Some of the best CD rates on the market right now are hovering around 4.50% to 4.60% APY -- especially for shorter terms between six and 10 months. A 9-month CD offering 4.60% APY is among the top deals available.

If you've been thinking about opening a CD, now might be the time to act. With the Fed expected to start cutting interest rates later this year -- possibly as early as their June 17-18 meeting -- today's higher rates may not stick around much longer.

Locking in a CD now could help you secure a solid return before rates start to fall. Below, we've listed the top CD offers available today.

• Newtek Bank, 9 months: 4.60% APY
• United Fidelity Bank, 6 months: 4.55% APY
• Rising Bank, 6 months: 4.51% APY
• United Fidelity Bank, 10 months: 4.50% APY
• OMB, 9 months: 4.50% APY
• Presidential Bank, 7 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 13, 2025.

Should you open a certificate of deposit?

If you're looking for a low-risk way to grow your savings, now could be a smart time to lock in a certificate of deposit. With the Fed expected to start cutting interest rates later this year, some banks have already lowered their top CD offers. Opening one now means you could still take advantage of today's higher yields before they slip further.

CDs offer steady, predictable growth -- and your money is protected by FDIC insurance up to $250,000 per person, per bank. They're a solid pick if you don't need immediate access to your funds and prefer a more stable return. That said, if you're comfortable riding out market ups and downs, investing in stocks could give you more long-term earning potential.

How $10,000 in a CD could earn you nearly $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 CD

Opening a certificate of deposit 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.

CDs vs. high-yield savings accounts: Get a high APY and keep your funds 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: Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.20% APY on savings for up to 6 months with direct deposit (terms apply) — that equals up to 4.00% APY! 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.risingbank.com/rates/
  • https://www.ombbank.com/personal-banking/personal-savings/certificates-of-deposit/9-month-cd-special
  • https://www.presidential.com/personal/banking/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.