The Fed wrapped up its June 18 meeting without making any rate changes -- giving savers a little more time to lock in strong CD returns. But with cuts still likely later this year, the clock could be ticking on today's top yields.

Right now, short-term CDs are leading the pack, with APYs between 4.50% and 4.55%. One of the best deals currently available is a 12-month CD offering 4.55% APY.

If you're looking for a safe, low-risk way to grow your money, now might be the right time to act. Below, we've rounded up the best CD rates available today.

• T Bank, 12 months: 4.55% APY
• United Fidelity Bank, 6 months: 4.55% APY
• Rising Bank, 6 months: 4.51% APY
• United Fidelity Bank, 10 months: 4.50% APY
• Presidential Bank, 7 months: 4.50% APY
• Newtek Bank, 6 months: 4.50% APY

Featured 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 4.25% APY with just a $500 minimum deposit. Check out LendingClub's 14-month CD here.Data source: Issuing banks. Rates are accurate as of June 25, 2025.

Should you open a CD now?

If you're after reliable growth with little risk, now could be a great time to open a CD. Some banks have already started trimming their rates in anticipation of possible Fed cuts later this year -- so locking in today's higher yields might be a smart move.

Here's why opening a CD now could be a smart choice:

• Current APYs are still near multi-year highs.
• The Fed may lower interest rates soon, which could cause CD rates to drop.
• CDs come with FDIC insurance -- up to $250,000 per depositor, per bank.

CDs work best if you don't need quick access to your cash and want a safe, predictable return. If you're willing to take on more risk for higher potential gains, the stock market might be a better fit -- but for peace of mind and stability, a CD is hard to beat.

$10,000 in a CD could earn you nearly $500

Your earnings from a CD come down to three things: the interest rate, how much you put in, and the length of the term.

For example, let's say you deposit $10,000 into a 14-month CD with a 4.25% APY. By the time it matures, you'd earn roughly $498 in interest -- all while keeping your original deposit safe and untouched.

That's a nice bump compared to most traditional savings accounts, where rates tend to be much lower and can change at any 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 CD

Opening a certificate of deposit is simple and can be done in just a few easy steps:

1. Compare CD rates and terms. Shop around at different banks to find the best APY and term length that match your savings goals. Online banks often offer better rates than traditional ones.
2. Decide how much to deposit. Choose the amount you want to invest, keeping in mind that early withdrawals usually come with penalties, so pick an amount you can leave untouched for the full term.
3. Open your account. You can open a CD online or in person at a bank branch. Be prepared to provide personal information, such as your ID and banking details.
4. Fund your CD. Transfer funds from your checking or savings account into the CD. Once funded, your interest rate and term are locked in.
5. Note your maturity date. Make a calendar reminder for when your CD matures so you can decide whether to withdraw your money or renew it when the term ends.

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.

The high-yield savings alternative: Get a high APY without losing access

Want to earn solid interest but still have the freedom to use your money? A high-yield savings account might be a better option than a CD. Here's why HYSAs offer more flexibility:

• No time commitment -- You're free to add or withdraw funds as needed, without facing early withdrawal penalties.
• Quick access -- Transfers to and from your account are fast and easy when life throws something unexpected your way.
• Set it and forget it -- Just deposit your money and let it grow. There's no need to worry about tracking CD maturity dates.
• Strong APYs -- Many HYSAs are offering interest rates that are just as good, or better, than short-term CDs.

You don't have to lock up your cash to get 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. It's an easy way to boost your savings without locking up your cash. Click here to learn more.

• Sources

  • https://t.bank/current-rates/
  • https://www.unitedfidelity.com/high-yield-certificates-of-deposit/
  • https://www.risingbank.com/rates/
  • https://www.presidential.com/personal/banking/cds
  • https://www.newtekbank.com/certificate-of-deposit/

FAQs

• Are CDs safe?

  Yes, certificates of deposit are considered very safe. CDs offered by FDIC-insured banks or NCUA-insured credit unions are protected up to $250,000 per depositor, per institution, which means your principal is secure even if the bank or credit union fails.

• 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.

• What happens when a CD matures?

  When a CD reaches its maturity date, you'll have a short window -- usually seven to 10 days -- to withdraw your money or move it into a new CD. If you don't take action, the bank may automatically roll it into a new CD, often at a different rate or term.