Today, it’s possible to secure a short-term CD with an annual percentage yield (APY) of up to 4.65%. These CDs typically have terms of a year or less.
By opting to keep interest rates unchanged just over a week ago, the Federal Reserve essentially ensured that CD rates will continue to be attractive for the near future. Consequently, this moment presents a prime opportunity to lock in a CD while rates remain high.
Below, you’ll find a curated list of some of the most competitive CD rates currently available.
|
Bank |
APY |
Term |
Minimum Deposit |
|---|---|---|---|
|
OMB |
4.65% |
7 Months |
$1,000 |
|
DR Bank |
4.65% |
6 Months |
$500 |
|
MutualOne Bank |
4.59% |
6 Months |
$500 |
|
Brilliant Bank |
4.55% |
9 Months |
$1,000 |
|
LendingClub |
4.50% |
10 Months |
$2,500 |
|
NBKC Bank |
4.50% |
7 Months |
$1,000 |
Data source: Issuing banks. Rates are accurate as of March 26, 2025.
Why we chose these CDs
The selection of CDs above all caught our eye for the same reasons. Each of them meet the following criteria:
- Extremely competitive rates. Some CDs have slightly higher rates, but most come with a catch.
- Low minimum deposits. Some CDs require a minimum deposit of $5,000 or more, while the CDs above let you deposit as little as $500.
- Available nationwide. Some high-yield CDs are offered by regional credit unions that not everyone can easily join. The CDs above come from banks that anyone in the U.S. can join without jumping through hoops.
- Open online. All the CDs on our list can be opened quickly and conveniently on the bank issuer’s website, from the comfort of home.
Want to find the best CD for your timeline and goals? Explore top rates by term:
Should you open a CD now?
Despite a decline since mid-2024, CD rates remain elevated. Although the Federal Reserve has currently opted to hold the federal funds rate steady, experts widely predict that rate reductions are probable later in 2025.
Now could be a great time to lock in a CD if:
- You want safe, guaranteed returns on your cash
- You want to protect your savings from near-term interest rate cuts
- You have cash that you can leave untouched for the full CD term
The best CDs come with FDIC insurance, ensuring that deposits of up to $250,000 per individual, per institution, are secure. While investing in CDs carries almost no risk, alternative options such as the stock market may offer the potential for greater returns.
How to open a CD
Once you’re ready to open a CD, the process is fairly simple:
- Shop around with different financial institutions to find the highest APY for the term you want.
- Read the fine print and make sure you can meet the minimum deposit, if there is one, and ensure that you understand any early withdrawal penalties.
- Apply for a new account on the bank’s website, 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 your new CD. Remember that you can only make one deposit per CD, so have your full investment ready to transfer.
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 4.10% APY without locking up your money
If you want to earn a high APY with more flexibility and less commitment, look into a high-yield savings account.
With a high-yield savings account you can:
- Deposit and withdraw money whenever you want.
- Transfer money to other accounts quickly and easily.
- Simply deposit cash and leave it as long as you’d like.
Savings account rates are variable, meaning you don’t get the guarantee that you do with a CD. But right now, high-yield savings account rates are nearly on par with the best CD rates, making either one a great choice.