Savings rates on high-yield savings accounts and CDs began rising in March 2022, when the Fed started hiking interest rates in an attempt to combat high inflation. But as inflation slowed and the central bank paused its rate-hiking campaign, rates on savings accounts began to slip, and they fell even further when the Fed finally cut rates at its September meeting.
However, many top-earning accounts still offer solid APYs. So if you act fast, you can invest your cash in a CD with a high rate of return. More rate cuts are expected later this year and throughout 2025, so opting for a longer-term CD could be a smart move. Just be sure you won't need to access your cash until the CD matures.
Here are some of the best CD rates available now, sorted by term length. Plus use our tool, in partnership with Bankrate, which automatically updates the rates ensuring you get the most up-to-date CD rates available.
Best 3-month CD rates
Short-term CDs, like 3-month or 6-month CDs, can be good options for individuals who don’t want to commit to having their cash tied up for long periods of time. However, it’s important to compare rates across accounts to be sure you’re getting the best return on your cash. For instance, you are likely to get a similar, or even higher, APY when opening a high-yield savings account or money market account.
With these more flexible savings vehicles, you won’t have to wait long to withdraw funds from your account. But they can have a downside: it is easier to make impulse purchases with cash in a high-yield savings account than cash that is tied up in a CD.
Digital Federal Credit Union
APY: 5.00%
Minimum deposit: $25,000
Bask Bank
APY: 4.65%
Minimum deposit: $1,000
Brilliant Bank
APY: 4.60%
Minimum deposit: $1,000
TotalBank
APY: 4.91%
Minimum deposit: $25,000
Dow Credit Union
APY: 4.75%
Minimum deposit: $500
Banesco USA
APY: 4.50%
Minimum deposit: $1,500
Popular Direct
APY: 4.40%
Minimum deposit: $10,000
Merchants Bank of Indiana
APY: 4.50%
Minimum deposit: $1,000
Best 6-month CD rates
Barclays
APY: 4.50%
Minimum deposit: $0
Bank5 Connect
APY: 4.85%
Minimum deposit: $500
Newtek Bank
APY: 5.25%
Minimum deposit: $2,500
TotalBank
APY: 4.85%
Minimum deposit: $25,000
ableBanking
APY: 4.70%
Minimum deposit: $5,000
Bask Bank
APY: 4.45%
Minimum deposit: $1,000
Vibrant Credit Union
APY: 5.00%
Minimum deposit: $5
Mountain America Credit Union
APY: 4.65%
Minimum deposit: $500
Best 1-year CD rates
CDs are good options for particular savings goals, like future purchases or events. For example, if you want to purchase a new vehicle in three years, then keeping your cash in a 3-year CD makes sense. Or maybe you’re saving for next year’s vacation, so putting your cash in a 1-year CD account will help you maximize your savings with little effort.
Remember: you won’t be able to access your cash once it’s put into a CD account (unless you opt for a no-penalty CD account). For this reason, cash you’ll need access to, like savings in an emergency fund should be saved elsewhere.
You may also want to open a number of CDs with varying maturity dates if you’re building a CD ladder. With this strategy you stagger, or "ladder," maturities so that some are always coming due in the near future. For example, if you have $10,000 to invest, you could split it equally into five “rungs,” putting $2,000 into CDs with maturity dates a year apart.
So, $2,000 in a 1-year CD, $2,000 in a 2-year CD and so on. When each CD matures, you’ll invest your cash, plus any earned interest, into another 5-year CD. You’ll then be left with five 5-year CDs, with one maturing each year, providing a consistent cash flow.
See Kiplinger's full list of top earning 1-year CD rates.
Mountain America Credit Union
APY: 4.15%
Minimum Deposit: $500
First Community Credit Union
APY: 4.25%
Minimum Deposit: $500
Northpointe Bank
APY: 3.25% (11 months)
Minimum Deposit: $25,000
Limelight Bank
APY: 4.50%
Minimum Deposit: $1,000
Bread Financial
APY: 4.30%
Minimum Deposit: $1,500
Best 2-year CD rates
EFCU Financial
APY: 4.00%
Minimum Deposit: $500
Lafayette Federal Credit Union
APY: 3.96%
Minimum Deposit: $500
Colorado Federal Savings Bank
APY: 4.00%
Minimum Deposit: $5,000
Connexus Credit Union
APY: 3.92%
Minimum Deposit: $5,000
Bayer Heritage Federal Credit Union
APY: 3.82%
Minimum Deposit: $100
Best 3-year CD rates
See Kiplinger's full list of top earning 3-year CDs.
Lafayette Federal Credit Union
APY: 3.85%
Minimum Balance: $500
Securityplus Federal Credit Union
APY: 4.00%
Minimum Balance: $1,000
MYSB Direct
APY: 4.00%
Minimum Balance: $500
Credit Human
APY: 4.00%
Minimum Balance: $500
The Federal Savings Bank
APY: 3.95%
Minimum Balance: $5,000
TAB Bank
APY: 3.60%
Minimum Balance: $1,000
Synchrony
APY: 3.90%
Minimum Balance: $0
INOVA Federal Credit Union
APY: 4.00%
Minimum Balance: $200
Best 4-year CD rates
Securityplus Federal Credit Union
APY: 4.00%
Minimum Balance: $1,000
Lafayette Federal Credit Union
APY: 3.75%
Minimum Balance: $500
Credit Human
APY: 4.00%
Minimum Balance: $500
Mountain America Credit Union
APY: 3.90%
Minimum Balance: $500
The Federal Savings Bank
APY: 3.80%
Minimum Balance: $5,000
Best 5-year CD rates
A major benefit of opening a long-term CD is that you’ll be able to lock in rates while they’re high. Unlike rates on high-yield savings accounts, which vary with the market, rates on CDs are locked in when you open the account. For this reason, if you open a 5-year CD and then savings rates drop shortly after, your APY won’t be affected.
The downside, however, is that your cash will be tied up for many years. If you needed to access this cash, the withdrawal fee could offset a good portion of any interest earned.
See Kiplinger's full list of top earning 5-year CDs.
Lafayette Federal Credit Union
APY: 3.70%
Minimum Balance: $500
Northpointe Bank
APY: 3.70%
Minimum Balance: $1,000
Mountain America Credit Union
APY: 3.90%
Minimum Balance: $500
Securityplus Federal Credit Union
APY: 4.00%
Minimum Balance: $1,000
Marcus by Goldman Sachs
APY: 3.60%
Minimum Balance: $500
EFCU Financial
APY: 3.75%
Minimum Balance: $500
BMO Alto
APY: 4.00%
Minimum Balance: $0
Bottom line
At their latest meeting, the Federal Reserve cut interest rates.
For this reason, now's a great time to lock in CD rates while they're still high. But make sure you won't need access to your cash before the CD's maturity date, or you'll offset any earnings by paying the early withdrawal fee.
