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Top CDs boast APYs more than three times the national average for some terms.
A certificate of deposit can be a smart way to protect your money from the ups and downs of the market. Your rate is fixed when you open a CD so your returns will stay the same regardless of what happens in the economy. At a time when tariffs, inflation and recession worries fill the news, this peace of mind can be especially valuable.
Today’s top CDs offer annual percentage yields as high as 4.40% — more than three times the national average for some terms. But we’ve seen rates tipping downward in recent weeks so if you’re thinking of opening a CD, doing it sooner rather than later could be a wise move.
Best CD rates this week
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.
Top perks of CDs
CDs offer many benefits, including:
Low risk: CDs held by an FDIC-insured bank or NCUA-insured credit union are protected for up to $250,000 per depositor, institution and account category. That means that if your bank fails, your money is safe. Other investments, like stocks, may potentially yield higher returns over the long term, but they’re also volatile, which means you could lose money at any time.
Guaranteed returns: Your APY is locked in when you open a CD, unlike with savings accounts, where interest rates can vary at any time. A CD’s fixed rate makes it easy to calculate how much interest you’ll earn over time and protects your funds from rate drops after you open your account.
Competitive rates: Traditional savings accounts offer minimal APYs, sometimes as low as 0.01%. Today’s top-yielding CDs have APYs of 4.50% or more, which can make a difference in your interest earnings and help your money keep pace with inflation.
Barrier to access: Many CDs, however, charge an early withdrawal penalty if you take your money out before the term ends. This can help you resist the urge to dip into your funds before you need them.
Want to keep your money more accessible? Check out a high-yield savings account
CDs have plenty of perks, but they’re not always the right fit for your needs.
“Right now, both a CD and a high-yield savings account are good options but you must remember a CD has a fixed term, whereas an HYSA offers more flexibility to access your money,” said Krisstin Petersmarck, a financial advisor at New Horizon Retirement Solutions. “The tradeoff is CDs offer a higher interest rate for your money to be locked in versus HYSAs that offer a lower interest rate.”
To determine if a CD is the right choice for your money, ask yourself the following questions:
When will you need your funds? You’ll pay a penalty if you take money out of a CD before it matures. In contrast, you can withdraw cash from a savings account at any time, free of charge (as long as you mind any monthly withdrawal limits).
How much do you have to deposit? Some CDs require a minimum deposit to open an account, typically $500 to $1,000. If you can’t find an account with an attractive APY for the amount you want to deposit, try looking into a high-yield savings account with a low or no minimum deposit.
Do you want to add money over time? Most CDs (though not all) only allow a one-time deposit. If you’d like to regularly add money to your savings over time, consider a high-yield savings account.
Do you need some discipline? If you’re worried you’ll be tempted to tap into your savings before you need it, a CD imposes an early withdrawal penalty, which can help give you pause.
💰You can earn up to 5% APY on today’s best high-yield savings accounts. Check out top savings rates now.
Methodology
CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service.
The current banks included in CNET’s weekly CD averages include Alliant Credit Union, Ally Bank, America First Federal Credit Union, American Express National Bank, Barclays, Bask Bank, BMO Alto, Bread Savings, Capital One, CFG Bank, CIT, CommunityWide Federal Credit Union, Discover, EverBank, First Internet Bank of Indiana, First National Bank of America, Forbright, LendingClub, Limelight Bank, Marcus by Goldman Sachs, MYSB Direct, NexBank, Quontic, Rising Bank and Synchrony.
*APYs as of April 25, 2025, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.
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