Best CD Rates Today: Lock In an APY of 4.65% Before Fed Meetings Next Week -- May 3, 2025
KEY POINTS
- The top CD APY available today: 4.65% for a 7-month CD.
- If the Fed decides to cut rates later this year as expected, CD rates will decrease.
- HYSAs offer a great opportunity to maximize interest on your savings while APYs remain competitive.
CD rates continue to hold strong and relatively steady, but that looks more and more likely to change in the coming months. The Federal Reserve has signaled it could cuts rates in the near term, so now could be an ideal time to lock in a fixed APY.
The CDs on our list below have among the highest APYs and come with low minimum deposit requirements (some as little as $500). They're also available to savers nationwide, and every one of them can be opened quickly online with no branch visit necessary.
The best CD rates today, May 3, are above 4.00%. Top offers include:
- OMB, 7 months: 4.65% APY
- United Fidelity Bank, 6 months: 4.55% APY
- United Fidelity Bank, 10 months: 4.50% APY
- NBKC Bank, 7 months: 4.50% APY
- Presidential Bank, 7 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 May 2, 2025.
Best CD Rates at Top Banks in May 2025
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
|
APY:
4.25%
|
Term:
14 Months
|
Min. Deposit:
$500
|
Open Account for
On LendingClub's Secure Website. |
|
|
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for
On Discover Bank's Secure Website. |
|
|
APY:
4.00%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Raisin's Secure Website. |
Unlike other banking products we evaluate, certificates of deposit (CDs) do not receive a star rating from us. This approach is due to the frequent updates in interest rates and terms associated with CDs. Instead, we highlight CDs on our best-of list pages based on their annual percentage yield (APY) and the fees associated with early withdrawals. Our top CD selections typically offer competitive APYs without complex qualification tiers, low early withdrawal penalties, reliable strong brand reliability, and user-friendly features.
Motley Fool Money focuses exclusively on standard CDs and does not review IRA CDs, bump-up CDs, callable CDs, or other specialized CD accounts.
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.
Unlike other banking products we evaluate, certificates of deposit (CDs) do not receive a star rating from us. This approach is due to the frequent updates in interest rates and terms associated with CDs. Instead, we highlight CDs on our best-of list pages based on their annual percentage yield (APY) and the fees associated with early withdrawals. Our top CD selections typically offer competitive APYs without complex qualification tiers, low early withdrawal penalties, reliable strong brand reliability, and user-friendly features.
Motley Fool Money focuses exclusively on standard CDs and does not review IRA CDs, bump-up CDs, callable CDs, or other specialized CD accounts.
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.
Should you open a CD?
The Fed has held interest rates steady so far this year, but rate cuts are becoming more likely as we reach the second half of 2025.
If any of the following scenarios apply to you, it could be a great time to open a CD:
- If you're seeking a secure, guaranteed return on your cash, now is an excellent opportunity to consider a CD.
- If you're concerned about possible interest rate reductions later this year, locking in a CD can help protect your savings.
- If you're positive that you won't need to touch your cash for a while, CDs are an ideal place to grow your money.
The best CDs come with FDIC insurance, providing protection for deposits up to $250,000 per individual, per bank. While CD investments involve very little risk, you might find higher returns from alternative investments, like the stock market.
How a $10,000 CD can earn you $480
The amount you can earn with a CD depends on three factors: the APY (annual percentage yield), your deposit amount, and the term length.
For example, a $10,000 deposit into a 14-month CD with a 4.10% APY would earn roughly $480 in interest by the time it matures -- with 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
Ready to open a CD? Just follow these six easy steps:
- Pick a bank: Look up banks to see which one offers the best CD rates and terms.
- Go online: Visit the bank’s site and look for certificates of deposit, usually found under "personal banking."
- Choose your CD: Select the CD that suits you and start the online application for a new account.
- Fill in details: Enter your personal info and link a bank account to fund your CD.
- Check terms and apply: Read the CD terms, especially about any early-withdrawal penalties, then submit your application.
- Note the maturity date: Mark on your calendar when your CD matures so you know when you need to either withdraw or reinvest your money.
That's it!
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: Earn a high APY without locking up your cash
If you want to earn a high APY with more flexibility and less commitment, look into a high-yield savings account.
The best high-yield savings accounts allow you to:
- Deposit and withdraw money whenever you want
- Quickly transfer money to other accounts
Savings account rates can change at any moment, but right now, high-yield savings accounts have APYs that compete with the top CDs. Depending on your goals, either could be a smart choice now.
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.
Our Picks for the Best High-Yield Savings Accounts of 2025
| Product | APY | Min. to Earn | |
SoFi Checking and Savings
Member FDIC.
APY
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn
$0
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
|
$0
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
American Express® High Yield Savings Account
Member FDIC.
APY
3.60%
Rate info
3.60% annual percentage yield as of May 30, 2025. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings Account
On American Express's Secure Website. |
3.60%
Rate info
3.60% annual percentage yield as of May 30, 2025. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings Account
On American Express's Secure Website. |
Western Alliance Bank High-Yield Savings Premier
Member FDIC.
APY
4.30%
Rate info
The annual percentage yield (APY) is accurate as of May 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn
$500 to open, $0.01 for max APY
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
4.30%
Rate info
The annual percentage yield (APY) is accurate as of May 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
|
$500 to open, $0.01 for max APY
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
-
Sources
FAQs
-
CD rates can be found up to 4.65% today. The highest CD rates are on short-term CDs. Right now, that includes CDs with terms of 12 months or less. Shop around and compare rates to find the most competitive rate for the term you want.
-
Experts currently expect the Federal Reserve to cut rates later this year, which could result in lower CD rates. However, if inflation climbs and the Fed raises rates instead, CD rates could increase. Rate movements aren't certain, and timing is unclear.
-
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.
Our Research Expert
Managing editor for Motley Fool Money. James has worked full-time for The Motley Fool since 2012. A longtime editor and former reporter, James oversees the production and quality of Motley Fool Money's editorial content.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.