If one of your New Year’s resolutions is to save more money, today’s best CDs can help you pad your savings even more.While annual percentage yields, or APYs, on savings accounts fluctuate, rates on CDs are locked in for the duration of the term. This is crucial amid the current declining savings rate environment since the Federal Reserve began cutting interest rates in September.The best CDs currently offer up to 4.70% APY — more than twice the national average for some terms. APYs are expected to drop further in the New Year. So by locking in a high interest rate now, you can increase your earning potential. 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 6 months 4.70%Rising Bank$117.501 year 4.50%Limelight Bank$225.003 years 4.15%America First Credit Union$648.695 years 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.Don’t wait too long before opening a CDAlthough the days of sky-high CD rates may be over, 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.In recent years, the Fed hiked rates 11 times to fight record inflation, and CD rates soared, reaching 5.65% APY for the banks we track at CNET. Since the Fed started cutting its benchmark interest rate in the fall, savings rates have come down considerably. CDs offer the ability to lock in a fixed rate for a specified term, so your APY won’t drop even if the Fed continues to lower interest rates. Locking in a high APY now can protect your earnings from additional fluctuations among banks. Today’s top APY of 4.70% is still more than double the national average for some terms.How CD rates have changed in the last week 6 months 4.09%4.09%0.00%1 year 4.03%4.03%0.00%3 years 3.50%3.50%0.00%5 years 3.45%3.45%0.00% Consider these factors when deciding on a CDA 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
Gio. Gen 9th, 2025
