The highest CD rate today is 4.55% for a 6-month term. There are also 4.50% APY CDs with terms of 6 to 10 months.

These rates likely won't last long, as the Federal Reserve is expected to cut interest rates this year. So if you're looking to lock in a high APY for several months, now is the time to act.

Here are some of the best CDs you can find today.

The best CD rates today, May 23, are 4.50% and above. Top offers include:

• United Fidelity Bank, 6 months: 4.55% APY
• United Fidelity Bank, 10 months: 4.50% APY
• OMB, 9 months: 4.50% APY
• Presidential Bank, 7 months: 4.50% APY
• ableBanking, 6 months: 4.50% APY

Special pick: Now could be one of the last chances to lock in a yield this high before rates start to fall. LendingClub's 14-month CD currently offers 4.10% APY with just a $500 minimum deposit. Check out LendingClub's 14-month CD here.Data source: Issuing banks. Rates are accurate as of May 22, 2025.

Best CD Rates at Top Banks in May 2025

Should you open a CD?

If you're thinking about opening a CD, now could be a great time. With the Federal Reserve expected to lower rates later this year, some banks have already started trimming their top CD offers. Locking in a high APY now can help you secure steady returns before those rates drop.

CDs are low-risk, come with FDIC insurance up to $250,000 per person, per bank, and offer predictable growth. They're a solid choice if you want safety and stability. But if you're investing for the long haul and can handle more ups and downs, the stock market might be a better bet for higher returns.

How $10,000 in a CD could earn you $480

Your potential return on a CD depends on three factors: the APY, your deposit amount, and the term length.

For example, a $10,000 deposit into a 14-month CD with a 4.10% APY would earn roughly $480 in interest by the time it matures -- with virtually no risk of losing your principal.

Compare that to a traditional savings account, where rates are often much lower and can fluctuate over time. Locking in a top CD rate today, like LendingClub's 14-month CD, can help you maximize your returns before rates drop. See LendingClub's 14-month CD details here.

How to open a certificate of deposit

When you're ready, you can open a CD in just a few simple steps:

1. Compare CD rates and terms. Look at different banks to find the best APY and term length that fits your goals. Online banks often offer higher rates than traditional banks.
2. Decide how much to deposit. Choose an amount you won't need during the CD's term, since early withdrawals usually trigger penalties.
3. Open the account. You can usually open a CD online or at a bank branch. You'll need to provide basic information like your ID and bank account details.
4. Fund the CD. Transfer money from your checking or savings account into the CD. The term and interest rate are locked in once it's funded.
5. Mark the maturity date. Keep track of when your CD matures so you can decide whether to withdraw your money or roll it into a new CD at that time.

Remember, each CD allows only one deposit. Plan your amount wisely. When you're ready, click here to explore the best CD rates and open a high-yield CD today.

High-yield savings accounts vs. CDs: Earn a top APY without locking up your cash

If you're after strong returns but want easy access to your money, a high-yield savings account could be a better fit than a CD. Here's why:

• No long-term commitment: You can add or withdraw funds anytime without penalties.
• Easy access: Transfers to and from other accounts are quick and simple.
• Low maintenance: Just deposit your money and let it grow -- no decisions needed when the term ends like with a CD.
• Rate flexibility: HYSA rates can go up or down, but many currently offer APYs that compete with top CDs.

In short, you don't have to lock up your cash to earn a great return.

One standout right now is SoFi Checking and Savings (Member FDIC). This top-rated account offers up to 3.80% annual percentage yield (APY) on savings with qualifying direct deposits. Even better: New customers can earn up to a $300 bonus with qualifying direct deposits! It's an easy way to boost your savings without locking up your cash. Click here to learn more.

• Sources

  • https://www.unitedfidelity.com/high-yield-certificates-of-deposit/
  • https://www.ombbank.com/personal-banking/personal-savings/certificates-of-deposit/9-month-cd-special
  • https://www.presidential.com/personal/banking/cds
  • https://www.ablebanking.com/cds

FAQs

• What's the biggest downside of a CD?

  The biggest downside of a certificate of deposit is the lack of liquidity. When you invest in a CD, your money is locked in for a fixed term, and withdrawing it early can result in loss of interest. This means you have less flexibility to access your funds if you need them before the CD matures.

• Can I withdraw money from a CD early?

  Yes, but it usually comes with a penalty. If you take money out before the CD matures, you'll likely lose some or all of the interest you've earned -- sometimes even a bit of your original deposit, depending on the bank's rules.

• How much money should I put in a CD?

  It depends on your financial goals and when you'll need the money. CDs are best for funds you won't need right away, so only deposit what you can leave untouched until the CD matures.