Find the best CD rates available today and maximize your savings.
Best CD Rates Available Today
CD rates fluctuate between financial institutions, making it essential to compare offers before locking in your savings. Below, we break down today’s top CD rates and where to find the best options.
Current CD Rate Overview
Traditionally, longer-term CDs offered higher interest rates than short-term CDs. However, in the current economic climate, shorter-term CDs are offering some of the best returns.
Top CD Offers Today:
- Marcus by Goldman Sachs – 4.50% APY (14-month term, $500 minimum deposit)
- LendingClub – 4.50% APY (10-month term, $2,500 minimum deposit)
How Much Interest Can You Earn with a CD?
Your earnings depend on the Annual Percentage Yield (APY), which factors in both the base interest rate and compounding frequency.
For example:
- Investing $1,000 in a 1-year CD at 1.81% APY (compounded monthly) will grow to $1,018.25.
- Investing $1,000 in a 1-year CD at 4.00% APY will grow to $1,040.74.
- A $10,000 deposit in a 1-year CD at 4.00% APY would yield $10,407.42 at maturity.
Types of CDs to Consider
Interest rates are crucial when choosing a CD, but other features may also be important. Here are some alternative CD options that offer different benefits:
- Bump-up CD: Allows you to increase your rate if market rates rise, though usually limited to one adjustment per term.
- No-penalty CD: Offers the flexibility to withdraw funds before maturity without penalties.
- Jumbo CD: Requires a high minimum deposit (typically $100,000+), but may offer slightly higher rates.
- Brokered CD: Purchased through a brokerage, these may offer competitive rates but can carry additional risks.
Find the Best CD Rates Today
To get the best returns, compare CD rates from multiple financial institutions and consider your financial goals. Whether you’re looking for a short-term or long-term CD, locking in a competitive rate today can help grow your savings efficiently.
