Elena Terrazas Chesney
If you're searching for a risk-free way to grow your money, certificates of deposit are a wise option to consider. The best CD rates help you reach your savings goal while outpacing inflation.
Furthermore, you'll receive a fixed interest rate that doesn't change throughout the term, and they offer guaranteed returns.
With interest rates still above historical averages, CDs present an appealing opportunity for savers to lock in solid yields without taking on market risk. Whether you're building an emergency fund or setting aside cash for a short-term goal, today’s top CDs can help you preserve your principal while earning predictable growth.
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Best 3-month CD rates
Short-term CDs, such as 3-month or 6-month CDs, can be good options for individuals who don’t want to commit to having their cash tied up for long periods of time. If you have shorter savings goals, such as a vacation or purchases you don't want to use credit for, you can earmark money now for those goals.
However, it’s important to compare rates across accounts to be sure you’re getting the best return on your cash. For instance, you're likely to get a similar, or even higher, APY when opening a high-yield savings account or money market account.
With these more flexible savings vehicles, you won’t have to wait long to withdraw funds from your account. But they can have a downside: It's easier to make impulse purchases with cash in a high-yield savings account than with cash that is tied up in a CD.
Account | APY | Min. Opening Deposit |
|---|---|---|
4.15% | $500 | |
4.06% | $1,000 | |
4.00% | $1,000 | |
3.90% | $10,000 | |
3.75% | $500 |
Best 6-month CD rates
Account | APY | Min. Opening Deposit |
|---|---|---|
4.15% | $5 | |
4.10% | $2,500 | |
4.10% | $25,000 | |
3.95% | $1,000 | |
3.80% | $500 |
Best 1-year CD rates
One-year CDs are smart vehicles if you want to park your money and forget about it, while you wait to see how the market goes moving forward.
Remember: You won’t be able to access your cash once it’s put into a CD account (unless you opt for a no-penalty CD account). For this reason, cash you’ll need to access, such as savings in an emergency fund, should be saved elsewhere.
You might also want to open a number of CDs with varying maturity dates if you’re building a CD ladder. With this strategy, you stagger, or "ladder," maturities so that some are always coming due shortly.
For example, if you have $10,000 to invest, you could split it equally into five “rungs,” putting $2,000 into CDs with maturity dates a year apart: $2,000 in a 1-year CD, $2,000 in a 2-year CD and so on.
When each CD matures, you’ll invest your cash, plus any earned interest, into another 5-year CD. You’ll then have five 5-year CDs, with one maturing each year, providing a consistent cash flow.
See Kiplinger's full list of top earning 1-year CD rates.
Account | APY | Min Deposit | Early Withdrawal Penalty |
|---|---|---|---|
4.05% | $1,000 | 3 months of interest | |
3.90% | $5,000 | 3 months of interest | |
3.85% | $500 | 3 months of interest | |
3.85% | $500 | 3 months of interest | |
3.85% | $1,000 | 3 months of interest |
Best 2-year CD rates
Account | APY | Min. Opening Deposit |
|---|---|---|
4.00% | $500 | |
3.80% | $5,000 | |
3.71% | $500 | |
3.65% | $100 | |
3.50% | $0 | |
3.50% | $2,500 |
Best 3-year CD rates
See Kiplinger's full list of top earning 3-year CDs.
Account | APY | Min Deposit | Early Withdrawal Penalty |
|---|---|---|---|
3.95% | $5,000 | 1 year of interest | |
3.87% | $500 | 3 months of interest | |
3.77% | $1,000 | 3 months of interest | |
3.75% | $200 | 6 months of interest | |
3.75% | $500 | 6 months of interest | |
3.66% | $500 | 1 year of interest | |
3.60% | $0 | 6 months of interest |
Best 4-year CD rates
Account | APY | Min. Opening Deposit |
|---|---|---|
4.05% | $500 | |
4.00% | $500 | |
3.80% | $500 | |
3.80% | $5,000 | |
3.61% | $500 | |
3.55% | $1,000 |
Best 5-year CD rates
A major benefit of opening a long-term CD is that you’ll be able to lock in rates while they’re high. Keep in mind that CDs come with fixed interest rates, so even if the Fed cuts rates again in the future, the rate you lock in will stand throughout your term.
Furthermore, five years is a great benchmark for mid-level savings goals. Whether you're helping your children save for a down payment on a home or taking that dream vacation, 5-year CDs can help you reach those goals.
See Kiplinger's full list of top earning 5-year CDs.
Account | APY | Min. Deposit |
|---|---|---|
4.00% | $500 | |
3.90% | $500 | |
3.90% | $500 | |
3.80% | $500 | |
3.80% | $5,000 | |
3.75% | $500 | |
3.60% | $1,000 | |
3.56% | $500 |
Bottom line on the best CD rates
The Federal Reserve cut rates for the third time this year at its December meeting. As such, CD rates are starting to drop.
That said, it doesn't mean you can't earn a high return. Some options still provide yields well over 4%, helping you reach your savings goals and outpace inflation.
Use the tool below to search and compare some today's top savings offers, powered by Bankrate:
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