Best CD Rates —
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A certificate of deposit locks in a fixed rate for a set term — so unlike savings, the rate cannot fall while your money is committed. The trade-off is access: withdraw early and you usually pay a penalty. We rank every term by the math and verify daily — no institution pays to appear here.
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How a CD works
A certificate of deposit pays a fixed APY in exchange for leaving your money untouched for a set term — anywhere from a few months to five years. Because the rate is locked, a CD protects you if rates fall, which is the opposite of a variable savings account. The catch is access: pulling the money out before maturity usually triggers an early-withdrawal penalty of several months’ interest. CDs are FDIC or NCUA insured up to $250,000, same as any deposit.
Match the term to when you need the money
The highest APY is not automatically the best CD for you. A 5.00% rate on a 4-month promo is worth little if you needed a 3-year home; a slightly lower rate locked for longer can be the smarter pick if rates are set to fall. Watch the minimum deposit, whether the top rate is a limited promo that auto-rolls into a lower standard term at maturity, and any membership condition. Our score weighs APY most heavily but factors these in, so the ranking reflects what you would actually keep.
CD ladders
If you cannot decide on a term, a ladder splits your deposit across several — say 1, 2, and 3 years — so a portion matures every year to reinvest or spend, blending liquidity with the higher long-term rates. Use the insurance calculator to confirm coverage if you spread large amounts across institutions.
You typically pay an early-withdrawal penalty, often a set number of months of interest — for example 90 days’ interest on a short CD or up to a year’s interest on a longer one. You keep your principal; you just forfeit some earned interest. A few “no-penalty” CDs waive this in exchange for a lower rate.
Fixed. Once you open a standard CD, the APY is locked for the entire term regardless of what the Fed does — the main reason to choose a CD over a savings account when you expect rates to drop.
Banks often advertise an odd term — 7, 13 or 15 months — at a higher promo rate. Read the fine print: many auto-renew at maturity into a standard term at the then-current, usually lower, rate unless you move the money. Any such condition is noted on the card.
Yes. Every CD here is FDIC insured (banks) or NCUA insured (credit unions) up to $250,000 per depositor, per institution — your principal and earned interest are protected regardless of the term.