Summarize this content to 2000 words in 6 paragraphs Today’s top CDs offer APYs as high as 4.65%.Experts expect the Fed will pause rates at its next meeting, but rate cuts are likely later this year.Locking in your APY now allows you to shield your returns from future rate drops. The days of sky-high APYs may be over, but CD rates are still attractive. You can earn up to 4.65% annual percentage yield, or APY with today’s best CDs — more than twice the national average for some terms.Better yet, your APY is fixed when you open a CD, so you’ll enjoy the same returns even if rates fall, as experts expect they will in the coming months. If you have some cash you won’t need to access immediately, putting it in a CD can be a great way to maximize your earnings.Here are some of the highest CD rates right now and how much you could earn by depositing $5,000.Today’s best CD rates Term Highest APY*BankEstimated earnings6 months 4.65%CommunityWide Federal Credit Union$114.931 year 4.45%CommunityWide Federal Credit Union$222.503 years 4.15%America First Credit Union$648.695 years 4.25%America First Credit Union$1,156.73 Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get CNET’s partners’ best rate for your area.Where are CD rates headed next?APYs on CDs and savings accounts have been falling for months after a series of Federal Reserve rate cuts. But with inflation inching back up, many experts believe the Fed will hold rates steady at next week’s Federal Open Market Committee meeting. That means there’s still time to score a great APY.”We expect no significant action at the next Fed meeting, as current signals suggest a cautious, wait-and-see approach to determine the pace of interest rate cuts this year,” said Chad Olivier, Certified Financial Planner and CEO of The Olivier Group. “We still think there’s going to be an easing environment for the Fed. However, all of the markets are, in some respect, waiting to see what happens with the new administration before they really step in and get aggressive on lower interest rates.”Experts expect to see rate cuts later this year, so securing a high APY now can maximize your earning potential. Your APY is locked in when you open a CD, which means your returns will stay the same regardless of where overall rates go after that.How CD rates have changed in the last week Term Last week’s CNET average APYThis week’s CNET average APYWeekly change**6 months 4.09%4.05%-0.98%1 year 4.03%4.01%-0.50%3 years 3.50%3.50%No change5 years 3.45%3.45%No change Consider these factors when choosing a CDA competitive APY is important, but it’s not the only thing you should keep in mind. To find the right CD for you, weigh these factors, too:When you’ll need your money: Early withdrawal penalties can eat into your interest earnings. So be sure to choose a term that fits your savings timeline. Alternatively, you can select a no-penalty CD, although the APY may not be as high as you’d get with a traditional CD of the same term.Minimum deposit requirement: Some CDs require a minimum amount to open an account — typically, $500 to $1,000. Others do not. How much money you have to set aside can help you narrow your options.Fees: Maintenance and other fees can eat into your earnings. Many online banks don’t charge fees because they have lower overhead costs than banks with physical branches. Still, read the fine print for any account you’re evaluating.Federal deposit insurance: Make sure any bank or credit union you’re considering is an FDIC or NCUA member so your money is protected if the bank fails.Customer ratings and reviews: Visit sites like Trustpilot to see what customers are saying about the bank. You want a bank that’s responsive, professional and easy to work with.MethodologyCNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service.The current banks included in CNET’s weekly CD averages include Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct, Quontic, Rising Bank, Synchrony, EverBank, Popular Bank, First Internet Bank of Indiana, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America and Connexus Credit Union.*APYs as of Jan. 22, 2025, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.**Weekly percentage increase/decrease from Jan. 13, 2025, to Jan. 20, 2025.More on CDs
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