CD Rates Today: Get the Highest Rates Before They Drop

Today's certificate of deposit (CD) interest rates are near the highest they've been in years, thanks to recent Federal Reserve rate hikes. However, with the Fed's recent rate cut, it's crucial to lock in competitive rates now.

Current Landscape of CD Rates

While longer-term CDs typically offered higher rates, today's economic environment reveals the opposite. Marcus by Goldman Sachs offers the highest CD rate of 4.30% APY for its 9-month term with a $500 minimum deposit.

Best CD Rates Today

Here is a comparison of the best CD rates available today from our partners:

* Bank: Marcus by Goldman Sachs
* Term: 9 months
* APY: 4.30%
* Minimum Deposit: $500

Earning Interest with CDs

Interest earnings from CDs depend on the annual percentage rate (APY). The APY reflects the total earnings after one year considering the base interest rate and compounding frequency. For example, a $1,000 investment in a one-year CD with 1.81% APY (monthly compounding) would yield $1,018.25 in interest.

Types of CDs

Beyond traditional CDs, here are some common types with varying features:

* Bump-up CD: Allows for a higher interest rate request if bank rates increase, typically with limited requests.
* No-penalty CD: Offers flexibility to withdraw funds early without penalties.
* Jumbo CD: Requires larger minimum deposits (often $100,000+) and may offer higher interest rates.
* Brokered CD: Purchased through a brokerage, offering potential higher rates but also carrying more risk.

Explore Other Savings Options

Explore other high-yield savings options:

* Money Market Account Rates: Up to 4.75% APY (as of January 26, 2025).
* Savings Interest Rates: Up to 4.75% APY (as of January 26, 2025).

Secure High Rates Now

With the Fed's recent rate cut, now is the time to take advantage of today's high CD rates. Consider the best CD options available to maximize your earnings.