With the Federal Reserve cutting rates, now may be the time to secure a high CD rate. Rates vary, but online banks and credit unions typically offer the best. Currently, Marcus by Goldman Sachs offers the highest rate at 4.40% APY on a 6-month CD.

Earnings from a CD depend on the APY and compounding frequency. A $1,000 investment with 1.81% APY would grow to $1,018.25 after a year. Opting for a 4% APY would yield $1,040.74. Depositing more means earning more, such as $10,407.42 with a $10,000 investment at 4% APY.

Consider different CD types beyond traditional ones. A Bump-up CD allows for a rate increase once, while a No-penalty CD lets you withdraw funds penalty-free. Jumbo CDs require higher deposits for potentially higher rates, and Brokered CDs bought through a brokerage may offer more flexibility but come with more risk.

Read more at Yahoo Finance: Best CD rates today, September 6, 2025 (best account provides 4.40% APY)