Why You Can Trust CNET MoneyWriters and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisements, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.CNET Money is an advertising-supported publisher and comparison service. We’re compensated in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact where and in what order affiliate links appear within advertising units. While we strive to provide a wide range of products and services, CNET Money does not include information about every financial or credit product or service.CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.Dashia MildenWriterDashia is a staff writer for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.Courtney JohnstonEditorCourtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.Bernadette JoyExpert ReviewerBernadette Joy is a nationally recognized money expert featured on Good Morning America and NBC News, and in Time and USA Today. She inspires her audience to explore the intersection between net worth and self-worth. While she has two degrees in business and a degree in psychology, her credibility comes from leading by example. As first-generation Filipino Americans, she and her husband AJ paid off a whopping $300,000 of debt in three years and grew their first $1 million of net worth in their thirties. Joy founded Crush Your Money Goals® for the many who are overlooked and underestimated by traditional financial services. Her goal is to help others gain confidence in managing money and provide a blueprint to achieve financial independence.Dashia MildenWriterDashia is a staff writer for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.Courtney JohnstonEditorCourtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.Bernadette JoyExpert ReviewerBernadette Joy is a nationally recognized money expert featured on Good Morning America and NBC News, and in Time and USA Today. She inspires her audience to explore the intersection between net worth and self-worth. While she has two degrees in business and a degree in psychology, her credibility comes from leading by example. As first-generation Filipino Americans, she and her husband AJ paid off a whopping $300,000 of debt in three years and grew their first $1 million of net worth in their thirties. Joy founded Crush Your Money Goals® for the many who are overlooked and underestimated by traditional financial services. Her goal is to help others gain confidence in managing money and provide a blueprint to achieve financial independence.The Rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers’ terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.For details on our best products and how we chose them click here.A type of savings Account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.The core bank account used for financial transactions. Account holders use it to deposit money and withdraw funds as needed.A deposit account issued by banks and credit unions used to deposit money and earn a small amount of interest. Typically insured for up to $250,000 per account owner.Similar to a savings account but with the added feature of checking-writing privileges and debit card to access cash, with some limitations.A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.An estimated calculation usually associated with determining how much you’ll receive from an interest-bearing account.Advertiser DisclosureRates for certificates of deposit are still holding steady for most banks. But a few are still pushing rates higher for select terms. Right now one-year CDs are the sweet spot to stash cash and earn the highest yield.If you’re willing to lock up your money for this long, you can find rates around 5.25%, slightly higher than shorter and longer terms between 4% and 4.50%. Experts believe CD rates will stay this high for a while.It’s hard to say when rates might start to dip. But now it’s best to align your CD term with the time frame for your financial goals. And if you need more flexibility, there are still other ways to leverage today’s high CD rates, such as a CD ladder and specialty CDs. Alliant offers different types of checking and savings accounts -- including options for teens and kids. We like that the credit union lets you open as many as 19 savings accounts and track your financial goals online. And you’ll get up to $20 reimbursed for out-of-network ATM surcharges.However, you’ll need to meet certain account eligibility requirements to open an account, but it’s still available nationwide. You can open an account online or by calling 800-328-1935.Alliant offers different types of checking and savings accounts -- including options for teens and kids. We like that the credit union lets you open as many as 19 savings accounts and track your financial goals online. And you’ll get up to $20 reimbursed for out-of-network ATM surcharges.However, you’ll need to meet certain account eligibility requirements to open an account, but it’s still available nationwide. You can open an account online or by calling 800-328-1935.America First has share certificates -- a credit union’s version of a certificate of deposit -- ranging from three months up to five years, with higher rates for promotional terms. It also offers bump-up share certificates and a one-year flexible share certificate that gives you access to your money for the first five calendar days of each quarter, penalty-free. You’ll have more terms to choose from if you go with a traditional, high-yielding share certificate, though.The credit union requires a minimum $500 deposit. We like that you can open an account online or at a physical branch, as long as you meet eligibility requirements.America First has share certificates -- a credit union’s version of a certificate of deposit -- ranging from three months up to five years, with higher rates for promotional terms. It also offers bump-up share certificates and a one-year flexible share certificate that gives you access to your money for the first five calendar days of each quarter, penalty-free. You’ll have more terms to choose from if you go with a traditional, high-yielding share certificate, though.The credit union requires a minimum $500 deposit. We like that you can open an account online or at a physical branch, as long as you meet eligibility requirements.BMO Alto is the online arm of BMO, offering competitive CD rates with no minimum deposit requirements and terms ranging from six months to five years. BMO Alto pays interest on CDs monthly.However, BMO Alto doesn’t offer specialty CDs or a designated mobile app to manage your account. Instead, you’ll need to use the BMO Alto website. Since BMO Alto is separate from BMO bank, you can’t get help with your account at a physical location, but you can call 855-266-8100 for help.BMO Alto is the online arm of BMO, offering competitive CD rates with no minimum deposit requirements and terms ranging from six months to five years. BMO Alto pays interest on CDs monthly.However, BMO Alto doesn’t offer specialty CDs or a designated mobile app to manage your account. Instead, you’ll need to use the BMO Alto website. Since BMO Alto is separate from BMO bank, you can’t get help with your account at a physical location, but you can call 855-266-8100 for help.CommunityWide Federal Credit Union offers high-yield share certificates ranging from six months to five years, and there’s a minimum deposit of $1,000. But unlike other banks and credit unions, your share certificate won’t automatically roll into a new share certificate after it matures. Your interest is credited monthly and can be paid into your share certificate or rolled into the bank account of your choosing. We like that CommunityWide will try to match share certificate rates if you find better rates elsewhere. You’ll need to meet eligibility requirements to open an account and when you do, a one-time $4.95 processing fee will be charged to open a debit card and you can only use a debit card for funding.CommunityWide Federal Credit Union offers high-yield share certificates ranging from six months to five years, and there’s a minimum deposit of $1,000. But unlike other banks and credit unions, your share certificate won’t automatically roll into a new share certificate after it matures. Your interest is credited monthly and can be paid into your share certificate or rolled into the bank account of your choosing. We like that CommunityWide will try to match share certificate rates if you find better rates elsewhere. You’ll need to meet eligibility requirements to open an account and when you do, a one-time $4.95 processing fee will be charged to open a debit card and you can only use a debit card for funding.First Internet Bank of Indiana offers high-yield CD terms ranging from three months up to five years. The rates are competitive, but it has a minimum deposit requirement of $1,000. You can open an account online or via the mobile app, and interest compounds daily and credits monthly. First Internet Bank of Indiana doesn’t offer specialty CDs, however, and its early withdrawal penalty for high-yield CDs is up to 360 days of interest -- which is on par for long-term CDs.First Internet Bank of Indiana offers high-yield CD terms ranging from three months up to five years. The rates are competitive, but it has a minimum deposit requirement of $1,000. You can open an account online or via the mobile app, and interest compounds daily and credits monthly. First Internet Bank of Indiana doesn’t offer specialty CDs, however, and its early withdrawal penalty for high-yield CDs is up to 360 days of interest -- which is on par for long-term CDs.Bread Savings offers CDs and high-yield savings accounts, but both require a minimum deposit -- $1,500 and $100 respectively. CDs come with a few free services that are common amongst banks, but worth noting -- including incoming wire transfers, monthly maintenance and ACH transfers. Bread Savings is an online bank but can be reached at 833-755-4354.Bread Savings offers CDs and high-yield savings accounts, but both require a minimum deposit -- $1,500 and $100 respectively. CDs come with a few free services that are common amongst banks, but worth noting -- including incoming wire transfers, monthly maintenance and ACH transfers. Bread Savings is an online bank but can be reached at 833-755-4354.Capital One offers several savings options that don’t require a minimum deposit or monthly maintenance fees -- including high-yield and kids savings accounts. Checking accounts are also available. Compared to other interest-earning checking accounts, the APY is slightly lower for Capital One’s 360 checking account, but you won’t be charged for overdraft protection. And we like the convenience of depositing cash at CVS stores.Aside from deposit accounts, Capital One offers CreditWise to manage your credit using the Capital One app. You can open an account at a Capital One branch near you or online.Capital One offers several savings options that don’t require a minimum deposit or monthly maintenance fees -- including high-yield and kids savings accounts. Checking accounts are also available. Compared to other interest-earning checking accounts, the APY is slightly lower for Capital One’s 360 checking account, but you won’t be charged for overdraft protection. And we like the convenience of depositing cash at CVS stores.Aside from deposit accounts, Capital One offers CreditWise to manage your credit using the Capital One app. You can open an account at a Capital One branch near you or online.CFG Bank offers money markets, CDs and savings accounts with competitive rates. Several checking accounts are also available with access to over 2,000 ATMs. CFG also charges a few fees that are more than other banks, such as a $37 overdraft fee and a monthly maintenance fee between $2 and $10 depending on the account.Branches are available in Maryland -- which can be a downside if you need in-person help and you’re not close by. However, you can manage your account online, via the mobile app or by phone at 410-823-0500.CFG Bank offers money markets, CDs and savings accounts with competitive rates. Several checking accounts are also available with access to over 2,000 ATMs. CFG also charges a few fees that are more than other banks, such as a $37 overdraft fee and a monthly maintenance fee between $2 and $10 depending on the account.Branches are available in Maryland -- which can be a downside if you need in-person help and you’re not close by. However, you can manage your account online, via the mobile app or by phone at 410-823-0500.Quontic offers several checking accounts to let you earn cash rewards, interest or bitcoin on your balance. You can also open a high-yield savings, money market and CD account. We like that the deposit accounts don’t have any overdraft or monthly maintenance fees. And Quontic’s Pay Ring lets you make transactions using a wearable.To reach Quontic, you can have a live chat or share your phone number with the bank for a phone call. Quontic’s mobile app is also available for help and managing your accounts.Quontic offers several checking accounts to let you earn cash rewards, interest or bitcoin on your balance. You can also open a high-yield savings, money market and CD account. We like that the deposit accounts don’t have any overdraft or monthly maintenance fees. And Quontic’s Pay Ring lets you make transactions using a wearable.To reach Quontic, you can have a live chat or share your phone number with the bank for a phone call. Quontic’s mobile app is also available for help and managing your accounts.Below is a look at the average CD rates by term based on those tracked by the Federal Deposit Insurance Corp. and those tracked by CNET. The FDIC includes rates from major national banks, which are historically lower than online-only banks.Though it’s unusual, short-term CDs have higher APYs than most long-term CDs right now. That means you can earn a decent return for locking up your money for a short time, and you’ll have access to your funds sooner. Since APYs are linked to the yield you’ll earn for a year, terms that are shorter than 12 months will have lower returns.It’s always a good idea to shop around and compare rates before opening a CD to get the best offer that meets your financial needs.The main question for savers is whether high CD rates will stick around much longer. At some point, the Fed is going to stop raising interest rates and eventually lower them, said Delyanne Barros, founder of The Money Coach. “What’s good about that is that you’re locking in these high interest rates right now for that period of time,” she said. But you shouldn’t expect rates to move drastically in the next few months.“Between now and the end of 2024, I don’t see a huge increase or decrease in either direction,” said Bernadette Joy, founder of Crush Your Money Goals. Joy doesn’t think you should postpone investing in a CD, because even if interest rates go up a bit in the next few months, there won’t be a significant difference in your earnings.The Fed rate pause is uncharted territory, but the Fed predicts higher interest rates through 2026, said Sokunbi. Even though there’s a chance that the federal funds rate will go up again before the end of the year, most experts don’t expect banks to raise savings rates much higher. Still, in today’s rate environment, CDs work well for many financial goals, such as a car you plan to buy in a year or a vacation in five years.For example, Rita-Soledad Fernández Paulino, who goes by Soledad, a personal finance coach and founder of Wealth Para Todos, plans to buy a house in the future, and while comparing rates, she found a 10-month CD that offers a 5% return. Originally, she had her money for a down payment spread out across Series I bonds, the stock market and a high-yield savings account offering around 4% APY.Soledad then moved the funds from her high-yield savings account to the CD to earn a bigger return. The key question of her financial strategy is: ”Where could I get the most money as I’m waiting to purchase a house?”Joy is currently saving for her next real estate investment and is earning interest with a CD, like Soledad. She put her money into a 12-month CD earning a bit over 4%, then witnessed rates go even higher after the latest Federal Reserve interest rate hike. Joy said high-yield CDs are a great option for anyone who is nervous about what’s happening in the economy and “needs to save up some cash right now with very little risk.”Once the Fed signals that rates may start to drop, experts recommend jumping on long-term CDs. “If you are concerned about falling interest rates, a long-term CD could be a great way to maximize returns by securing a high rate,” said Bola Sokunbi, founder of Clever Girl Finance.Regardless of your investing strategy, CDs can ensure a percentage of your money is invested at a guaranteed interest rate, said Sokunbi. That can help hedge the overall risk of a portfolio with other investment types, like cash or stock, she added.Barros recommends making sure you won’t need the money sooner than expected or else you’ll be stuck paying an early withdrawal penalty. When you’re ready to open a CD, here are a few factors to consider:A CD is a low-risk way to earn a guaranteed return on your savings. CDs are considered safe investments because they’re typically insured by either the Federal Deposit Insurance Corporation or the National Credit Union Administration for up to $250,000 per person, per account.A CD has a fixed interest rate for a specific term, or period of time. You can open a CD at a bank with a one-time deposit, and you’ll receive your principal plus interest when the term ends. If you take money out before the term ends, you’ll usually pay an early withdrawal penalty, which is a period’s worth of interest, depending on the bank. That’s why it’s important to take into account your unique financial needs. Joy weighs two factors when investing in a CD: liquidity and yield. She measures when she’ll need access to her cash versus how much return she’ll get for the term.CDs are a good option if you want to put aside money for your children, save for a future expense or even for a “rainy day” fund separate from your emergency fund. (We recommend storing your emergency fund in an account you can easily access that earns interest, like a high-yield savings account, instead of a CD.) “For someone looking for a conservative way to earn higher than average interest on their savings, [a CD] could be a good approach,” said Sokunbi. “Especially for funds tied to short-term goals that fit into the timeline of whatever CD they select.”CDs are also great for investors who want a guaranteed interest rate with little hassle and low risk. Unlike investments in stocks and bonds, CDs aren’t volatile. And unlike the variable rates you’ll get with checking or savings accounts, However, it’s important to keep in mind that because CDs are low risk compared to stocks, you may not earn the same high returns that come with riskier investments, added Sokunbi. To help decide if a CD is the best place for your financial goals, categorize your plans into months and years. Any money you plan to use within six months should be in a high-yield savings account, Joy said. If you already have money saved for a future expense and don’t plan to use it for a while, whether that’s in six months or six years, consider putting the money in a CD. If you’re fine with a much longer-term investment and a little more risk, you might consider stocks. According to Barros, the stock market outperforms long-term CDs, so it’s a good investment option with greater return potential for money you won’t need for 10 years.Several types of CDs offer more flexibility than a standard CD. For example, an add-on CD lets you add funds after your initial deposit, while a bump-up or step-up CD will give you a higher yield if rates go up. A no-penalty CD allows you to withdraw your money without incurring an early withdrawal penalty.If there’s a chance you’ll need access to the money in your CD before the term ends, a no-penalty CD is a good option. No-penalty CDs typically offer lower yields than traditional CDs because you can take your funds out before maturity, said Chelsea Ransom-Cooper, managing partner and financial planning director at Zenith Wealth Partners. If you’re looking for flexibility and a better return, another option would be a money market account, Ransom-Cooper added. Here’s a look at rates for no-penalty CDs.A bump-up CD allows you to take advantage of a higher rate for your CD term if one becomes available after you open your account, but the APY still may be lower than a standard CD.The advantages of a bump-up CD are determined by the rate environment. If you think rates might go up and don’t want to be stuck locking in a low APY, this could be a fail-safe technique. But because inflation is starting to recede and interest rate hikes might be coming to an end soon, you should evaluate if this kind of account makes sense for you. Here’s a look at the best bump-up CDs.Read more: Types of Certificates of DepositSince CDs require you to lock up your money for a set period, you may be reluctant to set aside all your funds for the long term. A CD ladder can give you more flexibility. By depositing your money into multiple CDs with varying terms, you’ll get access to some of your funds as each CD term expires. Then you can decide how you want to use that portion of the money and if you want to reinvest it into a longer-term CD.Short-term CDs of one year or less have higher rates than most long-term CDs. In order to do the CD ladder approach, it’s worth distributing some of your money over longer terms. Here’s an example of how a CD ladder can work with a six-, nine- and 12-month CD if you deposit $1,000 into each account:Although you could earn more interest by investing all your money into the 12-month CD, this strategy helps you get some of your funds back sooner. That means if rates increase, you can access some of your money and reinvest it into a higher APY account, while still earning a good return on your initial CD deposits.Fixed APY: CDs offer a guaranteed rate of return for your term, regardless of the rate environment. FDIC- or NCUA-insured: Your deposit and interest are protected for up to $250,000 per person and account category in case of bank failure. Several CD options: Most banks offer several types of CDs and terms to choose from. CD ladder: You can open several CDs at different term lengths to take advantage of rates and maintain flexibility. Early withdrawal penalty: If you withdraw funds before the CD term matures, you’ll typically pay a few weeks or months of interest. Less flexibility: You won’t be able to withdraw and deposit funds regularly compared with other savings options, like high-yield savings and money market accounts.Risk of a lower return: If rates go up, you’re locked into a lower APY, unless you have a bump-up CD. Here’s a step-by-step guide to help you open a CD. After you’ve set up your account, you’ll begin earning interest. When your CD matures at the end of the term, you can withdraw your funds or reinvest them into another CD at the current rate.Choosing between a CD, money market or high-yield savings account will depend on your financial goal, time frame and liquidity needs. For instance, if you’re starting from scratch, you may choose a high-yield savings account to build up your savings. If you plan to have a high balance but need debit card access, you might go with a money market account. If you already have the funds and you won’t need the money for a while, a CD is a good option. Because early withdrawal penalties vary depending on the bank and CD term, there isn’t a standard way to calculate early withdrawal fees. Most early withdrawal penalties will equal the amount of a loss of interest or dividends for a certain period of time. A longer CD term will generally have a greater penalty for early withdrawal.If you need access to your funds before the CD matures, some banks require you to withdraw the entire amount of the account, while others charge a penalty only on the amount of a partial withdrawal. If the early withdrawal penalty exceeds the interest you’ve earned, you’ll lose money on your principal investment.Many banks tie the APY that CDs earn to the federal funds rate established by the Federal Reserve. The federal funds rate is the rate banks use to lend and borrow money. The rates on CDs can rise and fall based on actions taken by the Fed to regulate the health of the economy. For instance, the sequence of Fed rate hikes to counter inflation over the last period has caused APYs to increase. If the Fed decides to decrease rates, savings rates will likely start a downward trend.You typically won’t lose money with a CD, as long as you keep your funds invested until the CD term ends. If you withdraw money from your CD early, you’ll often pay an early withdrawal fee that’s equal to a certain amount of interest. In some cases, this fee could cut into your principal -- the amount you initially deposited -- if the fee is greater than the interest you accrued.A CD at an FDIC- or NCUA- insured bank also protects your deposit for up to $250,000 per person, per account category, in case of a bank failure or loss. However, the value of a brokered CD purchased through an investment firm or brokerage can fluctuate and isn’t always protected by federal insurance. You should leave your money untouched in a CD until the term you’ve chosen ends. Then, you can renew it for the same period of time, choose another CD term or bank altogether or withdraw your funds for something else. If you don’t withdraw your money when the term ends, some CDs are set up to automatically renew, but you might get locked into a lower interest rate. CDs generally offer a grace period of a few days so you can decide to withdraw the money or renew the CD. It’s a good idea to have a plan for your funds once the CD term ends.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 selected the CDs with the highest APY for five-year terms from among the organizations we surveyed and considered rates for shorter terms if five-year terms were identical or unavailable. All information is reviewed by experts for accuracy.CNET regularly tracks banks that offer high-yielding CDs. The current banks included in our weekly CD averages include: 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.The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.