit can be a great place to store cash you don't need to touch for a while. If you're in the market for a CD, there's no time like the present to open one.
You can still earn up to 4.70% annual percentage yield, or APY, with today's top CDs. That's more than twice the national average for some terms. APYs have been falling for months, and the Federal Reserve's latest rate cut means they're likely to keep falling. So, the sooner you open a CD, the better the rate you may be able to lock in -- and the higher your earning potential could be.
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
| Highest APY* | Bank | Estimated earnings |
| 4.70% | Rising Bank | $117.50 |
| 4.47% | NexBank | $223.50 |
| 4.15% | America First Credit Union | $648.69 |
| 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.
Why now's the time to open a CD
The days of sky-high CD rates may be over, but it's still smart to lock in a high APY with one of today's top accounts.
The Fed's actions play a key part in where banks set their CD and savings account APYs. When the Fed raises the federal funds rate, banks tend to raise APYs on these accounts. When it cuts the federal funds rate, banks cut their APYs.
The Fed hiked rates 11 times from March 2022 to July 2023 to fight record inflation, and CD rates soared, reaching 5.65% APY for the banks we track at CNET. Since then, rates have come down considerably, especially after the Fed cut rates at its last three meetings. Today's top APY of 4.70% is still more than double the national average for some terms. With the Fed expected to issue more rate cuts in 2025, locking in a high APY now can protect your earnings from additional rate drops.
How CD rates have changed in the last week
| Last week's CNET average APY | This week's CNET average APY** | Weekly change*** |
| 4.14% | 4.15% | 0.0024 |
| 4.07% | 4.08% | 0.24 |
| 3.52% | 3.52% | No change |
| 3.46% | 3.46% | No change |
How to choose the best CD for you
A competitive APY is important when comparing CD accounts, but it's not the only thing you should look at. To find the right account for you, consider these things, 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 Dec. 20, 2024, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.
**Weekly percentage increase/decrease from Dec. 9, 2024, to Dec. 16, 2024.
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