Looking for the best CD rates? Find out where to store your savings securely. CD rates vary, but some offer competitive rates of 4% APY and up. Gainbridge® offers the highest rate at 5.5% APY on its 5-year CD with a $1000 minimum deposit as of July 31, 2025.

The Federal Reserve has been cutting its target rate, affecting deposit interest rates. Following three rate cuts in late 2024, the Fed now projects two more for 2025. As rates fall, now may be a good time to lock in a CD with higher rates.

Opening a CD involves researching rates, choosing the right account, preparing necessary documents, completing the application, and funding the account. Consider factors like term length, minimum deposit, and fees. Online applications make the process quick and easy. Consider these steps for a hassle-free experience.

Read more at Yahoo Finance: Best CD rates today, July 31, 2025 (lock in up to 5.5% APY)