High CD rates available, especially with online banks and credit unions
Today’s CD rates remain higher than the national average, with the Federal Reserve cutting interest rates in 2024. Lock in high rates with a certificate of deposit (CD) now. Gainbridge offers the highest CD rate at 5.5% APY on a 5-year CD, requiring a $1000 minimum deposit. Online banks and credit unions typically offer more competitive rates than traditional banks. The national average interest rate for CDs is 1.77% for a 1-year term, among the highest in nearly two decades due to the Federal Reserve’s inflation-fighting efforts. When opening a CD, choose one with a high APY and matching term length for your financial goals. Shop around and compare CD rates from various financial institutions before deciding. Online banks often have the most competitive CD rates due to lower overhead costs. Be mindful of minimum deposit requirements and review account terms for early withdrawal penalties and auto-renewal policies. Consider no-penalty CDs for added flexibility in withdrawing funds before maturity.
Read more at Yahoo Finance.: Best CD rates today, July 7, 2025 (Lock in up to 5.5% APY)