Lock in a high CD rate before the Federal Reserve cuts rates further. Online banks and credit unions offer the best CD rates on shorter terms. Gainbridge® offers the highest CD rate at 5.5% APY on its 5-year CD. Interest earned depends on the APY and how often interest compounds.

Invest $1,000 in a one-year CD at 1.81% APY and earn $18.25 in interest. Opt for a 4% APY CD and earn $40.74 in interest. Depositing more in a CD can significantly increase your earnings. Consider factors beyond just the interest rate when choosing a CD, such as flexibility and benefits offered.

Explore different types of CDs like Bump-up, No-penalty, Jumbo, and Brokered CDs for varying benefits. Bump-up CDs allow for a rate increase once, while No-penalty CDs offer the option to withdraw funds early without a penalty. Jumbo CDs require a higher minimum deposit for potentially higher interest rates. Brokered CDs are purchased through a brokerage and may offer higher rates but come with more risk.

Read more at Yahoo Finance: Best CD rates today, August 9, 2025 (best account provides 5.5% APY)