Looking for the best CD rates? Find out which banks are offering competitive rates right now. CD rates are high compared to historical averages, with some institutions offering rates of 4% APY and up. The Fed has cut its target rate, causing CD rates to fall. Now may be a good time to lock in a high rate.

The highest CD rate as of July 24, 2025, is 5.5% APY offered by Gainbridge® on its 5-year CD with a $1000 minimum opening deposit. The Federal Reserve has cut its target rate three times in late 2024 and plans to continue cutting in 2025. Lower Fed rates can lead to lower deposit interest rates.

When opening a CD account, research rates, choose an account that meets your needs, gather necessary documents, complete the application, and fund the account. Evaluate term lengths, minimum deposit requirements, and fees to find the best fit for your financial goals. Check out step-by-step instructions for opening a CD online.

Read more at Yahoo Finance: Best CD rates today, July 24, 2025 (lock in up to 5.5% APY)