High rates on certificates of deposit are no longer in fashion. The best CDs today offer an annual interest rate of up to 5.25%, but rates have been falling for months. And with the Federal Reserve expected to cut rates at its September meeting, APYs have fallen even faster in recent weeks.

There’s still time to lock in a great APY and protect your earnings from further rate cuts, but the longer you wait, the less you can earn. Here’s where you can get one of the highest CD interest rates available today and maximize your earnings.

Today’s best CD rates

These are some of the highest interest rates currently available on the best CDs and how much you could earn if you deposit $5,000 now:

Experts recommend comparing interest rates before opening a CD account to get the best APR possible. Enter your information below to get the best rate from CNET partners for your area.

Why now is the time to open a CD

The Fed regularly adjusts the benchmark interest rate to stabilize the economy. This interest rate determines how much it costs banks to borrow money and lend money to each other, so banks tend to follow the Fed’s lead.

When the Fed began raising rates in March 2022 to combat runaway inflation, APYs on CDs shot up. When inflation showed signs of cooling, the Fed kept rates stable eight times starting in September 2023, and APYs also remained largely stable.

In recent months, APYs have fluctuated as banks anticipated a rate cut that Fed Chairman Jerome Powell said “could be on the table at the September meeting.”

Here you can see the CD rates compared to last week:

After this week’s consumer price index report showed that inflation continues to cool, that cut seems even more likely. That means banks will likely continue to cut interest rates on all CD terms. In other words, the sooner you lock in a high APY, the higher your earning potential could be.

How to find the best CD for you

A competitive APR is important, but there are other things to consider when comparing CDs to get the best product for your needs:

• When you need your money: Penalties for early withdrawals can reduce your interest earnings, so be sure to choose a term that fits your savings plan. Alternatively, you can choose a CD with no penalties, although the APR may not be as high as a traditional CD with the same term.
• Minimum deposit: Some CDs require a minimum amount to open an account—typically $500 to $1,000. Others don’t. Knowing how much money you need to set aside can help you narrow down your options.
• Fees: Account maintenance and other fees can eat into your earnings. Many online banks don’t charge fees because they have lower overhead costs than banks with physical branches. Still, read the fine print on any account you’re considering.
• Nationwide deposit protection: Make sure the bank or credit union you are considering is a member of the FDIC or NCUA so your money is protected in the event of the bank’s bankruptcy.
• 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 hassle-free.

methodology

CNET reviews CD rates based on the latest APY information from issuers’ websites. We’ve evaluated CD rates from more than 50 banks, credit unions and financial companies. We rate CDs based on APYs, product offerings, accessibility and customer service.

The current banks included in CNET’s weekly CD averages are: 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, Connexus Credit Union.