Best CD Rates Today, June 2, 2025: Up to 4.55% APY

If you're looking for a secure way to grow your savings, now is a great time to consider a certificate of deposit (CD). With rates still near their peak, one top bank is offering a 4.55% APY on a 6-month CD, while several others feature strong offers around 4.50% for terms between six and 10 months.

However, these attractive rates may not last much longer. Many experts expect the Federal Reserve to cut interest rates later this year, which could lead to lower CD yields. Locking in a CD today allows you to secure a strong return before rates start to fall.

Here are some of the best CD rates you can find right now.

• United Fidelity Bank, 6 months: 4.55% APY
• United Fidelity Bank, 10 months: 4.50% APY
• OMB, 9 months: 4.50% APY
• Presidential Bank, 7 months: 4.50% APY
• SouthEast Bank, 6 months: 4.50% APY
• ableBanking, 6 months: 4.50% APY

Special 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 1, 2025.

Should you open a CD?

If you want a safe, predictable way to grow your savings, opening a CD right now could be a smart move. With the Federal Reserve expected to lower interest rates later this year, some banks have already started trimming their top CD rates. By locking in one of today's high APYs, you can secure steady returns before rates drop further.

CDs are low-risk, offer guaranteed growth, and come with FDIC insurance up to $250,000 per person, per bank. They're a solid choice if you prefer stability and don't need immediate access to your money. However, if you're looking for potentially higher long-term returns and can handle market ups and downs, investing in stocks may be a better fit.

How $10,000 in a CD could earn you nearly $500

Your potential return on a CD depends on three factors: the APY, your deposit amount, and the term length.

For example, a $10,000 deposit into a 14-month CD with a 4.25% APY would earn roughly $498 in interest by the time it matures -- with virtually no risk of losing your principal.

Compare that to a traditional savings account, where rates are often much lower and can fluctuate over 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 certificate of deposit

When you're ready, you can open a CD in just a few simple steps:

1. Compare CD rates and terms. Look at different banks to find the best APY and term length that fits your goals. Online banks often offer higher rates than traditional banks.
2. Decide how much to deposit. Choose an amount you won't need during the CD's term, since early withdrawals usually trigger penalties.
3. Open the account. You can usually open a CD online or at a bank branch. You'll need to provide basic information like your ID and bank account details.
4. Fund the CD. Transfer money from your checking or savings account into the CD. The term and interest rate are locked in once it's funded.
5. Mark the maturity date. Keep track of when your CD matures so you can decide whether to withdraw your money or roll it into a new CD at that time.

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.

CDs vs. high-yield savings accounts: Earn a high APY without locking up your money

Want solid returns without tying up your money? A high-yield savings account might be a better option than a CD. Here's why HYSAs offer more flexibility:

• No commitment required -- You can deposit or withdraw funds anytime with no early withdrawal penalties.
• Quick access -- Transfers between accounts are fast and easy when you need your money.
• Set it and forget it -- Just park your cash and let it grow. There's no need to worry about maturity dates like with CDs.
• Competitive rates -- HYSA rates can fluctuate, but many currently match or beat short-term CD offers.

Bottom line: you can earn a strong APY without giving up access to your savings.

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: New customers can earn up to a $300 bonus with qualifying direct deposits! It's an easy way to boost your savings without locking up your cash. Click here to learn more.