April 2025's Top CD Rates: Boost Your Savings with Up to 4.50% APY
There's more to love about today's best CDs than just a competitive rate. Many have low minimum deposit requirements, come in a variety of terms, and all are protected by federal deposit insurance. If you're looking for a safe place to grow your money, these accounts should be top of your list.
Right now, the highest-yielding CDs offer annual percentage yields up to 4.50%. That's more than three times the national average for some terms. Here's where you can find them and what you need to know to choose the best CD for you.
Best CD rates for {{ month_year }}
| Bank | 6-month APY | 1-year APY | 3-year APY | 5-year APY |
|---|---|---|---|---|
| BMO Alto | 3.00% | 3.00% | 2.75% | 2.85% |
| CommunityWide Federal Credit Union | 4.50% | 4.40% | 3.80% | 3.40% |
| First Internet Bank of Indiana | 4.15% | 4.20% | 3.77% | 3.65% |
| Bread Savings | 4.40% | 4.00% | 4.00% | 4.00% |
| CFG Bank | N/A | 4.15% | 3.75% | 3.65% |
| LendingClub | 4.00% | 3.75% | N/A | 3.40% |
| MYSB Direct | 4.15% | 4.00% | 3.91% | 3.91% |
| NexBank | 4.14% | 4.35% | 3.44% | 3.29% |
Average CD rates
Since APYs represent the yield you’ll earn for a year, CD terms shorter than 12 months typically have lower returns. Right now short-term CDs have higher APYs than most long-term CDs. That means you can earn a decent return for locking up your money for a short time, and you’ll have access to your funds sooner. It’s always a good idea to compare rates at different banks and credit unions Before unlocking a certificate of deposit, ensure you secure the most favorable terms to align with your monetary objectives.
Here’s an overview of the typical certificate of deposit (CD) rates categorized by their terms, as gathered by both the Federal Deposit Insurance Corporation (FDIC) and our own tracking at Romero.my.id. The FDIC compiles data from prominent nationwide banking institutions whose interest rates tend to be comparatively lower. online-only banks .
| Type | 6-month | 1-year | 3-year | 5-year |
|---|---|---|---|---|
| FDIC-tracked | 1.60% | 1.77% | 1.35% | 1.34% |
| Romero.my.idtracked | 4.00% | 4.01% | 3.58% | 3.58% |
Note: The Annual Percentage Yields (APY) listed are accurate as of April 25, 2025. The editorial staff at Romero.my.id frequently revises this data. Source: FDIC .
Top interest rates for CDs offered by banks
BMO Alto
BMO Alto serves as the digital branch of BMO, providing attractive certificate of deposit (CD) rates without any minimum deposit needed and term lengths varying from six months to five years BMO Alto deposits interest into CDs every month.
Nevertheless, BMO Alto does not provide specialized CDs or a specific mobile application to handle your account. You will have to utilize the BMO Alto website instead. Given that BMO Alto operates independently of BMO Bank, you won't be able to seek support for your account in person; however, you may contact them at 855-266-8100 for help.
- No specialty CDs.
- No minimum balance required.
- No mobile app available.
- Interest paid monthly.
- Early withdrawal penalties range from 90 to 180 days of interest.
BMO Alto serves as the digital branch of BMO, providing attractive certificate of deposit (CD) rates without any minimum deposit needed and term lengths varying from six months to five years BMO Alto deposits interest into CDs every month.
However, BMO Alto doesn’t offer specialty CDs or a designated mobile app to manage your account. Instead, you’ll need to use the BMO Alto website. Since BMO Alto is separate from BMO Bank, you can’t get help with your account at a physical location, but you can call 855-266-8100 for assistance.
- No specialty CDs.
- No minimum balance required.
- No mobile app available.
- Interest paid monthly.
- Penalties for early withdrawals can be equivalent to 90 to 180 days worth of interest.
CommunityWide Federal Credit Union
CommunityWide Federal Credit Union provides high-interest share certificates with terms spanning from six months up to five years. However, these certificates do not automatically renew upon maturity as they typically would at other financial institutions. Interest earned is deposited monthly and you have the option for this interest to remain within your share certificate or transfer it to another designated account of yours.
We appreciate that CommunityWide aims to match share certificate interest rates if you discover more favorable terms somewhere else. To start an account, you must satisfy certain eligibility criteria, and there is a required initial deposit of $1,000. Additionally, you'll face a single $4.95 charge for setting up your debit card, which can solely be used for financing purposes.
- No specialty CDs.
- A minimum deposit of $1,000 and a processing fee of $4.95 are necessary.
- Community Wide might secure better rates.
- Certificates don’t automatically renew.
- The early withdrawal fee changes depending on how much money you take out and how many days are left until the end of the term.
CommunityWide Federal Credit Union offers high-yield share certificates (the credit union equivalent of CDs) ranging from six months to five years. But unlike other banks and credit unions, your share certificate won’t automatically roll into a new share certificate after it matures. Your interest is credited monthly and can be paid into your share certificate or rolled into the bank account of your choosing.
We appreciate that CommunityWide aims to match share certificate interest rates if you discover more favorable terms somewhere else. To start an account, you must satisfy certain eligibility criteria, and there is a required initial deposit of $1,000. Additionally, there is a single $4.95 charge for setting up your debit card, which can solely be used for financing purposes.
- No specialty CDs.
- A minimum deposit of $1,000 and a processing fee of $4.95 are necessary.
- CommunityWide may match better rates.
- Certificates don’t automatically renew.
- Early withdrawal penalty varies based on the amount of the withdrawal and the number of days remaining in the term.
First Internet Bank of Indiana
First Internet Bank of Indiana provides high-interest-rate certificate of deposit (CD) options with durations spanning various lengths. three months Up to five years. The interest rates are competitive; however, there must be a minimum deposit of $1,000. You have the option to open an account either online or through the mobile application, with the interest compounding daily and credited monthly.
First Internet Bank of Indiana doesn’t offer specialty CDs, however, and its early withdrawal penalty for high-yield CDs is up to 360 days of interest — which is standard for long-term CDs.
- No specialty CDs.
- Terms range from three months to five years.
- Early withdrawal penalties range from 60 to 360 days of interest.
First Internet Bank of Indiana offers high-yield CD terms ranging from three months up to five years. The rates are competitive, but there’s a minimum deposit requirement of $1,000. You can open an account online or via the mobile app, and interest compounds daily and credits monthly.
First Internet Bank of Indiana doesn’t offer specialty CDs, however, and its early withdrawal penalty For high-yield certificates of deposit (CDs), the interest period can be as long as 360 days, which is typical for longer-term CD products.
- No specialty CDs.
- The duration varies between three months and five years.
- Penalties for early withdrawals can span from 60 to 360 days worth of interest.
Bread Savings
Bread Savings provides certificates of deposit (CDs) and more. high-yield savings accounts However, each requires a minimum deposit of $1,500 and $100, respectively. Their certificates of deposit (CDs) include several complimentary features typically offered by banks, such as inbound wire transfers, monthly maintenance, and automatic clearing house (ACH) transactions. Bread Savings operates solely online yet can be contacted via phone at 833-755-4354.
- No specialty CDs.
- The duration varies between one and five years.
- Penalties for early withdrawals can span from three months up to one year of interest.
Bread Savings offers CDs and high-yield savings accounts , but both require a minimum deposit — $1,500 and $100, respectively. Its CDs come with a few free services that are common among banks but worth noting, including incoming wire transfers, monthly maintenance and ACH transfers. Bread Savings is an online bank but can be reached at 833-755-4354.
- No specialty CDs.
- Terms range from one to five years.
- Penalties for early withdrawals can span from three months up to one year’s worth of interest.
CFG Bank
CFG Bank offers money market , CDs and savings accounts featuring competitive interest rates. Multiple checking options are provided along with access to more than 2,000 ATMs. However, CFG has some fees that tend to be above those of other financial institutions, including an overdraft charge of $37 and a variable monthly maintenance fee ranging from $2 to $10 based on the specific account type.
The branches are located exclusively in Maryland, which might be inconvenient if you require face-to-face assistance and aren’t nearby. Nonetheless, you have the option to handle your account through the internet, using the mobile application, or by calling 410-823-0500.
- No specialty CDs.
- The duration of terms ranges from one to five years.
- Needs a starting deposit of at least $500.
- CDs can’t exceed $500,000.
- A penalty equivalent to seven days of interest will be applied if withdrawn within six days from when the account was opened.
CFG Bank offers money market CDs and savings accounts offering competitive interest rates are provided. Multiple checking options are also accessible along with usage of more than 2,000 ATMs. However, CFG has some fees that exceed those charged by many other banks; for instance, an overdraft fee can be up to $37 per occurrence, and they impose a monthly maintenance charge ranging from $2 to $10 each month based on your chosen account type.
The branches are located exclusively in Maryland, which might be inconvenient if you require face-to-face assistance and aren’t nearby. Nonetheless, you have the option to handle your account through the website, using the mobile application, or by calling them at 410-823-0500.
- No specialty CDs.
- Terms range from one to five years.
- Requires a $500 minimum deposit.
- CDs can’t exceed $500,000.
- A penalty equivalent to seven days of interest will be applied if withdrawn within six days from when the account was opened.
LendingClub
LendingClub provides a conventional certificate of deposit account featuring five distinct terms spanning from six months up to five years. The annual percentage yields for these certificates are competitive. A minimum opening balance of $2,500 is necessary, and upon maturity, the CD rolls over automatically with a 30-day window during which you can make changes without penalty.
Remember that LendingClub operates as an online-only banking institution, hence you should feel at ease handling your account through digital means.
- No specialty CDs.
- The duration varies between six months and five years.
- The early withdrawal fees differ based on the length of time.
LendingClub offers a traditional certificate of deposit account with five different terms ranging from six months to five years. APYs offered on CDs are competitively priced. There’s a minimum $2,500 deposit required to open a CD, and it automatically renews with a 30-day grace period.
Keep in mind that LendingClub is an online-only bank, so you’ll need to be comfortable managing your account digitally.
- No specialty CDs.
- The duration varies between six months and five years.
- The early withdrawal fees differ based on the length of the term.
MYSB Direct
M.Y. Safra Bank Direct is a full-service bank that offers a range of checking , savings, money market, and certificate of deposit (CD) accounts. If you're considering CDs, MYSB Direct offers a strong choice with a competitive interest rate and various term lengths available, such as a 13-month option. no-penalty CD And you can utilize the bank’s online CD calculator to help estimate your potential earnings prior to opening an account.
Nevertheless, a $500 deposit is needed for the CDs. Additionally, one drawback is that this bank imposes a $5 monthly charge on certain accounts. If you reside in New York City, you have the option to go to the nearest branch. Alternatively, you may contact them at 212-652-7200 during their operational hours. Nonetheless, it’s possible to handle your account via the internet as well.
- No-penalty CD available.
- The terms vary from three to 60 months.
- Needs a starting deposit of at least $500.
- The early withdrawal penalty will be the greater of either all the accrued interest or 90 days' worth of interest.
M.Y. Safra Bank Direct is a comprehensive service bank providing various financial services. checking , savings, money market and CD accounts. When it comes to CDs, MYSB Direct is a solid option with a competitive rate and a wide range of terms to choose from, including a 13-month no-penalty CD . And you can use the bank’s online CD calculator to help estimate your return before opening an account.
However, the CDs require a $500 deposit. Another downside is that this bank charges a $5 monthly fee for select accounts. You can visit the local branch if you live in New York City or call 212-652-7200 during business hours. However, you can also manage your account online.
- No-penalty CD available.
- Terms range from three to 60 months.
- Requires a $500 minimum deposit.
- Early withdrawal penalty of all earned interest or 90 days of interest, whichever is higher.
NexBank
NexBank provides high-return certificates of deposit (CDs) with durations spanning from three months up to five years, featuring competitive interest rates. Additionally, the bank extends jumbo and promotional CDs with rates as high as 4.27%. However, the bank has a high minimum deposit requirement. Standard CDs require $10,000, while the bank’s other CD types require $25,000 to $100,000.
- Jumbo and promotional CDs available.
- Terms range from three months to five years.
- Requires a $10,000 minimum deposit.
- Early withdrawal penalties range from one month to six months of interest.
NexBank provides high-interest certificates of deposit (CDs) with durations spanning from three months up to five years, featuring competitive interest rates. Additionally, the bank offers jumbo Additionally, promotional CDs offer interest rates as high as 4.27%, but they have stringent minimum deposit requirements. Regular CDs necessitate a deposit of at least $10,000, whereas the bank’s various CD options demand between $25,000 and $100,000.
- Large size and special offer CDs can be found here.
- The duration varies between three months and five years.
- Needs a starting deposit of at least $10,000.
- Penalties for early withdrawals can vary from losing one month’s worth of interest up to six months’ worth of interest.
Would this be an appropriate moment to initiate a certificate of deposit account?
If this is an opportune moment to secure a certificate of deposit hinges on your monetary objectives.
Bernadette Joy, founder of Crush Your Money Goals notes that the true advantage of a CD lies in securing a consistent rate of return. Joy invested her funds in two one-year CDs with an interest rate slightly above 4% back in February 2023, only to see rates increase further afterward.
"I have absolutely no second thoughts about not waiting — the money in the CD wasn’t intended for spending anytime soon anyway, and it really helped simplify my decision-making process regarding what to do with those funds," Joy explained. Additionally, she mentioned opened an 11-month CD with a 6.15% APY .
For several months now, CD interest rates have been declining, and the likelihood of additional reductions in 2025 suggests these rates may decrease even more. The longer you delay opening a CD account, the greater the risk that the annual percentage yield (APY) available will drop even further.
What to know before opening a CD
When you’re ready to open a CD, consider these factors to choose the best one for you:
- Term: Consider the duration for which you can keep your funds in a certificate of deposit (CD) account. Should you require accessing these resources prior to the end of the CD’s term, opt instead for a high-interest savings account offering greater flexibility, choose a shorter-term CD, or select a no-penalty CD option to sidestep potential early-withdrawal fees.
- APY: Find the most profitable rate offered for your chosen certificate of deposit (CD) period. Typically, online-only banking institutions and credit unions provide superior interest rates; however, should they necessitate a minimal initial investment, ensure this sum aligns with your comfort level or opt for an alternative institution without such conditions.
- Type: There are many types of CDs That still provides you with a fixed rate of return but offers greater flexibility compared to a traditional certificate of deposit (CD). Certain CD varieties come with lower annual percentage yields (APY) and restricted term lengths. Assess your monetary objectives and explore different CD choices to decide which option suits your funds the most.
- Early withdrawal penalty: Unless you choose a no-penalty CD, most banks charge an early withdrawal penalty if you need to pull money from your CD before the term ends. This is usually a period’s worth of interest, depending on the term and the bank. If you’re worried about not having access to your funds, consider another savings option or a bank with a lower early withdrawal penalty.
- Minimum deposit: CDs permit just a single initial deposit, and certain banks demand a minimum balance to start an account. Should this pose an issue, look into accounts that have either a smaller (or no) opening deposit requirement.
Alternatives to CDs
If you aim to regularly contribute to your savings account or seek a better interest rate, there are alternative saving options worthy of investigation.
High-yield savings accounts
If you need the flexibility to deposit and withdraw money regularly while still earning a high yield, consider a high-yield savings account . Although high-yield savings accounts have variable interest rates — meaning they rise and fall based on the economy and the bank’s preferences — top rates are currently as high as 5% APY.
The main appeal of a high-yield savings account over a CD is flexibility. You may be charged an early withdrawal penalty if you take money out of a CD before the term ends, but you can access funds in a savings account whenever you need them. This makes it a good spot to stash your emergency fund or money for short-term goals like a holiday fund or concert tickets .
Money market accounts
A money market account functions like a savings account but often has checking account privileges like the ability to write checks or make transactions with a debit card. Money market accounts also have competitive APYs, although most are lower than the best CD rates.
A majority of money market accounts demand a substantial minimum balance for earning interest. Even though such accounts typically include features like a debit card and check-writing capabilities, they often restrict the number of monthly transactions you can make.
Treasury bonds
Both CDs and treasury bonds Are low-risk savings alternatives offering a fixed interest rate. Many certificates of deposit (CDs) are protected by either the National Credit Union Administration or the Federal Deposit Insurance Corporation, whereas bonds are secured by the issuing government entity or corporation.
As long as you avoid withdrawing funds before the bond or CD reaches maturity, your returns will be assured. However, making an early withdrawal might cause you to forgo additional interest payments and incur penalties that reduce the amount available to you.
Various other kinds of CDs to think about
Various kinds of CDs provide greater versatility compared to a regular CD. For instance, a add-on CD enables you to contribute additional funds following your first deposit, whereas a bump-up or step-up CD boosts your return when interest rates rise. With a no-penalty certificate of deposit, you can retrieve your funds without facing any early withdrawal fees.
No-penalty CDs
If you might need to withdraw your funds from a certificate of deposit (CD) before the end date, a no-penalty CD could be a suitable choice. These types of CDs generally provide lower interest rates compared to standard CDs since you have the flexibility to remove your money early, according to Chelsea Ransom-Cooper, who serves as the managing partner and financial planning director. Zenith Wealth Partners .
If you’re looking for flexibility and a better return, another option would be a money market account, Ransom-Cooper added. Here’s a look at rates for no-penalty CDs .
Bump-up CDs
A bump-up CD allows you to take advantage of a higher rate for your CD term if one becomes available after you open your account. The APY may still be lower than a standard CD.
The advantages of a bump-up CD are determined by the rate environment. If you think rates might go up and don’t want to be stuck with a low APY, this could be a fail-safe technique.
Since inflation appears to be declining and interest rate increases have stopped, consider whether such an account remains suitable for your needs.
How to open a CD
Here’s a step-by-step guide to help you open a CD.
- Compare banks and rates. You can open a CD at your local physical branch or online. Most retail banks and credit unions also offer CDs or share certificates, as do online-only banks. Make sure the bank or credit union you choose is FDIC- or NCUA-insured to protect your funds. All the banks we track above are FDIC- or NCUA-insured.
- Select the CD type and duration. Once you're prepared to start an account, select the CD type and duration that suits you best. Make certain to review different interest rates and consider every option according to your financial objectives.
- Complete an application. Similar to opening a checking or savings account, you'll complete an application form where you provide your personal details such as your full name, date of birth, Social Security number (or Individual Taxpayer Identification Number), and residential address.
- Fund your account. When opening a CD, you’ll need to make a one-time deposit. You won’t be able to make any additional contributions, so you should open the CD only when you have the funds available.
After you’ve set up your account, you’ll begin earning interest. When your CD matures at the end of the term, you can withdraw your funds or reinvest them into another CD at the then-current rate.
FAQs
Choosing between a CD, money market or high-yield savings account depends on your financial goals, timeframe and liquidity needs.
For instance, if you’re starting from scratch, you may choose a high-yield savings account to build up your savings. If you plan to have a high balance but need debit card access, you might go with a money market account. If you already have the funds and won’t need them for a while, a CD is a good option.
Since early withdrawal fees differ based on the financial institution and the length of the certificate of deposit (CD), there’s no universal method to determine these charges. Typically, such penalties result in losing accrued interest or dividends over a specific duration. Generally speaking, CDs with extended terms usually come with higher penalties when withdrawn prematurely.
If you need to access your funds before the certificate of deposit (CD) reaches maturity, certain banks demand that you take out the full account balance, whereas others impose penalties solely on the portion withdrawn prematurely. Should the cost of this early withdrawal exceed the accumulated interest, you might end up losing part of your initial investment.
Many banks tie the APY that CDs earn to the federal funds rate established by the Federal Reserve. The federal funds rate is the rate banks use to lend and borrow money. The rates on CDs can rise and fall based on actions taken by the Fed to regulate the health of the economy.
For instance, the sequence of Fed rate hikes from 2022 to 2023 caused APYs to increase. A series of rate pauses after that caused APYs to largely hold steady. Since the Fed’s September rate cut — its first in years — we’ve seen CD rates fall, and they’ve continued falling since the The Fed reduced interest rates once more in both November and December. Although the Federal Reserve chose to hold rates steady In January and March, specialists anticipate that interest rate reductions will restart later this year.
You typically won’t lose money with a CD, as long as you keep your funds invested until the term ends. If you withdraw money from your CD early, you’ll often pay an early withdrawal fee that’s equal to a certain amount of interest. This fee could cut into your principal — the amount you initially deposited — if the fee is greater than the interest you accrued.
Furthermore, a certificate of deposit (CD) held at a bank or credit union insured by the FDIC or NCUA safeguards your funds up to $250,000 per individual, per type of account in the event of a bank collapse or theft. However, the worth of a brokered CD bought via an investment company or brokerage may vary and does not necessarily come with federal insurance protection.
You ought to keep your funds intact in a certificate of deposit until it matures. The term you have selected concludes here. . Afterward, you have the option to extend it for the same duration, select a different certificate of deposit term or switch to another bank entirely, or withdraw your money for some other purpose.
If you fail to withdraw your money after the term concludes, certain certificates of deposit (CDs) may automatically roll over, potentially trapping you with a reduced interest rate. Typically, these accounts provide a short window—a couple of days—during which you can choose either to cash out or extend the CD. Therefore, it's wise to establish a strategy for how you will utilize your funds upon expiration of the CD term.
Our CD methodology
Romero.my.id reviews CD rates using the most recent APY data provided by various issuers' websites. Our analysis included over 50 banking institutions, credit unions, and financial firms. From these entities, we chose CDs offering the highest APYs for five-year durations. If similar yields were not available or equal across different providers at the five-year mark, we also looked into shorter-term options. Every piece of this information undergoes scrutiny by our team of experts to ensure precision.
Banks we reviewed
Alliant Credit Union, Ally Bank, America First FCU, American Express National Bank, Barclays, Bask Bank, Bethpage, BMO Alto, Bread Savings, Capital One, CFG Bank, CIT, CommunityWide Federal Credit Union, Connexus Credit Union, Discover, EverBank, First Internet Bank of Indiana, First National Bank of America, Forbright, Lending Club, Limelight Bank, Marcus by Goldman Sachs, MYSB Direct, NexBank, Popular Bank, Quontic, Rising Bank and Synchrony.
The content featured on this page originates from exclusive evaluations conducted independently by our team of writers. This material remains unbiased and unaffected by advertisements or collaborations with others. No part of it was supplied or prompted by external parties. Please be aware that we might earn commissions should you choose to engage through the links pointing towards goods or services presented by our collaborators.
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