Savers can breathe easy, as the Federal Reserve didn't cut interest rates at its latest meeting. It means savings rates should hold steady until the next Fed meeting in March. If you're looking for a reliable savings option, a certificate of deposit or CD could help. It will help you earn a healthy rate of return with no risk.
Here are some of the best CD rates available now, sorted by term length. Plus use our tool, in partnership with Bankrate, which automatically updates the rates ensuring you get the most up-to-date CD rates available.
Best 3-month CD rates
Short-term CDs, like 3-month or 6-month CDs, can be good options for individuals who don’t want to commit to having their cash tied up for long periods of time. If you have shorter savings goals, such as vacations or purchases you don't want to use credit for, you can earmark money now for those goals.
However, it’s important to compare rates across accounts to be sure you’re getting the best return on your cash. For instance, you are likely to get a similar, or even higher, APY when opening a high-yield savings account or money market account.
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With these more flexible savings vehicles, you won’t have to wait long to withdraw funds from your account. But they can have a downside: it is easier to make impulse purchases with cash in a high-yield savings account than cash that is tied up in a CD.
| Account | APY | Min. Opening Deposit |
|---|---|---|
| Brilliant Bank | 4.60% | $1,000 |
| TotalBank | 4.51% | $25,000 |
| Bask Bank | 4.50% | $1,000 |
| Dow Credit Union | 4.40% | $500 |
| Popular Direct | 4.30% | $10,000 |
| Merchants Bank of Indiana | 4.25% | $1,000 |
| Banesco USA | 4.25% | $1,000 |
| Digital Federal Credit Union | 4.00% | $500 |
Best 6-month CD rates
| Account | APY | Min. Opening Deposit |
|---|---|---|
| TotalBank | 4.51% | $25,000 |
| Vibrant Credit Union | 4.50% | $5 |
| ableBanking | 4.50% | $5,000 |
| Bask Bank | 4.45% | $1,000 |
| Bank5 Connect | 4.35% | $500 |
| Mountain America Credit Union | 4.35% | $500 |
| Newtek Bank | 4.25% | $2,500 |
Best 1-year CD rates
One-year CDs are smart vehicles if you want to park your money and forget about it, while you wait to see how the market goes moving forward.
Remember: You won’t be able to access your cash once it’s put into a CD account (unless you opt for a no-penalty CD account). For this reason, cash you’ll need access to, like savings in an emergency fund should be saved elsewhere.
You may also want to open a number of CDs with varying maturity dates if you’re building a CD ladder. With this strategy you stagger, or "ladder," maturities so that some are always coming due in the near future. For example, if you have $10,000 to invest, you could split it equally into five “rungs,” putting $2,000 into CDs with maturity dates a year apart.
So, $2,000 in a 1-year CD, $2,000 in a 2-year CD and so on. When each CD matures, you’ll invest your cash, plus any earned interest, into another 5-year CD. You’ll then be left with five 5-year CDs, with one maturing each year, providing a consistent cash flow.
See Kiplinger's full list of top earning 1-year CD rates.
| Account | APY | Min Deposit |
|---|---|---|
| Prime Alliance Bank | 4.45% | $500 |
| Bask Bank | 4.40% | $1,000 |
| Colorado Federal Savings Bank | 4.40% | $5,000 |
| NexBank | 4.40% | $25,000 |
| Mountain America Credit Union | 4.25% | $500 |
| Limelight Bank | 4.25% | $1,000 |
| Northpointe Bank | 4.25% | $25,000 |
| CIBC Bank USA | 4.21% | $1,000 |
| TAB Bank | 4.21% | $1,000 |
| Bread Financial | 4.10% | $1,500 |
| National Cooperative Bank | 4.08% | $2.500 |
Best 2-year CD rates
| Account | APY | Min. Opening Deposit |
|---|---|---|
| Lafayette Federal Credit Union | 4.07% | $500 |
| EFCU Financial | 4.00% | $500 |
| Colorado Federal Savings Bank | 4.00% | $5,000 |
| Bayer Heritage Federal Credit Union | 3.82% | $100 |
| Synchrony | 3.50% | $0 |
| Lending Club | 3.50% | $2,500 |
Best 3-year CD rates
See Kiplinger's full list of top earning 3-year CDs.
| Account | APY | Min Deposit |
|---|---|---|
| All in Credit Union | 4.07% | $1,000 |
| MYSB Direct | 4.01% | $500 |
| Synchrony | 4.00% | $0 |
| INOVA Federal Credit Union | 4.00% | $200 |
| Securityplus Federal Credit Union | 4.00% | $1,000 |
| The Federal Savings Bank | 3.88% | $5,000 |
| Seattle Bank | 3.80% | $1,000 |
| EFCU Financial | 3.75% | $500 |
| Lending Club | 3.50% | $2,500 |
Best 4-year CD rates
| Account | APY | Min. Opening Deposit |
|---|---|---|
| Credit Human | 4.31% | $500 |
| Mountain America Credit Union | 4.20% | $500 |
| America First Credit Union | 4.20% | $500 |
| Lafayette Federal Credit Union | 4.07% | $500 |
| Securityplus Federal Credit Union | 4.00% | $1,000 |
| The Federal Savings Bank | 3.80% | $5,000 |
Best 5-year CD rates
A major benefit of opening a long-term CD is that you’ll be able to lock in rates while they’re high. Keep in mind that CDs come with fixed interest rates, so even if the Fed cuts rates in the future, the rate you lock in you'll keep throughout your term.
Furthermore, five years is a great benchmark for midlevel savings goals. Whether you're helping your children save for a down payment on a home or taking that dream vacation, five-year CDs can help you reach those goals.
See Kiplinger's full list of top earning 5-year CDs.
| Account | APY | Min. Deposit |
|---|---|---|
| Transportation Federal Credit Union | 4.40% | $1,000 |
| Credit Human | 4.31% | $500 |
| Lafayette Federal Credit Union | 4.28% | $500 |
| SchoolsFirst Federal Credit Union | 4.25% | $500 |
| Mountain America Credit Union | 4.25% | $500 |
| MYSB Direct | 4.01% | $500 |
| Securityplus Federal Credit Union | 4.00% | $1,000 |
| CoVantage Credit Union | 4.00% | $1,000 |
| The Federal Savings Bank | 3.80% | $5,000 |
| Marcus by Goldman Sachs | 3.75% | $500 |
| EFCU Financial | 3.75% | $500 |
| First Internet Bank | 3.65% | $5,000 |
| Seattle Bank | 3.60% | $1,000 |
Bottom line
The Fed didn't cut interest rates at their last meeting, giving savers some breathing room. However, there's no telling what the future holds.
For this reason, now's a great time to lock in CD rates while they're still high. But make sure you won't need access to your cash before the CD's maturity date, or you'll offset any earnings by paying the early withdrawal fee.
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