The Federal Reserve wrapped up its latest meeting yesterday, leaving interest rates unchanged -- for now. But with future cuts still on the table, CD rates could start to slide in the coming months.

At the moment, short-term CDs continue to offer solid returns. Some of the best rates are hovering between 4.45% and 4.60% APY, including a standout 9-month CD at 4.60%.

If you've been thinking about opening a CD, this could be a good time to lock in a strong rate before banks begin trimming yields. Below, we've rounded up today's top CD offers.

• 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
• Presidential Bank, 7 months: 4.50% APY
• Rising Bank, 12 months: 4.45% 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 18, 2025.

Is now a good time to open a CD?

If you're aiming for steady returns without much risk, now might be a smart time to lock in a certificate of deposit. Some banks have already begun trimming their top CD rates, anticipating that interest rate cuts could be coming soon. Opening a CD now lets you secure one of today's higher APYs before they start to slip.

CDs provide predictable growth and peace of mind, thanks to FDIC insurance that covers up to $250,000 per person, per bank. They're a solid option if you won't need the money right away and prefer a stable return. But if you're okay with some ups and downs in exchange for bigger long-term gains, investing in the market may be a better fit.

How a $10,000 CD could grow by nearly $500

Your earnings from a CD come down to three things: the interest rate, how much you put in, and the length of the term.

For example, let's say you deposit $10,000 into a 14-month CD with a 4.25% APY. By the time it matures, you'd earn roughly $498 in interest -- all while keeping your original deposit safe and untouched.

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

1. Compare CD 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. Decide how much to deposit. Choose the amount 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. Note your maturity date. Make a calendar reminder for 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.

High-yield savings accounts vs. CDs: Earn more without giving up access

Want to earn solid interest but still have the freedom to use your money? A high-yield savings account might be a better option than a CD. Here's why HYSAs offer more flexibility:

• No time commitment -- You're free to add or withdraw funds as needed, without facing early withdrawal penalties.
• Quick access -- Transfers to and from your account are fast and easy when life throws something unexpected your way.
• Set it and forget it -- Just deposit your money and let it grow. There's no need to worry about tracking CD maturity dates.
• Strong APYs -- Many HYSAs are offering interest rates that are just as good, or better, than short-term CDs.

You don't have to lock up your cash to get a great return.

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.presidential.com/personal/banking/cds

FAQs

• 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.

• 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.