Today’s CD Rate, February 7, 2025 (up to 4.40% APY return)

If you are looking for a safe place to store your savings, a certificate of deposit (CD) may be the best option. These accounts often offer higher interest rates than traditional checking or savings accounts. However, CD rates may vary significantly. Find out more about today’s CD rates and where to find them High Yield CD The best rates are available.

Today’s CD rates are quite different. However, CD rates are generally beginning to fall due to the Fed’s decision to cut the benchmark rate three times in the second half of 2024. Still, some banks still offer competitive CD rates.

Check out the best CD account picks available today >>

In those cases, the highest rate reaches an APY of around 4%. This is especially true for shorter conditions of less than one year.

Today, Nexbank offers the highest CD rate of 4.40% APY on CDs for a year. A minimum deposit of $25,000 is required.

This looks at some of the best CD rates available today:

Compare these prices with the national average as of January 2025 (latest available data from fdic):

Compared to today’s top CD rates, the national average is much lower. This underscores the importance of buying the best CD rates previously Open an account.

Online Bank and Neobank This is a financial institution that is operated only through the web. This means they have lower fictional costs than traditional brick and mortar banks. As a result, they can pass those savings to their customers in the form of savings accounts (including CDs) and higher interest rates with lower fees. If you’re looking for the best CD rates available today, online banks are the perfect place to start.

However, online banks are not the only financial institutions that offer competitive CD rates. It’s also worth checking out Credit Union. As a non-profit financial cooperative, credit unions return profits to customers who are also member owners. While many credit unions have strict membership requirements limited to specific associations, jobs, or people living in certain regions, there are also several credit unions that anyone can join.

Whether or not you should put your money on a CD depends on your savings goals. CDs are considered safe and stable savings vehicles – they Don’t lose your money (In most cases), it is supported by federal insurance, allowing you to lock in the highest rates of today.

However, there are some drawbacks to consider. First, you need to deposit money for maturity. Otherwise, an early withdrawal penalty will be imposed. If you want flexible access to your funds, High-yield savings account or Money Market Account It might be a better choice.

Furthermore, today’s CD rates are high by historical standards, but do not match the returns you can achieve by investing money in the market. If you are saving for long-term goals such as retirement, the CD does not provide the growth you need to achieve your savings goals within a reasonable time frame.

read more: Short-term or long-term CD: Which is best for you?