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American Focus > Blog > Economy > Best CD rates today, May 4, 2025 (up to 4.40% APY)
Economy

Best CD rates today, May 4, 2025 (up to 4.40% APY)

Last updated: May 5, 2025 1:05 am
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Best CD rates today, May 4, 2025 (up to 4.40% APY)
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If you’re looking to maximize your savings and earn more from your money, locking in a high CD rate could be a great option for you. A certificate of deposit (CD) allows you to secure a competitive rate on your savings and watch your balance grow over time. However, with rates varying widely across financial institutions, it’s essential to shop around and make sure you’re getting the best deal possible.

Traditionally, longer-term CDs offered higher interest rates than shorter-term CDs, as banks wanted to incentivize savers to keep their money on deposit for longer periods. However, in today’s economic climate, the opposite is now true. The highest CD rate available today is 4.40% APY, offered by Marcus by Goldman Sachs on its 14-month CD. With a minimum opening deposit of $500, this CD could be a great option for those looking to earn more from their savings.

When considering a CD, the annual percentage rate (APY) is crucial, as it determines how much interest you can earn on your investment. For example, if you were to invest $1,000 in a one-year CD with 1.81% APY and monthly compounding, your balance would grow to $1,018.25 at the end of the year. However, opting for a one-year CD with a 4% APY would result in a balance of $1,040.74, including $40.74 in interest.

The more you deposit in a CD, the more you can earn in interest. For instance, if you were to deposit $10,000 in a one-year CD with a 4% APY, your total balance at maturity would be $10,407.42, resulting in $407.42 in interest earned.

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In addition to traditional CDs, there are other types of CDs to consider, each offering unique benefits. A bump-up CD allows you to request a higher interest rate if rates go up, while a no-penalty CD allows you to withdraw funds before maturity without penalty. Jumbo CDs require a higher minimum deposit but may offer higher interest rates in return. Brokered CDs, purchased through a brokerage, may offer higher rates or more flexible terms but come with added risk and may not be FDIC-insured.

When choosing a CD, it’s important to consider not only the interest rate but also the type of CD that best suits your financial goals. By shopping around and comparing rates and terms, you can find the best CD option for your savings and watch your balance grow over time.

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