The Federal Reserve made the decision to lower its target interest rate three times in 2024, which had a significant impact on deposit account rates. As a result, individuals looking to secure today’s high rates with a certificate of deposit (CD) may want to act quickly before rates decrease further. In light of this, let’s take a closer look at the current CD rates available and where you can find the best offers.
As of April 21, 2025, CD rates remain competitive, especially for shorter terms. One standout offer is from Marcus by Goldman Sachs, which is offering a 4.40% APY on its 14-month CD with a minimum opening deposit of $500. This rate is among the highest in the market currently.
For those interested in exploring other options, here are some of the best CD rates available from our trusted partners. These rates are particularly attractive when compared to the national average rates, which are noticeably lower. It’s worth noting that online banks and credit unions typically offer more competitive rates than traditional brick-and-mortar banks.
When considering opening a CD, it’s crucial to select one with a high APY and a term length that aligns with your financial objectives. To help you find the best CD rates and accounts that suit your needs, here are some tips to consider:
1. Shop around: Evaluate CD rates from various financial institutions to compare your options before committing to an account. Online tools make it easy to compare rates and terms.
2. Consider online banks: Online banks often offer higher interest rates on CDs due to their lower overhead costs. They are known for providing some of the most competitive rates in the market.
3. Check minimum deposit requirements: Higher CD rates may come with higher minimum deposit requirements. Ensure that the amount you plan to deposit meets the requirements to secure the best rate.
4. Review account terms and conditions: In addition to the rate, examine the terms for early withdrawal penalties and auto-renewal policies. Some CDs offer more flexibility, such as no-penalty CDs that allow you to withdraw funds without a fee before the maturity date.
As of March 2025, the highest national average interest rate for CDs is 1.82% for a 1-year term. Despite this, today’s average CD rates are some of the highest seen in nearly two decades, largely thanks to the Federal Reserve’s efforts to combat inflation by maintaining elevated interest rates.
If you’re considering opening a CD, now may be a good time to take advantage of the current high rates before they potentially decrease further. By following these tips and staying informed about the latest offers, you can make an informed decision when selecting a CD that aligns with your financial goals.
