It’s time to secure a high APY level. CD prices today, December 23, 2024

A certificate of deposit can be a great place to store cash that you don’t need to touch for a while. If you’re in the market for a CD, there’s no better time than the present to open a CD.

You can still earn up to 4.70% annual yield, or APY, with today Top CDs. This is more than double National average For some terms. APYs have been declining for several months, and… The latest interest rate cut by the Federal Reserve Meaning they will likely keep falling. So, the earlier you open the CD, the better the price you can lock in – and the more profitable your potential will be.

Here are some of the highest CD rates at the moment and how much you can earn by depositing $5,000.

Today’s best CD prices

condition	Highest APY*	Bank	Estimated profits
6 months	4.70%	Rising bank	$117.50
1 year	4.47%	Nex Bank	$223.50
3 years	4.15%	First American Credit Union	$648.69
5 years	4.25%	First American 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 the best CNET Partners rate for your area.

Why is it time to open a CD?

The days of high CD rates may be over, but it’s still smart to lock in a high APY with one of today’s best accounts.

The Fed’s actions play a major role in where banks place their CDs and Savings account APYs. When the Fed raises the federal funds rate, banks tend to raise APYs on these accounts. When they lower the federal funds rate, banks reduce their APYs.

The Fed raised interest rates 11 times from March 2022 to July 2023 to fight record inflation, and certificate of deposit rates rose, reaching 5.65% year over year for the banks we track at CNET. Since then, interest rates have fallen significantly, especially after the Federal Reserve lowered interest rates at its last three meetings. Today’s high APY of 4.70% is still more than double the level National average For some terms. With the Fed expected to issue further interest rate cuts in 2025, holding a high APY now can protect your profits from additional interest rate declines.

How have CD prices changed in the past week?

condition	CNET Average APY last week	CNET Average APY**	Weekly change***
6 months	4.14%	4.15%	0.0024
1 year	4.07%	4.08%	0.24
3 years	3.52%	3.52%	No change
5 years	3.46%	3.46%	No change

How to choose the best CD for you

A 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 as well:

• When you’ll need your money: Penalties for early withdrawal It could eat into your interest earnings. So make sure you choose a term that fits your savings timeline. Alternatively, you can select A CD without penaltyalthough the APY may not be as high as you would get with a traditional CD with the same term.
• Minimum deposit requirements: Some CDs require a minimum to open an account – usually between $500 and $1,000. Others don’t. The amount of money you have to set aside can help you narrow down your options.
• expenses: Maintenance and other fees can eat into your profits. a lot Online banks They do not charge fees because their overhead costs are lower than banks with physical branches. However, read the fine print of any account you’re evaluating.
• Federal deposit insurance: Make sure which bank or Credit union Are you considering becoming a member of the FDIC or NCUA so your money is protected? If the bank fails.
• Customer ratings and reviews: Visit sites like Trustpilot to see what customers are saying about the bank. You want a bank that is responsive, professional, and easy to work with.

methodology

CNET reviews CD prices based on the latest APY information from source sites. 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.

Current banks included in CNET’s weekly CD averages include Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct, Quontic , Rising Bank, Synchrony, Everbank, Popular Bank, First Internet Bank of Indiana, First American Federal Credit Union, Federal Credit Union Community, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America and Connexus Credit Union.

*APYs as of December 20, 2024, based on banks we track at CNET. Earnings are based on APYs and assume interest compounded annually.

**Weekly percentage increase/decrease from December 9, 2024 to December 16, 2024.

More about CDs