CD rates remain competitive as we get deeper into July, but they might not hold up much longer. With the Fed's next meeting scheduled for later this month, savers still have a limited window to lock in today's top yields. Since rate cuts are still expected sometime this year, it could be wise to secure a strong return while you can.

Right now, short-term CDs are offering some of the best rates on the market. One top pick: a 6-month CD with a 4.60% APY.

If you're looking for a low-risk way to boost your savings, now may be the right time to act. Below are the best CD rates available today.

• Northern Bank Direct, 6 months: 4.60% APY
• United Fidelity Bank, 6 months: 4.55% APY
• United Fidelity Bank, 10 months: 4.50% APY
• Northern Bank Direct, 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 July 9, 2025.

Should you open a certificate of deposit now?

If safety and consistency are your top priorities, now might be a smart time to consider a CD. Although some banks have started lowering their rates, CD yields are still holding strong -- and with the Fed expected to meet soon, that could change quickly.

Opening a CD today gives you the chance to lock in a solid rate before any potential cuts take effect. Plus, your money is protected with FDIC insurance, up to $250,000 per depositor, per bank.

Unlike the stock market -- which can swing wildly -- CDs offer predictable returns with minimal risk. If you're looking for a calm and dependable way to grow your savings, a CD could be just what you need.

Earn almost $500 with a $10K CD

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. Open a LendingClub CD today.

How to open a certificate of deposit

Getting started with a CD is quick and hassle-free. You can open one in just a few simple steps, and the whole process only takes a few minutes. Here's what to do:

1. Find the best offer. Start by comparing CD rates and term lengths across different banks and credit unions. Online banks often have higher yields than traditional ones, so it's worth exploring all your options.
2. Pick your deposit amount. Decide how much you want to set aside. Since most CDs don't allow additional deposits and charge a penalty for early withdrawal, choose an amount you won't need until the term ends.
3. Apply for the CD. You can open a CD either online or by visiting a branch. Have your personal information handy -- such as a valid ID, your Social Security number, and bank account details.
4. Fund the account. Transfer money from your existing account into the CD. Once the funds are in, your rate and term are locked in for the duration.
5. Track your maturity date. Make note of when your CD matures. Set a reminder so you can decide whether to withdraw the funds or roll them into a new CD when the time comes.

When you're ready, click here to explore the best CD rates and open a high-yield CD today.

The HYSA difference: Get a high APY without losing access to your money

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:

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

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. It's an easy way to boost your savings without locking up your cash. And that's not all, right now: 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! Click here to open an account today.

• Sources

  • https://www.northernbankdirect.com/cds-all-rates
  • https://www.unitedfidelity.com/high-yield-certificates-of-deposit/
  • 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.

• 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.

• 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.