The Top 3 CDs of May 2025: Up to 4.65% APY

The best CD rates right now are hovering between 4.50% and 4.65%. That could mean turning a $10,000 deposit into $10,465 in a year's time.

Right now, experts expect the Fed to cut the federal funds rate at least once (or even two or three times) before the end of the year. So we might be saying goodbye to these higher CD rates for a while if that happens.

Here's a look at our top three CD picks for May 2025. Rates are accurate as of May 2, 2025.

1. OMB 7-Month CD: 4.65% APY

If you're looking for a short-term, high-yield option, OMB holds the top spot right now.

Here are the deets:

• APY: 4.65%
• Term: 7 months
• Minimum deposit: $1,000
• FDIC insured: Yes (up to $250,000)

This CD is a great fit if you want flexibility. The term is long enough to snag a great rate but short enough to keep your cash accessible.

2. United Fidelity Bank 6-Month CD: 4.55% APY

If you want to park your cash for a short time and still snag a solid return, United Fidelity Bank's 6-month CD is a good option.

• APY: 4.55%
• Term: 6 months
• Minimum deposit: $1,000
• FDIC insured: Yes (up to $250,000)

United Fidelity Bank's CD gives you half a year of locked-in returns. This is perfect if you're saving for a near-term goal like a vacation or a big purchase.

3. United Fidelity Bank 10-Month CD: 4.50% APY

If you're looking to lock in a great rate for a little longer than six months, United Fidelity Bank's 10-month could be the sweet spot. It'll give you a few more months for your money to grow.

• APY: 4.50%
• Term: 10 months
• Minimum deposit: $1,000
• FDIC insured: Yes (up to $250,000)

The relatively low $1,000 minimum means you don't need a ton of cash upfront to lock in a guaranteed return. It's a great choice if you're just getting started or keeping some cash flexible for later this year. Compare the full list of this month's best CD rates here.

Here's how much $10,000 could grow with today's top CDs

Here's a snapshot of what a $10,000 deposit could earn with today's top CD rates and terms.

Keep in mind -- you don't just want to chase the absolute highest rate available. I always recommend choosing a bank you're comfortable with.

If you're looking for a reliable CD from a trusted online bank, Discover® Bank is a great option. It offers a huge range of CD terms -- from as short as 3 months to as long as 10 years. Plus, there's a $0 minimum deposit to get started, and accounts are easy to open online. See today's Discover® Bank CD rates and find the right fit for you.

How to open a CD

Opening a certificate of deposit (CD) is really straightforward. Here's how to do it:

1. Compare banks: Choose a bank that offers both the yield and the term you'd like.
2. Apply online: Go to the bank's website and look for the "Certificate of Deposit" section, usually under "personal banking." Then pick the CD you'd like to open to begin the application.
3. Fill out your info: Enter your basic personal details and link a bank account to fund your CD.
4. Double-check the terms: Review the early withdrawal rules and any fine print before hitting "submit."
5. Set a due-date reminder: Write down the CD's maturity date so you don't forget when it's time to cash out or reinvest.

That's it! It's just like setting up a bank account!

High-yield savings accounts as an alternative

For those who want ultimate flexibility, the best high-yield savings accounts are still offering great rates not far behind the best CDs.

Right now the Barclays Tiered Savings account is offering a 4.00% APY with no minimum deposit requirement. You can still access your cash at any time, while earning a top rate. Open an account today.