Looking to boost your savings? Right now, CDs offer rates from 4.50% to 4.65%. Short-term CDs that mature in a year or less top the charts.
The Fed has held rates steady for the time being, but they could dip later this year. Locking in these rates now could be a smart move before they decrease.
Check out the best CD rates available today.
|
Bank |
APY |
Term |
Minimum Deposit |
|---|---|---|---|
|
OMB |
4.65% |
7 Months |
$1,000 |
|
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 |
|
Ponce Bank Direct |
4.50% |
3 Months |
$500 |
Data source: Issuing banks. Rates are accurate as of April 11, 2025.
Want to find the best CD for your timeline and goals? Explore top rates by term:
Should you open a CD?
With the Federal Reserve’s March decision to hold rates steady, competitive CD rates look to be around for at least a while longer.
If any of the following are true for you, it could be a great time to open a CD:
- You are seeking a secure, guaranteed return on your cash.
- You’re concerned about possible interest rate reductions later this year and want to lock in a competitive rate now to protect your savings.
- You won’t need to touch your cash for a while and are confident committing it for the full CD term.
The best CDs are covered by FDIC insurance. This safeguards deposits up to $250,000 per individual, per bank, in case a bank fails. Although CD investments carry minimal risk, alternative investments — such as the stock market — could offer higher returns, especially over the long term.
How to open a CD
Opening a CD is quick and simple. Just follow these steps:
- Search for the highest APY that suits your term needs.
- Read the details and check if you can meet the minimum deposit.
- Apply online using the bank’s app, or call them. Approval often takes just minutes.
- Connect your bank account and transfer your money.
Remember, each CD allows only one deposit. Plan your amount wisely. When you’re ready, 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
For a high APY with added flexibility, consider a high-yield savings account. These accounts let you:
- Deposit and withdraw money anytime
- Move funds quickly to other accounts
- Simply stash cash, avoiding the work CDs require at maturity
While savings rates can change, high-yield savings accounts currently offer APYs close to top CDs. They provide great returns without the long-term commitment, making either one a good choice now, depending on your savings goals.