Don’t let high APYs pass you by. CD prices today, December 27, 2024

There is still time to maximize your returns with a certificate of deposit, but the key is to act now.

Certificate of deposit prices have fallen since the Federal Reserve began cutting interest rates in September, and will likely continue to fall after that Latest Fed cuts. You can still earn up to 4.70% annual return with today Best CDs. Since your APY is locked when you open a CD, opening a CD now will protect your potential profits from further price declines.

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	4.50%	Limelight Bank	$225.00
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?

Although the days of high CD rates may be over, it’s still smart to secure 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.

In recent years, the Fed has raised interest rates 11 times to fight record inflation, and interest rates on certificates of deposit have been on the rise, reaching 5.65% annually for the banks we track at CNET. Since the Fed began cutting its benchmark interest rate in the fall, savings rates have fallen dramatically.

CDs provide the ability to lock in a fixed rate for a specified period, so your APY won’t decrease even if the Fed continues to lower interest rates. Locking in a high APY now can protect your profits from additional fluctuations between banks. Today’s high APY of 4.70% is still more than double the level National average For some terms.

How have CD prices changed in the past week?

condition	CNET Average APY last week	CNET Average APY**	Weekly change***
6 months	4.15%	4.09%	-1.45%
1 year	4.08%	4.03%	-1.22%
3 years	3.52%	3.50%	-0.57%
5 years	3.46%	3.45%	-0.29%

APY isn’t the only thing to look for in a CD

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 24, 2024, based on banks we track at CNET. Earnings are based on APYs and assume interest compounded annually.

**Weekly percentage increase/decrease from December 16, 2024 to December 23, 2024.

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