A certificate of deposit can be a great place to stash extra cash at any time. CDs offer low risk and guaranteed returns, making them ideal for funds that you can set aside for a specific period of time. But in the current low rate environment, they will become more valuable.

Top CDs now offers annual percentage yields, or APYs, of up to 4.65%. Open one of these CDs today, and your APY will be locked in for the entire term of the CD. As APYs drop, this will help you maximize your income.

Here are some of the highest CD rates today and how much you can make by depositing $5,000.

Experts recommend comparing rates before opening a CD account to get the best possible APY. Enter your information below to get the best CNET partner rates for your area.

Now is the time to lock in a high APY

APY on CDs and savings accounts fell within months after the series The Federal Reserve’s rate cut. But with inflation inflation inflation back upmany experts believe the Fed will keep rates steady at next week’s Federal Open Market Committee meeting. That means there’s still time to score a great APY.

“We expect no significant action at the next Fed meeting, as current signals suggest a cautious, wait-and-see approach to determine the pace of interest rate cuts this year, ” said Chad Olivier, Certified Financial Planner and CEO of The Olivier Group. “We still think there will be an easing environment for the Fed. However, all the markets, to some extent, are waiting to see what happens with the new administration before they act and become more aggressive low interest rates.”

Experts expect to see rate cuts later this year, so securing a high APY now can maximize your income potential. Your APY is locked in when you open a CD, meaning your returns will stay the same no matter where overall rates go after that.

How to choose the right CD for you

A competitive APY is important, but it’s not the only thing you should keep in mind. To find the right CD for you, also weigh these factors:

• If you need your money: Early withdrawal penalties can eat into your interest income. So be sure to choose a term that fits your savings timeline. Alternatively, you can choose a CD without penaltyalthough the APY may not be as high as you would get on a traditional CD over the same term.
• Minimum deposit requirement: Some CDs require a minimum amount to open an account – typically, $500 to $1,000. Some don’t. How much money you have to spare will help you narrow down your options.
• Fee: Maintenance and other fees can eat into your income. many online banks do not charge fees as overhead costs are lower than banks with physical branches. However, read the fine print for any account you are evaluating.
• Federal deposit insurance: Make sure any bank or credit union you consider being a member of the FDIC or NCUA to protect your money 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 is responsive, professional and easy to work with.

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CNET checked CD rates based on the latest APY information from issuer websites. We review CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service.

Current banks included in CNET’s weekly CD average 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 banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.

**Weekly percentage increase/decrease from Jan. 13, 2025, to Jan. 20, 2025.

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