Top CD rates today: April 24, 2025 | There's still time to lock in up to 4.50% APY
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Key takeaways
- Today's leading CD rate across terms is 4.50 percent APY, offered on a six-month CD.
- For some CD terms, national averages are yielding less than half the highest rates.
- After cutting its benchmark federal funds rate three times in 2024, the Federal Reserve has left the rate untouched in 2025. CD APYs declined in response to the Fed's cuts, yet they remain historically high.
April is shaping up to be the third consecutive month in which we’ve seen few decreases in top certificate of deposit (CD) rates. One likely reason is the Federal Reserve hasn’t changed its federal funds rate this year. Banks tend to lower their annual percentage yields (APYs) when the Fed cuts this key rate — which it may do multiple times yet in 2025.
“The Federal Reserve is expected to reduce the short-term benchmark rate as many as three to four times this year,” says Derik Farrar, head of personal deposits at U.S. Bank. “While CD rates are dependent on multiple factors, it is likely that CD promotional terms will remain relatively short while rate offers will decline with the Fed rate reductions.”
Such promotional CDs are commonly offered in irregular, short term lengths — and they typically earn higher APYs than their standard-term counterparts. Examples of such CDs offered in one or more markets include:
- Four-month CD Special from Wells Fargo
- Five-month CD Special from U.S. Bank
- Seven-month Featured CD from Bank of America
Among common standard CD terms Bankrate monitors, the highest APY remains 4.50 percent, which is available on a six-month term. Slightly lower APYs can be found on longer terms. The table below shows highest APYs on terms between three months and five years, as well as how much $10,000 will earn in each of these CDs.
Today's top CD rates by term
| Term | Institution | Highest APY | National average APY | Minimum deposit | Estimated earnings on $10,000 |
|---|---|---|---|---|---|
| 3-month | Popular Direct | 4.40% | 1.42% | $10,000 | $108 |
| 6-month | Bread Savings | 4.50% | 1.91% | $1,500 | $223 |
| 9-month | CIBC Bank USA | 4.31% | N/A | $1,000 | $322 |
| 1-year | Popular Direct | 4.35% | 2.02% | $10,000 | $435 |
| 18-month | TAB Bank | 4.16% | 2.25% | $1,000 | $630 |
| 2-year | SchoolsFirst Federal Credit Union | 4.15% | 1.78% | $500 | $847 |
| 3-year | America First Credit Union | 4.15% | 1.70% | $500 | $1,297 |
| 4-year | America First Credit Union | 4.20% | 1.82% | $500 | $1,789 |
| 5-year | Synchrony Bank | 4.15% | 1.70% | $0 | $2,255 |
Note: Annual percentage yields (APYs) shown are as of April 24, 2025. APYs for some products may vary by region.
N/A: Not available; Bankrate doesn’t track national averages for the 9-month CD term due to limited available data. Estimated earnings are based on the highest APYs and assume interest is compounded annually.
How much $10,000 could earn you in a one-year CD
Currently, the highest offering on a one-year CD is 4.35 percent APY. According to Bankrate’s CD calculator, if you invest $10,000 you would earn $435 in interest within a year.
The highest one-year CD APY is currently more than twice the national average for a one-year term. While the top one-year APY has decreased from 5.36 percent one year ago, it’s still comparable with many high-yield savings accounts — and it’s still outpacing the rate of inflation.
CD inverted yield curve
Historically, longer-term CDs have often earned higher APYs than their shorter-term counterparts. In recent times, however, some shorter terms are earning higher APYs than longer ones. For instance, the highest one-year CD’s APY is currently greater than that of the top five-year CD. This has been the case for more than two years.
Higher APYs may make shorter terms more attractive to some savers, although keeping your money in a slightly-lower-earning CD with a longer term could earn you more in total interest, thanks to compound interest.
CD glossary
Here are some terms you’ll likely come across when choosing a CD.
- Add-on CD: An add-on CD enables you to make additional deposits after your initial investment. This feature affords more flexibility than traditional CDs, which only allow one deposit at the beginning of the term.
- Annual percentage yield (APY): A percentage that indicates how much interest a CD earns in one year, which takes into account the effect of compounding.
- Brokered CD: A type of CD issued by a bank but sold through a brokerage firm or other financial institution.
- Bump-up CD: Also known as a “raise-your-rate CD,” a bump-up CD provides savers with the option to increase the CD’s APY without having to change its term. Generally, only one rate increase is allowed during its term.
- CD ladder: An investment strategy that involves purchasing multiple CDs with varying maturity dates to provide liquidity and take advantage of higher rates.
- Early withdrawal penalty: A fee charged if funds are withdrawn from a CD before the maturity date. Penalties often range anywhere from 90 days to 365 days’ worth of interest.
- Grace period: A specific time after the maturity date during which an account holder can make changes to the CD without penalties. A grace period typically ranges from five to 14 days.
- IRA CD: A CD that’s held within an individual retirement account.
- Jumbo CD: A CD that has a high minimum balance requirement, typically $100,000, sometimes as low as $95,000. This type of CD tends to offer a higher interest rate than regular CDs with the same term.
- Minimum opening deposit: The lowest amount of money required to open a CD account, which can vary by institution. Some institutions don’t have a minimum deposit requirement.
- No-penalty CD: A type of CD that allows you to withdraw your money without facing a penalty while providing a fixed APY.
- Promotional CD: Also known as a bonus or special CD, it’s a CD with an above average APY. These may be offered by banks and credit unions as a way to obtain new customers.
- Share certificate: At credit unions, CDs are often referred to as share certificates.