If you’re in the market for a certificate of deposit (CD), now may be the perfect time to lock in today’s high rates. The Federal Reserve has made several interest rate cuts in 2024, which has had an impact on deposit rates. As of June 9, 2025, CD rates are still very competitive, especially for shorter terms.
One of the best CD rates available currently is 4.2% APY offered by Marcus by Goldman Sachs on their 9-month CD, with a minimum opening deposit of $500. This rate is significantly higher than the national average rates, making it a great opportunity for savers.
When looking for a CD, it’s important to shop around and compare rates from different financial institutions. Online banks and credit unions often offer more competitive rates compared to traditional brick-and-mortar banks due to lower overhead costs. It’s also essential to consider the minimum deposit requirements and account terms and conditions before making a decision.
According to the most recent data from the FDIC, the highest national average interest rate for CDs is 1.77% for a 1-year term. However, today’s average CD rates are some of the highest in nearly two decades, thanks to the Federal Reserve’s efforts to combat inflation by keeping interest rates elevated.
If you’re considering opening a CD, it’s crucial to choose one with a high APY and a term length that aligns with your financial goals. By doing your research and comparing rates, you can find the best CD that suits your needs and helps you maximize your savings.
