Right now, one of the top CD rates available is 4.60% APY on a 9-month term. In fact, short-term CDs are leading the pack, with several banks offering around 4.50% APY for terms between six and 10 months.

If you're considering opening a CD, this might be your window. Many experts expect the Federal Reserve to begin cutting interest rates later this year -- possibly as soon as the June 17–18 meeting. While the Fed may hold steady for now, the broader trend points toward lower rates in the months ahead.

That makes now a smart time to lock in one of today's higher APYs. Below, you'll find the best CD rates currently available.

• Newtek Bank, 9 months: 4.60% APY
• United Fidelity Bank, 6 months: 4.55% APY
• United Fidelity Bank, 10 months: 4.50% APY
• OMB, 9 months: 4.50% APY
• Presidential Bank, 7 months: 4.50% APY
• SouthEast Bank, 6 months: 4.50% APY

Featured 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 4.25% APY with just a $500 minimum deposit. Check out LendingClub's 14-month CD here.Data source: Issuing banks. Rates are accurate as of June 11, 2025.

Should you open a CD now?

If you're aiming for steady, low-risk growth, opening a CD now could make sense. Some banks have already started trimming their best rates, anticipating the Federal Reserve might begin cutting interest rates later this year. By locking in a CD today, you can secure one of the higher yields still available before they potentially fall even more.

CDs provide predictable growth with very little risk. Plus, your deposits are protected by FDIC insurance for up to $250,000 per person, per bank. They're a great option if you want stability and don't need to touch your money right away. But if you're willing to take on more risk for the chance at bigger long-term gains, investing in the stock market could offer more upside.

How a $10,000 CD could earn you almost $500

The amount you earn with a CD depends on three main factors: the interest rate, your deposit amount, and how long you commit the money.

For instance, putting $10,000 into a 14-month CD with a 4.25% APY would earn you around $498 in interest by the time it matures -- and your initial deposit stays fully protected the entire time.

That's a nice bump compared to most traditional savings accounts, where rates tend to be much lower and can change at any 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

Opening a CD is simple and can be done in just a few easy steps:

1. Compare rates and terms. Shop around at different banks to find the best APY and term length that match your savings goals. Online banks often offer better rates than traditional ones.
2. Choose your deposit amount. Decide how much you want to invest, keeping in mind that early withdrawals usually come with penalties, so pick an amount you can leave untouched for the full term.
3. Open your account. You can open a CD online or in person at a bank branch. Be prepared to provide personal information, such as your ID and banking details.
4. Fund your CD. Transfer funds from your checking or savings account into the CD. Once funded, your interest rate and term are locked in.
5. Track your maturity date. Make a note of when your CD matures so you can decide whether to withdraw your money or renew it when the term ends.

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.

HYSAs vs. CDs: Get a high APY and keep your money flexible

Looking for strong returns without locking your money away? A high-yield savings account could be a better fit than a CD. Here's why HYSAs offer more freedom:

• No lock-in period -- Add or withdraw funds whenever you want, with no early withdrawal penalties.
• Easy access -- Move money between accounts quickly whenever you need it.
• Low maintenance -- Deposit your money and let it grow, no need to track maturity dates like with CDs.
• Competitive rates -- While rates can change, many HYSAs currently offer APYs that rival short-term CDs.

The bottom line: you can enjoy high returns while still having full access to your savings.

One standout right now is SoFi Checking and Savings (Member FDIC). This top-rated account offers up to 3.80% annual percentage yield (APY) on savings with qualifying direct deposits. Even better: New customers earn an extra 0.20% APY on savings for up to 6 months + up to $300 bonus with eligible direct deposits. Terms apply. It's an easy way to boost your savings without locking up your cash. Click here to learn more.

• Sources

  • https://www.newtekbank.com/certificate-of-deposit/
  • https://www.unitedfidelity.com/high-yield-certificates-of-deposit/
  • https://www.ombbank.com/personal-banking/personal-savings/certificates-of-deposit/9-month-cd-special
  • https://www.presidential.com/personal/banking/cds
  • https://www.southeastbank.com/personal-banking/bank-accounts/bank-cds/

FAQs

• What's the biggest downside of a CD?

  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.

• Are CDs safe?

  Yes, certificates of deposit are considered very safe. CDs offered by FDIC-insured banks or NCUA-insured credit unions are protected up to $250,000 per depositor, per institution, which means your principal is secure even if the bank or credit union fails.

• What happens when a CD matures?

  When a CD reaches its maturity date, you'll have a short window -- usually seven to 10 days -- to withdraw your money or move it into a new CD. If you don't take action, the bank may automatically roll it into a new CD, often at a different rate or term.