Find out which banks are offering the best CD rates right now. If you’re looking for a secure place to store your savings, a certificate of deposit (CD) may be a great choice. These accounts often provide higher interest rates than traditional checking and savings accounts. However, CD rates can vary widely.
Learn more about where CD rates stand today and how to find the best rates available.
CD rates are relatively high compared to historical averages. That said, CD rates have been on the decline since last year when the Federal Reserve began cutting its target rate. The good news is that several financial institutions offer competitive rates of 4% APY and up, particularly online banks.
As of August 14, 2025, the highest CD rate is 5.5% APY, offered by Gainbridge® on its 5-year CD. There is a $1000 minimum opening deposit required.
Here is a look at some of the best CD rates available today from our verified partners:
The Federal Reserve recently began decreasing the federal funds rate in light of slowing inflation and an overall improved economic outlook. It cut its target rate three times in late 2024 by a total of one percentage point.
The Fed has indicated it will continue cutting its target rate in 2025. However, it now projects a total of three cuts, down from its previous projection of four.
The federal funds rate doesn’t directly impact deposit interest rates, though they are correlated. When the Fed lowers rates, financial institutions typically follow suit (and vice versa). So now that the Fed has lowered its rate, CD rates are beginning to fall again. That’s why now may be a good time to put your money in a CD and lock in today’s best rates.
The process for opening a CD account varies by financial institution. However, there are a few general steps you can expect to follow:
