From Yahoo Finance: 2025-06-07 06:00:00

Lock in a high CD rate before rates fall further. CD rates vary widely, so shop around for the best rate. Shorter terms offer the best rates, with online banks and credit unions leading the way. As of June 7, Marcus by Goldman Sachs offers the highest rate at 4.2% APY on a 9-month CD.

The annual percentage rate (APY) determines your earnings on a CD. For example, a $1,000 investment at 1.81% APY with monthly compounding would grow to $1,018.25 after one year. Choosing a 4% APY CD would result in a balance of $1,040.74. The more you deposit, the more you earn.

Consider different types of CDs beyond traditional ones. Bump-up CDs allow for a rate increase, while no-penalty CDs offer flexibility. Jumbo CDs require higher deposits for potentially higher rates. Brokered CDs are purchased through a brokerage and may offer higher rates but carry more risk.

Read more: Best CD rates today, June 7, 2025 (best account provides 4.2% APY)