Best CD Rates Today: Lock In an APY of 4.65% Before Fed Meetings Next Week -- May 3, 2025

Motley Fool

05-03

KEY POINTS

The top CD APY available today: 4.65% for a 7-month CD.
If the Fed decides to cut rates later this year as expected, CD rates will decrease.
HYSAs offer a great opportunity to maximize interest on your savings while APYs remain competitive.

CD rates continue to hold strong and relatively steady, but that looks more and more likely to change in the coming months. The Federal Reserve has signaled it could cuts rates in the near term, so now could be an ideal time to lock in a fixed APY.

The CDs on our list below have among the highest APYs and come with low minimum deposit requirements (some as little as $500). They're also available to savers nationwide, and every one of them can be opened quickly online with no branch visit necessary.

The best CD rates today, May 3, are above 4.00%. Top offers include:

OMB, 7 months: 4.65% APY
United Fidelity Bank, 6 months: 4.55% APY
United Fidelity Bank, 10 months: 4.50% APY
NBKC Bank, 7 months: 4.50% APY
Presidential Bank, 7 months: 4.50% APY

Special pick: Now could be one of the last chances to lock in a yield this high before rates start to fall. LendingClub's 14-month CD currently offers 4.10% APY with just a $500 minimum deposit. Check out LendingClub's 14-month CD here.Data source: Issuing banks. Rates are accurate as of May 2, 2025.

Best CD Rates at Top Banks in May 2025

Rates as of April 22, 2025


Bank & CD Offer	APY	Term	Min. Deposit	Next Steps
LendingClub CD LendingClub CD Member FDIC. Open Account for On LendingClub's Secure Website.	APY: 4.10%	Term: 14 Months	Min. Deposit: $500	Open Account for On LendingClub's Secure Website.
Discover® Bank CD Discover® Bank CD Member FDIC. Open Account for Discover® Bank CD On Discover Bank's Secure Website.	APY: 4.00%	Term: 1 Year	Min. Deposit: $0	Open Account for Discover® Bank CD On Discover Bank's Secure Website.
Western Alliance Bank CD Western Alliance Bank CD Open Account for On Raisin's Secure Website.	APY: 4.00%	Term: 6 Months	Min. Deposit: $1	Open Account for On Raisin's Secure Website.

Unlike other banking products we evaluate, certificates of deposit (CDs) do not receive a star rating from us. This approach is due to the frequent updates in interest rates and terms associated with CDs. Instead, we highlight CDs on our best-of list pages based on their annual percentage yield (APY) and the fees associated with early withdrawals. Our top CD selections typically offer competitive APYs without complex qualification tiers, low early withdrawal penalties, reliable strong brand reliability, and user-friendly features.

Motley Fool Money focuses exclusively on standard CDs and does not review IRA CDs, bump-up CDs, callable CDs, or other specialized CD accounts.

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

Motley Fool Money focuses exclusively on standard CDs and does not review IRA CDs, bump-up CDs, callable CDs, or other specialized CD accounts.

Should you open a CD?

The Fed has held interest rates steady so far this year, but rate cuts are becoming more likely as we reach the second half of 2025.

If any of the following scenarios apply to you, it could be a great time to open a CD:

If you're seeking a secure, guaranteed return on your cash, now is an excellent opportunity to consider a CD.
If you're concerned about possible interest rate reductions later this year, locking in a CD can help protect your savings.
If you're positive that you won't need to touch your cash for a while, CDs are an ideal place to grow your money.

The best CDs come with FDIC insurance, providing protection for deposits up to $250,000 per individual, per bank. While CD investments involve very little risk, you might find higher returns from alternative investments, like the stock market.

How a $10,000 CD can earn you $480

The amount you can earn with a CD depends on three factors: the APY (annual percentage yield), your deposit amount, and the term length.

For example, a $10,000 deposit into a 14-month CD with a 4.10% APY would earn roughly $480 in interest by the time it matures -- with no risk of losing your principal.

Compare that to a traditional savings account, where rates are often much lower and can fluctuate over time. Locking in a top CD rate today, like LendingClub's 14-month CD, can help you maximize your returns before rates drop. See LendingClub's 14-month CD details here.

How to open a certificate of deposit

Ready to open a CD? Just follow these six easy steps:

Pick a bank: Look up banks to see which one offers the best CD rates and terms.
Go online: Visit the bank’s site and look for certificates of deposit, usually found under "personal banking."
Choose your CD: Select the CD that suits you and start the online application for a new account.
Fill in details: Enter your personal info and link a bank account to fund your CD.
Check terms and apply: Read the CD terms, especially about any early-withdrawal penalties, then submit your application.
Note the maturity date: Mark on your calendar when your CD matures so you know when you need to either withdraw or reinvest your money.

That's it!

Remember, each CD allows only one deposit. Plan your amount wisely. When you're ready, click here to explore the best CD rates and open a high-yield CD today.

CDs vs. high-yield savings: Earn a high APY without locking up your cash

If you want to earn a high APY with more flexibility and less commitment, look into a high-yield savings account.

The best high-yield savings accounts allow you to:

Deposit and withdraw money whenever you want
Quickly transfer money to other accounts

Savings account rates can change at any moment, but right now, high-yield savings accounts have APYs that compete with the top CDs. Depending on your goals, either could be a smart choice now.

One standout right now is SoFi Checking and Savings (Member FDIC). This top-rated account offers up to 3.80%² on savings with qualifying direct deposits, plus a $300 bonus¹ for eligible new customers. It's an easy way to boost your savings without locking up your cash. Click here to learn more.

Our Picks for the Best High-Yield Savings Accounts of 2025

Product	APY	Min. to Earn
SoFi Checking and Savings Member FDIC. APY up to 3.80%² Rate info Min. to earn $0 Open Account for SoFi Checking and Savings On SoFi's Secure Website. Member FDIC.	up to 3.80%² Rate info	$0	Open Account for SoFi Checking and Savings On SoFi's Secure Website.
American Express® High Yield Savings Account Member FDIC. APY 3.70% Rate info Min. to earn $0 Open Account for American Express® High Yield Savings Account On American Express's Secure Website. Member FDIC.	3.70% Rate info	$0	Open Account for American Express® High Yield Savings Account On American Express's Secure Website.
Barclays Tiered Savings Member FDIC. APY 4.10% Rate info Min. to earn $0 Open Account for Barclays Tiered Savings On Barclays' Secure Website. Member FDIC.	4.10% Rate info	$0	Open Account for Barclays Tiered Savings On Barclays' Secure Website.

Disclaimers

SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Sources
- https://www.ombbank.com/personal-banking/personal-savings/certificates-of-deposit/7-month-high-yield-special
- https://www.unitedfidelity.com/high-yield-certificates-of-deposit/
- https://www.nbkc.com/personal/certificate-of-deposits
- https://www.presidential.com/personal/banking/cds

FAQs

CD rates can be found up to 4.65% today. The highest CD rates are on short-term CDs. Right now, that includes CDs with terms of 12 months or less. Shop around and compare rates to find the most competitive rate for the term you want.
Experts currently expect the Federal Reserve to cut rates later this year, which could result in lower CD rates. However, if inflation climbs and the Fed raises rates instead, CD rates could increase. Rate movements aren't certain, and timing is unclear.
The biggest downside of a certificate of deposit is the lack of liquidity. When you invest in a CD, your money is locked in for a fixed term, and withdrawing it early can result in loss of interest. This means you have less flexibility to access your funds if you need them before the CD matures.

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