Looking for the best CD rates? Certificates of deposit offer higher interest rates than traditional accounts. Rates are beginning to decline due to Fed cuts, but some banks still offer competitive rates up to 4% APY for shorter terms. Gainbridge® offers the highest rate at 5.5% APY on a 5-year CD.

National averages are much lower than current top CD rates. Online banks and credit unions often offer higher rates due to lower overhead costs. CDs are safe and stable savings options, but require keeping money deposited for the full term. Consider your savings goals before choosing a CD or alternative account.

Today’s CD rates, while high historically, may not provide the growth needed for long-term savings goals like retirement. Consider investing in the market for higher returns over time. Evaluate short- or long-term CDs based on your financial needs and goals.

Read more at Yahoo Finance: Best CD rates today, August 8, 2025 (up to 5.5% APY return)