From Yahoo Finance: 2025-05-12 06:00:00

Today’s CD rates remain well above the national average after three interest rate cuts in 2024 by the Federal Reserve. Now is a good time to lock in high rates with a certificate of deposit. Marcus by Goldman Sachs offers the highest rate of 4.40% APY on a 14-month CD with a $500 minimum deposit, while NexBank offers the same rate on a 1-year CD with a $25,000 minimum deposit. Online banks and credit unions typically offer more competitive rates than traditional brick-and-mortar banks. The national average interest rate for CDs is 1.77% for a 1-year term, with today’s rates among the highest in nearly two decades due to the Federal Reserve’s efforts to combat inflation. When opening a CD, choose one with a high APY and term length that aligns with your financial goals. Shopping around and considering online banks can help you find the best rates, but be sure to check minimum deposit requirements and review account terms and conditions for early withdrawal penalties and auto-renewal policies. Some CDs, like no-penalty CDs, offer flexibility with no fee for early withdrawals before the maturity date.



Read more at Yahoo Finance: Best CD rates today, May 12, 2025 (Lock in up to 4.40% APY)