Best CD Rates This Week, August 23, 2025: Up to 4.55% APY

Interest rates have held steady all year, but traders expect the Federal Reserve to finally announce rate cuts when its next meeting ends on Sept. 17.

That means now looks like a good time to lock in a high APY with a certificate of deposit (CD). If you want to protect your money from interest rate cuts for months or years, then check out some of this week's best CD rates below.

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Best CD rates this week, August 23, 2025

These are all standout CDs from FDIC-insured banks. The best choice depends on how long you want to commit your money and how much you can deposit.

T Bank offers the highest APY of them all -- but only for six months, and only if you deposit at least $25,000. On the opposite end of the spectrum, United Fidelity guarantees a 4.45% APY for five years and only requires a $1,000 deposit.

Featured pick: Synchrony Bank currently pays 4.25% APY on a 15 Mo. CD with $0 minimum deposit, which makes it a smart balance of rate and flexibility. This CD could shield you from interest rate cuts and inflation for over a year, but the term is also short enough to keep your money accessible.

Should you open a certificate of deposit now?

CDs are a great choice if you:

• Have money you want to keep safe for 3 months to 5 years
• Have three to six months' worth of expenses in a high-yield savings account so you can withdraw cash in an emergency without paying a penalty
• Are already on track to meet big, long-term savings goals like retirement (if not, consider higher-growth investments like index funds)

CDs are safe because their returns are guaranteed, and deposits of up to $250,000 are covered by FDIC insurance in case the bank goes under.

Example: Earn $6,080 with a $25,000 deposit

If you lock in a high APY and leave your money invested for a long time, you can earn a solid return with CDs.

Let's say you put $25,000 into United Fidelity's 60-month CD. When the CD matured in five years, you'd have a balance of $31,080. That's $6,080 in earnings -- no risk and no work required.

And if interest rates fell during those five years, you'd look really smart for locking in today's rates until 2030.

How to open a certificate of deposit

Opening a CD is quick and easy. 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 the best CD rates for the term(s) you want. 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 withdrawals, 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 an existing account into the CD. Once the funds are in, your rate and term are locked in for the duration.
5. Keep track of 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.

Ready to get started? Click here to explore the best CD rates and open a high-yield CD today.

Earn a high APY without losing access to your money

Want to earn a high APY but still have the freedom to withdraw cash at any time? A high-yield savings account (HYSA) might be a better option than a CD.

With an HYSA, you'll earn an APY similar to today's best CD rates, and you can withdraw or deposit money at any time without penalty. The only downside is that savings account APYs can change at any time.

One standout account right now is NexBank High-Yield Savings Account from Raisin. This top-rated account pays 4.31% annual percentage yield (APY), which is right up there with the best CDs.