Best CD rates today, July 25, 2025 (up to 5.5% APY return)
Banks with the best CD rates right now
Today's CD rates vary quite a bit. In general, however, CD rates are beginning to decline due to the Fed's decision to cut its benchmark rate three times in the later part of 2024. Even so, some banks are still offering competitive CD rates.
For those that are, top rates reach about 4% APY. This is especially true for shorter terms of one year or less.
As of July 25, 2025, the highest CD rate is 5.5% APY, offered by Gainbridge® on its 5-year CD. There is a $1000 minimum opening deposit required.
Here is a look at some of the best CD rates available today from our verified partners:
Compare these rates to the national average as of July 2025 (the most recent data available from the FDIC):
Compared with today's top CD rates, national averages are much lower. This highlights the importance of shopping around for the best CD rates before opening an account.
Why do online banks have the best CD rates?
Online banks and neobanks are financial institutions that operate solely via the web. That means they have lower overhead costs than traditional brick and mortar banks. As a result, they're able to pass those savings on to their customers in the form of higher interest rates on deposit accounts (including CDs) and lower fees. If you're looking for the best CD rates available today, an online bank is a great place to start.
However, online banks aren't the only financial institutions offering competitive CD rates. It's also worth checking with credit unions. As not-for-profit financial cooperatives, credit unions return their profits to customers, who are also member-owners. Although many credit unions have strict membership requirements that are limited to those who belong to certain associations or work or live in certain areas, there are also several credit unions that just about anyone can join.
Should you open a CD?
Whether or not you should put your money in a CD depends on your savings goals. CDs are considered a safe and stable savings vehicle — they don't lose money (in most cases), are backed by federal insurance, and allow you to lock in today's best rates.
However, there are some drawbacks to consider. First, you must keep your money on deposit for the full term, otherwise you'll be subject to an early withdrawal penalty. If you want flexible access to your funds, a high-yield savings account or money market account might be a better choice.
Additionally, although today's CD rates are high by historical standards, they don't match the returns you could achieve by investing your money in the market. If you're saving for a long-term goal such as retirement, a CD won't provide the growth you need to reach your savings goal within a reasonable time frame.
Read more: Short- or long-term CD: Which is best for you?
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