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American Focus > Blog > Economy > Best CD rates today, April 20, 2025 (up to 4.40% APY)
Economy

Best CD rates today, April 20, 2025 (up to 4.40% APY)

Last updated: April 20, 2025 5:10 am
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Best CD rates today, April 20, 2025 (up to 4.40% APY)
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A certificate of deposit (CD) is a great way to earn a competitive rate on your savings and watch your balance grow over time. However, with rates varying widely across financial institutions, it’s crucial to shop around and find the best CD rate available. Today, we’ll break down the current CD rates and highlight where you can find the most competitive offers.

In the past, longer-term CDs typically offered higher interest rates compared to shorter-term CDs. Banks would entice savers to keep their money on deposit for an extended period by offering better rates. However, in today’s economic climate, the opposite is true.

Currently, the highest CD rate available is 4.40% APY, offered by Marcus by Goldman Sachs on their 14-month CD with a minimum opening deposit of $500. Here are some of the top CD rates from our verified partners:

– The interest you can earn from a CD depends on the annual percentage rate (APY), which factors in the base interest rate and how often interest compounds (usually daily or monthly). For example, investing $1,000 in a one-year CD with a 1.81% APY that compounds monthly would result in a balance of $1,018.25 at the end of the year, including $18.25 in interest.

If you opt for a one-year CD with a 4% APY, your balance would grow to $1,040.74, with $40.74 in interest. The more you deposit in a CD, the more you stand to earn. For instance, with a $10,000 deposit in a one-year CD at 4% APY, your total balance at maturity would be $10,407.42, earning you $407.42 in interest.

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When choosing a CD, the interest rate is a significant consideration, but it’s not the only factor to think about. There are various types of CDs that offer different benefits, even if it means accepting a slightly lower interest rate for added flexibility. Some common types of CDs to consider include:

– Bump-up CD: Allows you to request a higher interest rate if your bank’s rates increase during the CD’s term, typically with a one-time rate adjustment.
– No-penalty CD: Also known as a liquid CD, this type allows you to withdraw funds before maturity without incurring a penalty.
– Jumbo CD: Requires a higher minimum deposit (usually $100,000 or more) and may offer a higher interest rate, though the difference in rates between traditional and jumbo CDs may be minimal.
– Brokered CD: Purchased through a brokerage rather than directly from a bank, offering potentially higher rates or more flexible terms but carrying more risk and lacking FDIC insurance.

When selecting a CD, consider not only the interest rate but also the type of CD that best suits your financial goals and needs. By exploring different options and comparing rates, you can make an informed decision that helps your savings grow efficiently.

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