Today, CD rates vary widely, with some banks still offering competitive rates despite the Fed cutting its benchmark rate in 2024. The highest CD rate today is 4.4% APY, offered by Marcus by Goldman Sachs on a 6-month CD. National averages are much lower, emphasizing the importance of shopping around for the best rates.

Online banks and credit unions may offer competitive CD rates due to lower overhead costs. CDs are a safe savings option, backed by federal insurance, and allow you to lock in today’s best rates. However, early withdrawals incur penalties, and investing in the market may yield higher returns for long-term savings goals.

Read more at Yahoo Finance: Best CD rates today, August 22, 2025 (up to 4.4% APY return)