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Best CD Rates Today -- Maximize Your Earnings With These Top Accounts, April 9, 2024

You can still find CD rates at high as 5.35% APY – if you know where to look.

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Key takeaways

  • Today’s best CDs offer APYs as high as 5.35%.
  • Your APY is locked in when you open a CD account, so your earnings stay the same even if rates drop.
  • With rates on the way down, now’s the time to secure a still-high APY and boost your earning potential.

Certificate of deposit rates remain attractive, with top CDs currently offering up to 5.35% annual percentage yield, or APY. That’s more than three times the national average for some terms.

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“CD rates have held up nicely,” said Faron Daugs, CFP, founder and CEO at Harrison Wallace Financial Group. “[Today’s] rates allow an investor to collect reasonable interest with dollars that might otherwise be idly sitting in low-interest savings accounts.”

But rates have been falling since the end of 2023, and experts expect this trend will continue. So, the longer you wait to open a CD, the less interest you stand to earn. By opening a CD today, you can lock in a still-high APY for the CD’s entire term and protect your earnings from further rate drops.

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 year5.35%NexBank$267.50
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 9, 2024, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.

Where CD rates have been -- and where they’re going

CD rates are influenced by the federal funds rate, which determines how much it costs banks to borrow and lend money to each other. The Federal Reserve regularly adjusts this rate to stimulate the economy and keep inflation in check. When the federal funds rate goes up, banks tend to raise their rates on consumer products like savings accounts and CDs to boost their cash reserves.

From March 2022 to July 2023, the Fed raised the federal funds rate to combat rampant inflation -- and CD rates followed suit. But the central bank has paused rates at its last five meetings, and experts expect it will begin cutting rates later this year. As a result, CD rates have been steadily declining.

CD rates may fluctuate for other reasons as well. For example, banks might boost rates to remain competitive and attract new customers.

Here’s where rates stand compared to last week:

TermCNET average APYWeekly change*Average FDIC rate
6 months4.79%-1.64%1.52%
1 year4.98%No change1.81%
3 years4.08%No change1.38%
5 years3.95%-0.25%1.38%
APYs as of April 9, 2024. Based on the banks we track at CNET.
*Weekly percentage increase/decrease from April 1, 2024, to April 8, 2024.

With APYs on the downward trend, the sooner you open an account, the higher the rate you can lock in -- and the more interest you’ll earn.

“If you have a timeframe that equals the term of the CD, lock in these higher rates now, as I do see rates starting to decline in the next six months,” said Daugs.

Top reasons to open a CD today

With rates as high as they’re expected to go, now’s the time to open a CD and lock in a high APY. But that’s not the only reason to open an account today. CDs offer attractive benefits in any rate environment.

CDs are insured up to $250,000 per person, per bank, as long as the bank is insured by the Federal Deposit Insurance Corporation. Credit unions offer the same protection through the National Credit Union Administration. That means your money is safe up to the deposit limits 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 don’t. 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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