CD rates are hot right now, especially on six to 12-month terms, with top rates hovering between 4.50% and 4.65%.
With Fed cuts possible soon, now’s the time to act. If you want the best deals, don’t delay. Lock in a CD today, before potential rate drops.
Check out the top CD rates we found for April 19.
|
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 18, 2025.
Should you open a CD now?
With the Federal Reserve’s most recent decision in March to hold rates steady, competitive CD rates look to be around for at least a while longer. Though experts still expect one or two cuts before the end of the year.
If any of the following are true for you, it could be a great time to open a CD:
- You are seeking a secure, guaranteed return on your cash.
- You’re concerned about possible interest rate reductions later this year and want to lock in a competitive rate now to protect your savings.
- You won’t need to touch your cash for a while and are confident committing it for the full CD term.
The best CDs are covered by FDIC insurance. This safeguards deposits up to $250,000 per individual, per bank, in case a bank fails. Although CD investments carry minimal risk, alternative investments — such as the stock market — could offer higher returns, especially over the long term.
How to open a CD
When you’re ready, you can open a CD in just a few simple steps:
- Shop around and compares rates to find the best APY for the term you want.
- Read the fine print and make sure you can meet any minimum deposit requirements.
- Apply for your new CD on the bank’s website or mobile app, or over the phone. You’ll likely be approved and ready to invest in minutes.
- Link an existing bank account to transfer funds to a new CD.
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.
Once you’ve opened your CD, keep an eye on its maturity date. When a CD matures, the bank will typically do one of two things unless you say otherwise:
- Pay out your initial deposit plus your earnings as cash
- Reinvest your funds in a new CD with the same term (but potentially a different APY)
Most banks give you a grace period of seven to 10 days after the CD’s maturity date to make a decision.
Earn up to 4.40% APY without locking up your cash
If you want to earn a high APY with more flexibility and less commitment, a high-yield savings account will allow you to deposit and withdraw money whenever you want and transfer money to other accounts quickly and easily. You can leave your money in the account as long as you want, with no time requirement.
Unlike CDs, savings accounts have variable rates, meaning they can change any time at the issuer’s discretion. But right now, high-yield savings account rates are nearly on par with the best CD rates, making either one a great choice, depending on your savings goals.