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KEY POINTS
The Federal Reserve is holding interest rates steady for now, but many experts still expect cuts later this year. That means today's CD rates may be among the highest we'll see for a while.
If you've been thinking about opening a certificate of deposit, now could be a smart time to lock in a strong rate for the next six months or longer.
Some of the best CDs available right now are offering APYs up to 4.55%, with minimum deposits starting as low as $500.
Here's a look at today's top CD options.
The best CD rates today, May 21, are above 4.00%. Top offers include:
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 20, 2025.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
![]() LendingClub CD LendingClub CD Member FDIC. Open Account for On LendingClub's Secure Website. | APY: 4.10% | Term: 14 Months | Min. Deposit: $500 | Open Account for On LendingClub's Secure Website. |
![]() Discover® Bank CD Discover® Bank CD Member FDIC. Open Account for On Discover Bank's Secure Website. | APY: 4.00% | Term: 1 Year | Min. Deposit: $0 | Open Account for On Discover Bank's Secure Website. |
![]() Western Alliance Bank CD Western Alliance Bank CD Open Account for On Raisin's Secure Website. | APY: 4.00% | Term: 6 Months | Min. Deposit: $1 | Open Account for On Raisin's Secure Website. |
Unlike other banking products we evaluate, certificates of deposit (CDs) do not receive a star rating from us. This approach is due to the frequent updates in interest rates and terms associated with CDs. Instead, we highlight CDs on our best-of list pages based on their annual percentage yield (APY) and the fees associated with early withdrawals. Our top CD selections typically offer competitive APYs without complex qualification tiers, low early withdrawal penalties, reliable strong brand reliability, and user-friendly features.
Motley Fool Money focuses exclusively on standard CDs and does not review IRA CDs, bump-up CDs, callable CDs, or other specialized CD accounts.
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.
Unlike other banking products we evaluate, certificates of deposit (CDs) do not receive a star rating from us. This approach is due to the frequent updates in interest rates and terms associated with CDs. Instead, we highlight CDs on our best-of list pages based on their annual percentage yield (APY) and the fees associated with early withdrawals. Our top CD selections typically offer competitive APYs without complex qualification tiers, low early withdrawal penalties, reliable strong brand reliability, and user-friendly features.
Motley Fool Money focuses exclusively on standard CDs and does not review IRA CDs, bump-up CDs, callable CDs, or other specialized CD accounts.
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.
Banks largely expect the Federal Reserve to lower rates by year's end, so some have started reducing their top CD rates. Now is a great time to secure a high APY while they're still available, before potential rate cuts make them unheard of.
CDs offer peace of mind with FDIC insurance, which protects up to $250,000 per person, per bank. They are low-risk and provide steady returns. However, if you're investing for a longer period or can handle more risk, the stock market might offer greater growth potential.
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.
When you're ready, you can open a CD in just a few simple steps:
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.
If you want to earn a high APY with more flexibility and less commitment, then look into a high-yield savings account.
Savings account rates are variable and can change at any time. However, high-yield savings accounts currently have APYs that rival the best CDs.
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.
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.
CD rates can be found up to 4.55% today. The highest CD rates are on short-term CDs. Right now, that includes CDs with terms of 10 months or less. Shop around and compare rates to find the most competitive rate for the term you want.
Experts currently expect the Federal Reserve to cut rates later this year, which could result in lower CD rates. However, if inflation climbs and the Fed raises rates instead, CD rates could increase. Rate movements aren't certain, and timing is unclear.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.