CD rates are still high, especially for CDs with terms of six to 12 months. But today’s rates may not last long, as the Federal Reserve has signaled that it will cut the federal funds rate in the second half of 2025.
The Fed is holding steady as we brace for the impact of the Trump administration’s tariff hikes. However, rate cuts may come as soon as mid-June, so now looks like a good time to lock in today’s rates with a CD.
Here are some of the best CD rates you can find now.
|
Bank |
APY |
Term |
Minimum Deposit |
|---|---|---|---|
|
OMB |
4.65% |
7 Months |
$1,000 |
|
United Fidelity Bank |
4.60% |
10 Months |
$1,000 |
|
T Bank |
4.60% |
6 Months |
$500 |
|
Brilliant Bank |
4.55% |
9 Months |
$1,000 |
|
T Bank |
4.50% |
12 Months |
$500 |
Data source: Issuing banks. Rates are accurate as of April 22, 2025.
Why we chose these CDs
The CDs in our list above offer extremely competitive rates with APYs among the highest we found. They have low minimum deposits, allowing you to start with as little as $500, unlike some CDs that require a minimum deposit of $5,000 or more.
Additionally, these CDs are available nationwide and are offered by banks that anyone in the U.S. can join without dealing with the membership requirements a lot of credit unions impose. One final perk: Each of these CDs can be easily opened online, directly from the bank issuer’s website. It’s never been quicker to get started.
Should you open a CD now?
CD rates began to fall towards the middle of 2024 as the Fed reduced rates for the first time in four years. Even with this drop, CDs remain a strong option. The Fed is holding rates steady now, but further cuts are likely in the second half of this year.
Here’s why CDs are a good choice now:
- They provide stable and safe returns.
- They’re protected by FDIC insurance up to $250,000 per depositor, per bank.
- They safeguard against future rate drops during the CD term.
While CDs offer low-risk and steady returns, those with a longer investment timeline or more risk tolerance may want to consider investing in the stock market for more growth.
How to open a certificate of deposit
When you’re ready to open a CD, just follow these easy steps:
- Pick a bank: Look up banks to see which one offers the best CD rates and terms.
- Go online: Visit the bank’s site and find the Certificate of Deposit section under personal banking.
- Choose your CD: Select the CD that fits you and start the online application for a new account.
- Fill in details: Enter your personal info and pick a way to fund your CD from your bank account.
- Check terms and apply: Read the CD terms, especially about any early withdrawal fees, then submit your application.
- Note maturity date: Mark on your calendar when your CD matures so you know when you need to either withdraw or reinvest your money.
That’s all it takes!
Remember, each CD allows only one deposit. Plan your amount wisely. When you’re ready, click here to explore the best CD rates and open a high-yield CD today.
Earn up to 4.40% APY without locking up your cash
The best high-yield savings accounts offer more flexibility, less commitment, and allow you to:
- Deposit and withdraw money whenever you want.
- Quickly transfer money to other accounts.
- Leave your cash on deposit as long (or not) as you want.
Savings accounts have changing interest rates, so banks can adjust your rate whenever they want. However, high-yield savings accounts now offer great rates similar to the top CDs, so you can keep flexibility without losing much interest.