Best CD Rates Today: There's Still Time to Lock in an APY Up to 4.75%, but Don't Wait Too Long

Want to maximize your earnings with a certificate of deposit?

Now’s the time to act.

CD rates have been falling steadily since the Federal Reserve cut interest rates on Sept. 18. you could now earn up to 4.75% APY with today’sbest CDs.

Read on to see where you’re able to score one of today’s best APYs.

Earnings are based on APYs and assume interest is compounded annually.

At one point, the top APY for CDs we track hit a whopping 5.65%.

But as inflation continued to cool, banks quietly started lowering APYs in anticipation of a Fed rate cut.

When thisrate cut materializedlast month, banks began slashing APYs in earnest.

Since the Fed’s September meeting, we’ve seen rates plummet across CD terms.

Based on the banks we track at CNET.

*Weekly percentage increase/decrease from Oct. 14 to Oct. 21, 2024.

So be sure to choose a term that fits your savings timeline.

How much money you have to set aside can help you narrow down your options.

Fees:Maintenance and other fees can eat into your earnings.

Manyonline banksdon’t charge fees because they have lower overhead costs than banks with physical branches.

Still, read the fine print for any account you’re evaluating.

Customer ratings and reviews:Visit sites like Trustpilot to see what customers are saying about the bank.

You want a bank that’s responsive, professional and easy to work with.

We evaluated CD rates from more than 50 banks, credit unions and financial companies.

We evaluate CDs based on APYs, product offerings, accessibility and customer service.