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Best CD Rates Today -- Score up to 5.4% APY With These Top Accounts, April 4, 2024

Don't wait to lock in one of today's top CD rates. APYs are already on the way down.

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If you’ve been thinking of opening a certificate of deposit, now’s the time to do it. CD rates have been on the way down for months, and experts expect they’ll continue dropping as banks wait to see what the Federal Reserve does next with rates.

hand holding money fanned out
Zooey Liao/CNET

Today’s top CDs offer annual percentage yields, or APYs, up to 5.4% -- nearly three times the national average for some terms. And since your APY is locked in when you open a CD, opening one today will protect your earnings from future rate drops. But the longer you wait, the less interest you stand to earn.

Here’s where you can find today’s highest CD rates.

Key takeaways

  • Today’s best CDs offer APYs up to 5.4%.
  • Opening a CD now lets you secure a high rate that will stay the same over the entire CD term.
  • Rates are high across all CD terms, but short-term CDs currently outperform long-term ones.

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.

Today’s best CD rates

Here are some of the top CD rates available right now and how much you could earn by depositing $5,000 right now:

TermHighest APYBankEstimated earnings
6 months5.31%Rising Bank$131.03
1 year5.40%CFG Bank$270.00
3 years4.66%First Internet Bank of Indiana$732.08
5 years4.55%First Internet Bank of Indiana; First National Bank of America$1,245.83
APYs as of April 4, 2024, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.

Short-term CDs pay more than long-term ones, but are they right for you?

Typically, short-term CDs (those with terms one year or under) have lower APYs than long-term CDs (those with terms over a year). That’s because banks want to encourage customers to keep their cash with them longer. But in light of the Federal Reserve’s latest rate decisions, short-term CDs offer better APYs right now.

The Fed regularly adjusts the federal funds rate to stimulate the economy and keep inflation in check. This rate determines how much it costs banks to borrow money from -- and lend money to -- each other. So, when the federal funds rate goes up, banks tend to raise their rates on consumer products like savings accounts and CDs to pad their cash reserves.

After two years of steadily raising the federal funds rate to fight rampant inflation, the Fed has chosen to keep rates the same at its last five meetings, and experts expect it will begin cutting rates later this year. As a result, banks may be hesitant to lock customers into a high APY on long-term CDs.

Here’s where rates are compared to last week:

TermCNET average APYWeekly change*Average FDIC rate
6 months4.79%+0.41%1.52%
1 year4.98%-0.80%1.81%
3 years4.08%No change1.38%
5 years3.95%No change1.38%
APYs as of April 4, 2024. Based on the banks we track at CNET.
*Weekly percentage increase/decrease from March 25, 2024, to April 1, 2024.

However, while short-term CDs currently offer better APYs, that doesn’t mean you won’t benefit from opening a longer-term CD today. With rates on the way down across the board, today’s top APYs for any term may be the highest you’ll see all year. Ultimately, it comes down to your savings timeline. If you need to access your funds before the term is up, you’ll likely face an early withdrawal penalty, which can negate any extra interest you might have earned from a higher APY.

“The terms I recommend are all terms as long as one can plan to keep the funds invested for the entirety of the term and not pay the penalty to withdraw early,” said Dana Menard, CFP, founder and lead financial planner at Twin Cities Wealth Strategies.

Benefits of opening a CD now

With rates as high as they’re expected to go, now’s the time to open a CD and lock in a great APY. Your rate is fixed when you open a CD, so your earnings will stay the same over the entire term. But that’s not the only reason to open an account today. CDs offer attractive benefits in any rate environment.

CDs are protected by federal deposit insurance if they’re held at banks covered by the Federal Deposit Insurance Corporation or credit unions insured by the National Credit Union Administration. That means your money is safe up to $250,000 per person, per institution if the bank fails.

Plus, unlike investments such as stocks, CDs are low-risk. You won’t lose your principal deposit unless you run into early withdrawal penalties, which you can easily avoid by choosing the right term.

How to choose the best CD for you

In addition to a competitive APY, here’s what you should consider when comparing CD accounts:

  • How soon you’ll need your money: Early withdrawal penalties can chip away at your interest earnings. So, be sure to choose a term that fits your savings timeline. You should be comfortable leaving your money untouched for the entire term.
  • Minimum deposit requirement: Some CDs require a certain amount to open an account -- typically, $500 to $1,000. Others do not. How much money you have to set aside can help you narrow down the right account for you.
  • Fees: Fees can eat into your earnings. Many online banks don’t charge maintenance fees because they have lower overhead costs than banks with physical branches. Still, read the fine print for any account you’re evaluating.
  • Federal deposit insurance: Make sure any institution you’re considering is an FDIC or NCUA member so your money is protected if the bank fails.
  • Customer ratings and reviews: Check out sites like Trustpilot to see what customers are saying about any bank you’re considering. You want to know that the bank is responsive, professional and easy to work with.


CNET 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 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.

Kelly is an editor for CNET Money focusing on 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.
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