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- Today’s premium CDs offer APYs as high as 4.65%.
- Analysts expect the Fed to hold rates at its next meeting, but rate cuts are expected to happen later this year.
- Locking in your APY now will allow you to protect your repayments from lower rates in the future.
The days of sky-high APYs may be over, but CDs are still attractive. You can earn an annual yield of 4.65%, or the current APY excellent CDs — more than twice almost all over the world for other words.
Best of all, your APY is fixed when you open a CD, so you’ll enjoy the same returns even if rates drop, as experts expect in the coming months. If you have money that you don’t need to access right away, putting it in a CD can be a great way to invest in your income.
Here are the top CDs right now and how much you can get for investing $5,000.
The best CDs today
| Time | Highest APY* | Bank | Estimated costs |
|---|---|---|---|
| 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. Enter your information below to find CNET friends the best rate in your area.
Where are CD prices going?
APYs on CDs are savings accounts they have been falling for months after a few Lowering the rate of the Federal Reserve. But it is inflation returnsMost analysts believe the Fed will hold rates steady at the Federal Open Market Committee meeting next week. This means there is still time to earn a great APY.
“We do not expect to take action at the next Fed meeting, as current indicators point to a cautious, wait-and-see approach to interest rate cuts this year,” said Chad Olivier, Certified Financial Planner and CEO of the organization. Olivier Group. “We still think there will be room for Fed tapering. However, all markets, in a way, are waiting to see what the new administration will do before they really jump in and get aggressive on low interest rates.”
Experts expect to see interest rates drop later this year, so getting a higher APY now can boost your earnings. Your APY is locked in when you open a CD, which means your return will be the same no matter where the rates go after that.
How CD prices have changed in the last week
| Time | Last week CNET averaged APY | CNET average APY this week | Weekly update ** |
|---|---|---|---|
| 6 months | 4.09% | 4.05% | -0.98% |
| 1 year | 4.03% | 4.01% | -0.50% |
| 3 years | 3.50% | 3.50% | There is no change |
| 5 years | 3.45% | 3.45% | There is no change |
Consider this when choosing a CD
A competitive APY is important, but it’s not the only thing to keep in mind. To find the right CD for you, try the following:
- When you need your money: Early withdrawal penalties can eat into your interest rate. So make sure you choose the words that match the time you have saved. Alternatively, you can choose a penalty-free CDalthough the APY may not be as high as with a traditional CD.
- Minimum deposit requirements: Some CDs require a minimum deposit to open an account — typically, $500 to $1,000. Some don’t. The amount you need to set aside can help you narrow down your options.
- Fees: Maintenance and other fees may depend on your income. Most of them online banking no fees because they have cheaper fees than banks with physical branches. However, read the fine print for each account you are reviewing.
- Federal deposit insurance: Check any bank or credit union Consider being a member of the FDIC or NCUA so that your money is protected if the bank fails.
- Customer reviews and ratings: Visit sites like Trustpilot to see what customers are saying about the bank. You want a bank that is responsive, professional and easy to work with.
The way
CNET also checks CD rates based on the most recent APY information from the issuer’s website. We reviewed CD rates from more than 50 banks, credit unions and financial institutions. We evaluate CDs based on APYs, sales, availability and customer service.
Current banks included in CNET’s weekly CDs 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 January 22, 2025, based on the banks we track at CNET. Earnings are based on APYs and we assume interest is compounded annually.
**Weekly increase/decrease as of Jan. 13, 2025, to Jan. 20, 2025.
