Act now and lock in an APY of over 4% on your money. Today’s CD Prices December 24, 2024
- You can earn up to 4.70% APY with the best CDs today.
- Given the Federal Reserve’s latest rate cut, savings rates will continue to fall.
- Locking in your CD rate now will help your money grow.
CD accounts are a great way to earn interest on money you won’t be using for a while. And while CD yields won’t be rising anytime soon, don’t let that stop you from locking in the highest rate available today.
You can earn up to 4.70% annual percentage return with today’s peak CD prices. That’s more than twice average for the country for some terms.
The Federal Reserve did its thing the latest interest rate cut last week and is expected to gradually lower interest rates through 2025, meaning CD rates (and savings rates) are likely to drop soon.
Here are some of the highest CD prices right now and how much you can earn by depositing $5,000.
Today’s best CD prices
| Term | Highest APY* | bank | Expected revenue |
|---|---|---|---|
| 6 months | 4.70% | Rising bank | $117.50 |
| 1 year | 4.47% | NexBank | $223.50 |
| 3 years | 4.15% | American First Credit Union | $648.69 |
| 5 years | 4.25% | American First Credit Union | $1,156.73 |
Experts recommend comparing rates before opening a CD account to get the best possible APY. Enter your information below to get the best price from CNET partners for your area.
Lock in a high CD rate before the end of the year
While the days of sky-high CD rates may be over, it’s still smart to lock in a high APY with one of today’s best accounts.
Federal Reserve actions play a key role in where banks set their CD and savings account APYs. When the Federal Reserve raises the federal funds rate, banks tend to raise the APY on these accounts. When the federal funds rate goes down, banks lower their APY.
The Fed has raised rates 11 times in recent years to combat record inflation, and CD rates have soared, reaching 5.65% APY for the banks we track at CNET. Since the Fed began cutting its benchmark interest rate in the fall, savings rates have fallen significantly.
CDs offer the ability to lock in a fixed rate for a set term, so your APY won’t drop even if the Fed continues to cut interest rates. Locking in a high APY now can protect your income from further fluctuations between banks. Today’s top APY of 4.70% is still more than double that average for the country for some terms.
How CD prices have changed in the last week
| Term | CNET’s average APY last week | Average CNET APY for this week** | Weekly Change*** |
|---|---|---|---|
| 6 months | 4.14% | 4.15% | 0.0024 |
| 1 year | 4.07% | 4.08% | 0.24 |
| 3 years | 3.52% | 3.52% | No change |
| 5 years | 3.46% | 3.46% | No change |
Think bigger than APY when deciding on a CD
A competitive APY is important when comparing CD accounts, but it’s not the only thing to look at. To find the right account for you, also consider these things:
- When will you need your money: Penalties for early withdrawal it can eat into your interest earnings. So be sure to choose a term that suits your savings schedule. Alternatively, you can choose a CD without penaltiesalthough the APY may not be as high as you would get with a traditional CD of the same term.
- Minimum Deposit Requirement: Some CDs require a minimum amount to open an account – usually $500 to $1,000. Others do not. How much money you have to set aside can help you narrow down your options.
- Fees: Maintenance fees and other fees can eat into your profits. a lot online banks they don’t charge fees because they have lower overhead costs than banks with physical branches. However, read the fine print on any account you evaluate.
- Federal Deposit Insurance: Make sure that any bank or credit union consider being a member of the FDIC or NCUA so your money is protected if the bank fails.
- Customer ratings and reviews: Visit sites like Trustpilot to see what customers are saying about the bank. You want a bank that is responsive, professional and easy to work with.
Methodology
CNET reviews CD prices based on the latest APY information from publisher websites. We’ve evaluated CD rates from more than 50 banks, credit unions and finance companies. We rate CDs based on APY, product offerings, affordability and customer service.
Current banks included in CNET’s weekly CD averages include Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct, Quontic, Rising Bank, Synchrony, EverBank, Popular Bank, First Internet Bank of Indiana, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America and Connexus Credit Union.
*APY as of December 20, 2024. based on the banks we track at CNET. Earnings are based on APY and assume interest is compounded annually.
**Weekly percentage increase/decrease as of December 9, 2024. until December 16, 2024
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