Today’s best CDs offer up to 4.65% APY, with experts recommending opening a CD sooner rather than later to take advantage of the current rates. With a fixed APY, low minimum deposit requirements, no fees, and federal deposit insurance, CDs can be a great way to maximize your earnings on cash you won’t need to use for some time. In a falling-rate environment, like the one we are currently in, locking in a high rate early can be beneficial to ensure a good return on your investment.
Comparing rates before opening a CD account is essential to get the best APY possible. By entering your information, you can access CNET’s partners’ best rates for your area. While CD rates are still attractive, they have been falling due to Federal Reserve rate cuts. Banks tend to adjust their rates in line with the Fed’s decisions, and with experts expecting more rate cuts in the future, locking in one of the best APYs available today can protect your earnings from further drops.
Factors to consider when choosing a CD include when you’ll need your money, the minimum deposit requirement, fees, federal deposit insurance, and customer ratings. Depending on your savings timeline and financial situation, you may opt for a traditional CD with a higher APY or a no-penalty CD with a lower rate. Additionally, looking at customer reviews and ensuring the bank is FDIC or NCUA-insured can help you make an informed decision.
CNET reviews CD rates based on the latest APY information from issuer websites, evaluating offerings from over 50 banks, credit unions, and financial institutions. The current banks included in CNET’s weekly CD averages offer a range of APYs and product offerings, ensuring accessibility and customer service satisfaction. Earnings are based on compounded interest annually, and as of January 10, 2025, the highest APYs ranged from 4.15% to 4.65% for various CD terms.
As CD rates have been fluctuating, keeping an eye on the market and staying informed on the latest offerings can help you make the most of your savings. By taking into account the various factors mentioned above and comparing rates from different institutions, you can secure a CD that fits your financial goals and timeline. With the current high APYs available, now may be a good time to consider opening a CD to maximize your earnings in a falling-rate environment.
