Don’t Let High APYs Pass You By. Today’s CD Rates, Feb. 6, 2025

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Snooze and you might lose out on APYs up to 4.65%.

Kelly is an editor for CNET Money covering banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.

Key takeaways

Today’s best CDs earn up to 4.65% APY – more than twice the national average for some terms.The Fed has paused interest rates for now, but rate cuts are expected later this year.By locking in your APY today, you can maximize your earning potential.If you want a safe place to park your savings and earn some extra interest, a certificate of deposit can be a great solution. CDs are a low-risk, hands-off way to grow your money at a guaranteed rate — regardless of what’s going on in the larger economy.

Your annual percentage yield, or APY, is fixed when you open a CD, which means your returns stay the same throughout the CD’s term. And with the Federal Reserve expected to cut interest rates later this year, locking in your APY now can help protect your earnings. Today’s top CDs offer APYS up to 4.65% — more than twice the national average for some terms.

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

Today’s best CD rates Term Highest APY*BankEstimated earnings6 months 4.65%CommunityWide Federal Credit Union$114.931 year 4.45%CommunityWide Federal Credit Union$222.503 years 4.15%America First Credit Union$648.695 years 4.25%America First 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 CNET’s partners’ best rate for your area.

Why you should open a CD nowAPYs on CDs and savings accounts have been falling since the Fed cut interest rates three times at the end of 2024. But with inflation inching back up, the Fed chose to hold rates steady at its January meeting, and experts believe it will keep rates paused for a while. As a result, banks are hedging their bets by keeping CD rates relatively flat too, particularly given the uncertainty around the new administration’s policies.

“The Fed’s goal is to bring inflation down further, and if tariffs come into play, they could have an inflationary effect,” said Chad Olivier, certified financial planner and CEO of The Olivier Group. “Because of this uncertainty, I believe the Fed will take more of a wait-and-see approach before making any moves.”

By securing a high APY now, you can maximize your earning potential. Your APY is locked in when you open a CD, which means your rate of return will stay the same even when the Fed begins cutting the benchmark rate again.

💰You can earn up to 5% APY on the best high-yield savings accounts. Check out today’s rates. 

Average CD rates from week to week Term Last week’s CNET average APYThis week’s CNET average APYWeekly change**6 months 4.10%4.10%No change1 year 4.06%4.07%+0.25%3 years 3.54%3.55%+0.29%5 years 3.55%3.56%+0.28% How to choose the best CD for youA competitive APY is important, but it’s not the only thing you should consider. To find the right CD for you, weigh these things, too:

When you’ll need your money: Early withdrawal penalties on CDs can eat into your interest earnings if you need your money before the term ends, so choose a timeline that makes sense. Alternatively, you can select a no-penalty CD, although the APY may not be as high as you’d get with a traditional CD of the same term.Minimum deposit requirement: Some CDs require a minimum deposit to open an account, typically $500 to $1,000. Knowing how much money you have to set aside can help you narrow your options.Fees: Maintenance and other fees can cut into your savings. Many online banks don’t charge fees because they have lower overhead costs than banks with physical branches. Read the fine print for any account you’re evaluating.Safety and security: Make sure the bank or credit union you’re considering is an FDIC or NCUA member 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’s responsive, professional and easy to work with.MethodologyCNET reviews CD rates based on the latest APY information from issuer websites. 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.

The 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, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America and Connexus Credit Union.

*APYs as of Feb. 5, 2025, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.

**Weekly percentage increase/decrease from Jan. 27, 2025, to Feb. 3, 2025.

More on CDsIf You Deposit $10,000 Into a CD, Here’s How Much You’ll EarnThis Shockingly Simple Trick Doubled My Savings in One YearThe Fed Paused Rates. Here’s What That Means for CD and Savings Account APYs