Image source: The Motley Fool/Upsplash
In the fast-paced world of finance, capturing top rates is key to enhancing your investment gains. Right now, short-term CDs — those spanning up to 12 months (and sometimes a little longer) — shine with their offer of compelling rates. These financial tools enable you to maximize returns while maintaining flexibility with a short commitment.
Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today – enjoy peace of mind with competitive rates.
With the Federal Reserve’s recent action to maintain current interest rates, CD rates are expected to stay stable for now. Seize this opportunity to secure high rates and strengthen your investment portfolio.
We’ve curated a selection of the top CD rates, promising up to a 4.65% annual percentage yield (APY) on your investment. Dive in and explore these opportunities!
| Bank | APY | Term | Minimum Deposit |
|---|---|---|---|
| OMB | 4.65% | 7 Months | $1,000 |
| DR Bank | 4.65% | 6 Months | $500 |
| MutualOne Bank | 4.59% | 6 Months | $500 |
| Brilliant Bank | 4.55% | 9 Months | $1,000 |
| Marcus by Goldman Sachs | 4.50% | 14 Months | $500 |
| LendingClub | 4.50% | 10 Months | $2,500 |
While the CDs above offer some of the most competitive rates available today, they’re not the only strong options worth considering. LendingClub offers a solid alternative, with CDs that are easy to open and come from a well-known digital bank. If you value a smooth online experience and flexible terms, it’s worth a look. Explore LendingClub CD rates here.
Want to find the best CD for your timeline and goals? Explore top rates by term:
Even though CD rates have decreased since mid-2024, they remain competitive. While the Federal Reserve has decided to keep the federal funds rate unchanged for now, many experts anticipate that rate cuts are likely to occur as we move further into 2025.
Now could be a great time to lock in a CD if you want safe, guaranteed returns on your cash and you want to protect your savings from the possibility of near-term interest rate cuts.
Top CDs are backed by FDIC insurance, which protects deposits of up to $250,000 per person, per bank, in case of a bank failure. Although CDs present minimal risk, other investment avenues like the stock market might provide opportunities for higher returns.
Start by researching various banks and credit unions to find the best CD rates available. Look for the APY that suits your preferred term length, whether it’s a short or long-term CD. Comparing offers will help you secure the most competitive rate.
Carefully examine the fine print of the CDs you’re considering. Make sure you can meet any minimum deposit requirements and understand the penalties for early withdrawal.
Prepare the required personal information and documents necessary for opening an account. This typically includes your Social Security number, valid identification (such as a driver’s license or passport), and details of the account you’ll use for funding your CD.
Once you’ve chosen the right CD, apply through the bank’s website, mobile app, or in person. The application process is usually straightforward and quick, often taking just a few minutes to complete.
Link your existing bank account to transfer funds to your new CD. Remember, you can usually only make one initial deposit, so ensure your entire investment is ready to transfer. After funding, your CD will be up and running, earning interest for the term specified.
Click here to explore the best CD rates and open a high-yield CD today.
If you want to earn a high APY with more flexibility and less commitment, a high-yield savings account will allow you to deposit and withdraw money whenever you want and transfer money to other accounts quickly and easily. You can leave your money in the account as long as you want, with no time requirement.
Unlike CDs, savings accounts have variable rates, meaning they can change any time at the issuer’s discretion. But right now, high-yield savings account rates are nearly on par with the best CD rates, making either one a great choice, depending on your savings goals.
If you want to earn a competitive APY without committing your cash for a minimum of several months, check out our list of the best high-yield savings accounts.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.James McClenathen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
