Top CD rates today: May 9, 2025 | Highest APY inches up to 4.41%

Like a savings account, a certificate of deposit (CD) is an account where you can stash some of your savings, usually risk free, and earn a nominal amount of interest. A CD differs in that it offers a fixed interest rate for the duration of its term. If you enroll in a CD at a time before interest rates fall, your CD’s rate remains the same for its term. What’s more, a CD rate can be higher than the rate on a standard savings account, although a CD usually requires that you commit your cash for the entire term, with early withdrawals resulting in a penalty.

When it comes to leading yields, the top rate for a six-month CD has increased slightly due to Rising Bank now offering 4.41 percent annual percentage yield (APY) for that term. We also swapped in Synchrony Bank as the three-year leader due to it being more widely available than the credit union that had appeared there before.

Bankrate monitors the top and average rates every weekday, and you’ll find today’s top CD rates in the table below.

Today's CD rates by term

Note: Annual percentage yields (APYs) shown are as of May 9, 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 open a CD account today

Once you’ve found the bank or credit union where you want to open your CD, you are ready to submit your application. Typically, you can do this online by navigating to the CD page and clicking on “Open a CD” or “Get Started”. Some institutions may require you to open a CD in a branch. Note that at credit unions, CDs are often referred to as share certificates.

You will need to enter personal information as you do when opening any bank account, including your name, Social Security number and contact information. You may also need a driver’s license or other identification for verification.

Once your account is open, it’s time to fund your account with at least the minimum balance required. You’ll also choose how to receive your interest disbursements – either reinvest the interest in your CD over time to take advantage of compound growth or receive interest payments directly.

Learn more: How to open a CD

What the current interest rate environment means for CDs

Recent federal funds rate changes: The Federal Reserve has held the Federal Funds rate steady so far in 2025. This comes after officials cut the rate three times in late 2024. The rate currently stands at a target range of 4.25-4.5 percent. Prior to the 2024 rate cuts, the Fed had gradually raised rates 11 times in 2022 and 2023, and rates stood at a 23-year high leading up to the September 2024 cut.

What this means for deposit accounts such as CDs: Yields on competitive savings accounts and CDs tend to fluctuate based on the Fed’s interest rate moves. As such, many banks increase their yields when the Fed raises rates, and they lower yields when the federal funds rate drops. The Fed’s previous rate cuts spurred decreases in CD APYs, although officials' current holding pattern could mean an overall stabilization in CD rates.

Prior to the September 2024 rate cut, the Fed had held rates steady since July 2023. Meanwhile, top CD APYs peaked in late 2023 and have since been decreasing gradually, as illustrated below.

"CD rates are mostly determined by where the market and banks expect rates to go," says Adam Stockton, head of retail deposits and lending at Curinos. "And CD rates change more when future expectations change more so than current rates."

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".

• Research methodology