Today’s CD rates remain well above the national average, following three Federal Reserve interest rate cuts in 2024. Consider locking in high rates with a certificate of deposit (CD) now. The highest CD rate is 5.5% APY on a 5-year CD from Gainbridge®, with a $1000 minimum deposit.

Online banks and credit unions typically offer more competitive CD rates than traditional banks. Today’s average CD rates are among the highest in nearly two decades, influenced by the Federal Reserve’s inflation-fighting strategies. The highest national average CD rate is 1.77% for a 1-year term.

When opening a CD, choose one with a high APY and suitable term length. Shop around for the best rates, consider online banks for competitive rates, check minimum deposit requirements, and review account terms including early withdrawal penalties and auto-renewal policies. Consider no-penalty CDs for added flexibility.

Read more at Yahoo Finance: Best CD rates today, July 28, 2025 (Lock in up to 5.5% APY)