Want to earn more on your savings? Consider a certificate of deposit (CD) to lock in a competitive rate. Rates vary across institutions, so shop around. Currently, the highest CD rate is 4% APY offered by Marcus by Goldman Sachs on a 1-year CD. Your earnings depend on the annual percentage rate (APY) and compounding frequency. For example, a $1,000 deposit at 1.61% APY with monthly compounding grows to $1,016.22 after a year. Opt for a 4% APY CD instead, and your balance would be $1,040.74 after a year. Depositing more in a CD can maximize your earnings. For a $10,000 deposit at 4% APY, your total balance would be $10,407.42 when the CD matures. Consider different types of CDs beyond traditional ones, like bump-up CDs, no-penalty CDs, jumbo CDs, and brokered CDs, for added benefits and flexibility.

Read more at Yahoo Finance: Best CD rates today, February 8, 2026 (lock in up to 4% APY)