Top CD rates today: January 21, 2025 | There's still time to lock in up to 4.51% APY
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Key takeaways
- Today's highest CD rate across terms is 4.51 percent APY, offered for a six-month CD.
- For some CD terms, national averages are only yielding around one-third of the highest rates.
- Competitive CD APYs may decrease further, especially if the Federal Reserve cuts rates in 2025. Savers could still benefit from locking in high yields at this time.
Some savers who expect the Federal Reserve to lower interest rates further in 2025 are locking in a fixed yield now on a certificate of deposit (CD). Opening a CD now ensures you’ll reap the benefit of a high annual percentage yield (APY) for the entire length of the CD’s term.
As of today, the top APY across CD terms is 4.51 percent, which is offered on a six-month term from CIBC Bank USA. A minimum deposit of $5,000 is required. Among competitive CDs, shorter terms are earning higher APYs than longer ones in the current rate environment.
Check out Bankrate’s table below for the highest APY on CD terms from three months to five years, as well as how much $5,000 would earn for each term.
Today's CD rates by term
| CD term | Institution offering top APY | Highest APY | National average APY | Estimated earnings on $5,000 with top APY |
|---|---|---|---|---|
| 3-month | Quontic Bank | 4.50% | 1.26% | $55 |
| 6-month | CIBC Bank USA | 4.51% | 1.67% | $112 |
| 9-month | America First Credit Union | 4.40% | N/A | $164 |
| 1-year | Live Oak Bank | 4.40% | 1.75% | $220 |
| 18-month | TAB Bank | 4.16% | 1.82% | $315 |
| 2-year | America First Credit Union | 4.15% | 1.50% | $424 |
| 3-year | America First Credit Union | 4.15% | 1.42% | $649 |
| 4-year | America First Credit Union | 4.20% | 1.47% | $894 |
| 5-year | America First Credit Union | 4.25% | 1.42% | $1,157 |
Note: Annual percentage yields (APYs) shown are as of January 21, 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 to keep your money safe in a CD
When shopping around for a CD, be sure to go with one in which the funds are federally insured. This means you won’t lose your money if the financial institution were to fail. Choose a bank that’s insured by the Federal Deposit Insurance Corp. (FDIC) or a credit union insured by the National Credit Union Administration (NCUA). Under such federally insured institutions, CDs and share certificates are each insured for up to $250,000 per depositor, per insured bank or credit union, for each account ownership category.
Recent trends in top CD rates
Competitive CD APYs trended downward throughout 2024 and are decreasing so far in 2025. For example, the highest one-year CD APY at the start of January 2024 was 5.66 percent, whereas it was 4.40 percent on Jan. 21, 2025. Among the popular terms Bankrate monitors for this page, all rates saw steeper declines in the second half of 2024, as compared to the first half.
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.
- 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.
- 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.
- 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.
- 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.