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.
Currently, the most lucrative certificates of deposit provide annual percentage yields as high as 4.50%, which is over triple the rate mentioned. 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 advantageous deal to align with your monetary objectives.
Here’s an overview of the average certificate of deposit (CD) rates categorized by their terms, as recorded by both the Federal Deposit Insurance Corporation (FDIC) and our own tracking at Cryptonesia. The FDIC data encompasses rates from prominent nationwide banking institutions, typically these 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% |
| Cryptonesiatracked | 4.00% | 4.01% | 3.58% | 3.58% |
Please be advised that the Annual Percentage Yields (APY) provided are accurate as of April 25, 2025. TheCryptonesia editorial staff refreshes this data periodically. For reference, please consult the source material. FDIC .
Top interest rates for CDs offered by banks
BMO Alto
BMO Alto serves as the digital division 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 certificates of deposit or a specific mobile application for managing your account. You will have to utilize the BMO Alto website instead. Given that BMO Alto operates independently from 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.
- Penalties for early withdrawals can span between 90 to 180 days worth of interest.
BMO Alto serves as the digital division of BMO, providing attractive certificate of deposit (CD) rates without any minimum deposit needed and terms varying from six months to five years BMO Alto deposits interest into CDs every month.
Nonetheless, BMO Alto does not provide specialized certificates of deposit 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 from BMO Bank, you won’t be able to seek support for your account in person at a branch office; however, you may contact them by phone at 855-266-8100 for help.
- No specialty CDs.
- No minimum balance required.
- No mobile app available.
- Interest paid monthly.
- Penalties for early withdrawals can span between 90 to 180 days worth of interest.
CommunityWide Federal Credit Union
The CommunityWide Federal Credit Union provides high-interest share certificates with terms varying from six months up to five years. However, these do not renew automatically upon maturity as they would at other financial institutions. Interest earned is added to your share certificate each month and has the option to either stay there or be transferred to another designated bank account you hold.
We appreciate that CommunityWide aims to match the interest rates on share certificates 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, opening a debit card involves a single non-refundable fee of $4.95, which is solely for funding 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.
The CommunityWide Federal Credit Union provides high-interest share certificates with terms varying between six months and five years. However, distinctively different from other financial institutions, these share certificates do not get renewed automatically upon maturity. Interest earned is added to your share certificate each month or transferred directly to an account you specify.
We appreciate that CommunityWide aims to match the interest rates of your share certificates 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, opening a debit card incurs a single non-refundable fee of $4.95, which is solely for setting up the funding mechanism.
- No specialty CDs.
- A minimum deposit of $1,000 and a processing fee of $4.95 are necessary.
- CommunityWide might find better rates for you.
- Certificates don’t automatically renew.
- The early withdrawal penalty changes depending on how much money you withdraw and the number of days left in the term period.
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 initial deposit of $1,000. You have the option to open an account either online or through the mobile application, with the interest compounding each day 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.
- The duration varies between three months and five years.
- Penalties for early withdrawals can vary between 60 to 360 days worth of interest.
First Internet Bank of Indiana provides high-interest-rate certificate of deposit terms spanning from three months Up to five years. The interest rates are competitive; however, there must be a minimum initial deposit of $1,000. You have the option to open an account either online or through the mobile application, with 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 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 vary between 60 and 360 days worth of interest.
Bread Savings
Bread Savings provides certificates of deposit (CDs) and more. high-yield savings accounts However, both options necessitate a minimal initial deposit of $1,500 and $100, respectively. Their certificates of deposits (CDs) include several complimentary services typically offered by banks and worthy of mention, such as inbound wire transfers, monthly maintenance, and automatic clearing house (ACH) transactions. Bread Savings operates solely online yet provides customer service via phone at 833-755-4354.
- No specialty CDs.
- The duration of terms spans from one to five years.
- Penalties for early withdrawals can span from three months to one year of interest.
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 include several complimentary features typically offered by banks, such as inbound wire transfers, monthly maintenance, and ACH transactions. Although Bread Savings operates entirely online, you can contact them at 833-755-4354 for assistance.
- No specialty CDs.
- The duration of terms spans from one to five years.
- Penalties for early withdrawals can span from three months to a full year's worth of interest.
CFG Bank
CFG Bank offers money market , CD and savings accounts with competitive rates. Several checking accounts are also available with access to over 2,000 ATMs. CFG charges a few fees that are higher than other banks, such as a $37 overdraft fee and a monthly maintenance fee between $2 and $10, depending on the account.
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 spans 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 featuring competitive interest rates are offered here. Multiple checking options are also accessible along with entry to more than 2,000 ATMs. However, CFG has some fees that exceed those of competing institutions; for instance, they charge an overdraft fee of $37 per incident and impose a monthly maintenance cost 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 them at 410-823-0500.
- No specialty CDs.
- The duration of terms spans 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.
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 initial deposit of $2,500 is necessary to establish an account, which then rolls over automatically after a renewal period of 30 days.
Remember that LendingClub operates as an online-only financial institution, so 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 provides a conventional certificate of deposit account available in five varying durations spanning from half a year up to five years. The annual percentage yields for these certificates of deposit are competitive. A minimum initial investment of $2,500 is necessary to establish an account, which then rolls over automatically after a renewal period of 30 days.
Remember that LendingClub operates solely as an online bank, so you'll need to feel at ease with 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 the term.
MYSB Direct
M.Y. Safra Bank Direct is a comprehensive service bank providing various financial services. 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 a broad selection of term lengths, 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 before setting up an account.
Nevertheless, a $500 deposit is required 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 through the internet as well.
- No-penalty CD available.
- The terms vary between three and 60 months.
- Needs a starting deposit of at least $500.
- The early withdrawal penalty will be either all of the accrued interest or an amount equivalent to 90 days of interest, with the greater sum being applied.
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 reliable choice with a competitive interest rate and a broad selection of term lengths, 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.
Nonetheless, a $500 security deposit is needed for the CDs. An additional drawback is that this banking institution imposes a $5 monthly charge on certain accounts. If you reside in New York City, you have the option to go to a nearby branch office. Alternatively, you may contact them at 212-652-7200 within their operational hours. On the bright side, managing your account via the internet is also an available service.
- No-penalty CD available.
- The terms vary from three to 60 months.
- Needs a starting deposit of at least $500.
- In case of early withdrawal, the penalty will be either all the earned interest or 90 days' worth of interest, with the higher amount being applied.
NexBank
NexBank offers high-yield CDs with terms ranging from three months to five years — all with competitive rates. The bank also offers jumbo And promotional CDs offering interest rates up to 4.27% are available; however, this bank mandates a significant minimum deposit. For standard CDs, you'll need at least $10,000, whereas for their other CD options, the threshold ranges from $25,000 to $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 to as much as six months’ worth of interest.
NexBank provides high-return certificates of deposit (CDs) available for durations between three months and five years, featuring competitive interest rates. Additionally, the bank offers jumbo And promotional CDs offering interest rates up to 4.27% are available; however, the financial institution demands a substantial minimum deposit. Regular CDs necessitate an initial deposit of $10,000, whereas various other CD options from this bank mandate deposits ranging 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 upon your monetary objectives.
Bernadette Joy, founder of Crush Your Money Goals , notes that the real benefit of a CD is locking in a fixed return. Joy put her money into two one-year CDs that offered a bit over 4% in February 2023, then witnessed rates go even higher.
"I have absolutely no qualms about not waiting — the money in the certificate of deposit wasn’t intended for spending anytime soon anyway, and it really took away the mental effort needed to figure out how to use those funds,"Joy explained. Additionally, she mentioned Opened an 11-month certificate of deposit (CD) with a 6.15% annual percentage yield (APY). .
For several months now, CD interest rates have been declining, and the prospect of additional reductions in 2025 suggests these rates may drop even more. The likelihood increases over time that when you decide to invest in a CD, the annual percentage yield (APY) offered might be considerably lower.
What to know before opening a CD
Once you're prepared to open a certificate of deposit (CD), take these aspects into account to select the most suitable option for your needs:
- Term: Consider the duration for which you can keep funds locked in a CD account. Should you require accessing these monies prior to the end of the CD’s term, opt instead for a high-yield savings account offering greater flexibility, choose a shorter-term CD, or select a no-penalty CD to dodge potential early withdrawal fees.
- APY: Find the greatest return rate offered for the certificate of deposit (CD) duration you've picked. Typically, online-only banking institutions and credit unions provide superior interest rates; however, should they demand a minimal initial investment, ensure this sum fits 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 financial objectives and explore different CD choices to decide which option suits your funds the most.
- Early withdrawal penalty: If you do not opt for a no-penalty CD, most financial institutions impose a fee. 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 mandate a minimum balance for opening an account. Should this pose an issue, look into accounts that have either reduced requirements or none at all for deposits.
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 exploration.
High-yield savings accounts
If you require the ability to make deposits and withdrawals frequently but also want to earn a substantial return, look into a high-yield savings account Even though high-yield savings accounts feature fluctuating interest rates, which can go up or down depending on economic conditions and the bank's discretion, some of these accounts now offer leading rates of around 5% APY.
The primary advantage of a high-yield savings account compared to a certificate of deposit (CD) lies in its flexibility. Withdrawing funds from a CD prematurely often incurs an early withdrawal penalty, whereas you have unrestricted access to your cash in a savings account anytime. Consequently, this makes it ideal for keeping your emergency reserve or saving up for near-future objectives such as a holiday fund or concert tickets .
Money market accounts
A money market account Works similar to a savings account yet typically includes features of a checking account such as writing checks or using a debit card for transactions. These money market accounts offer attractive Annual Percentage Yields (APY), though generally they fall short compared to the highest Certificate of Deposit (CD) rates available.
A majority of money market accounts necessitate a substantial minimum balance for earning interest. Even though such accounts typically include a debit card and check-writing capabilities, they generally 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 guaranteed by the issuing government entity or corporation.
As long as you avoid withdrawing funds before the bond or CD reaches maturity, you'll ensure a fixed return. Premature withdrawals might lead to missed interest payments and penalties, which can reduce your total amount.
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 increases your yield if rates go up. A no-penalty CD allows you to withdraw your money without incurring an early withdrawal penalty.
No-penalty CDs
If you think there's a possibility you might need to withdraw the funds from your certificate of deposit (CD) before the end of the term, a no-penalty CD could be a suitable choice. These accounts generally provide lower interest rates compared to conventional CDs since you have the flexibility to remove your money prior to the maturity date, according to Chelsea Ransom-Cooper, who serves as the managing partner and financial planning director. Zenith Wealth Partners .
If you're seeking flexibility along with a higher return, an alternative could be a money market account, as Ransom-Cooper pointed out. Below is a closer look at this option. rates for no-penalty CDs .
Bump-up CDs
With a bump-up certificate of deposit (CD), you have the option to increase your interest rate based on better rates offered later during the tenure of your CD. However, the annual percentage yield (APY) could potentially still end up being less favorable compared to what’s typically provided with regular CDs.
The benefits of a bump-up certificate of deposit depend on current interest-rate conditions. Should you believe that rates may increase and wish not to remain locked into a lower annual percentage yield, then this strategy can serve as an insurance measure.
Since inflation appears to be easing off and interest rate increases have stopped, consider whether such an account would still suit your needs.
What steps are needed to open a CD?
Below is a detailed walkthrough to assist you with opening a CD.
- Compare banks and rates. You have the option to purchase a certificate of deposit (CD) either at your nearby brick-and-mortar branch or through an online platform. Many traditional retail banks along with credit unions provide CDs or share certificates, including those institutions that operate solely online. Ensure that the financial institution you select offers these products. FDIC- or NCUA-insured To safeguard your money. The financial institutions listed above all offer FDIC or NCUA insurance.
- Select the CD type and duration. Once you're prepared to initiate an account, select the desired CD type and duration. Ensure you review various 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 requiring 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. Upon opening a certificate of deposit (CD), you'll have to make an initial lump-sum deposit. Once opened, you cannot add more money to it, so ensure you initiate this process only when you possess sufficient funds ready for investment.
Once your account is established, you will start accruing interest. At the conclusion of your certificate of deposit’s term when it reaches maturity, you have the option to either withdraw your money or roll it over into another CD with the prevailing current rate.
FAQs
Choosing between a CD, money market, or high-yield savings account It relies on your financial objectives, time horizon, and liquidity requirements.
If you're beginning anew, consider opting for a high-yield savings account to grow your nest egg. Should you anticipate maintaining a substantial balance yet require debit card accessibility, a money market account could be suitable. For those who possess ample funds not needed immediately, certificates of deposit present an excellent choice.
Since early withdrawal fees differ based on both the financial institution and the certificate of deposit’s duration, there isn't a uniform method to determine these charges. Typically, such penalties result in forfeiting earned interest or dividends over a specific timeframe. Generally speaking, certificates of deposits with extended terms usually come with higher penalties when withdrawn prematurely.
If you need to access your funds before the CD reaches maturity, certain banks may demand that you take out the complete balance from the account, whereas others might impose a penalty solely on the portion withdrawn prematurely. Should the early withdrawal fee surpass the accumulated interest, you could end up losing part of your initial investment.
A number of banks link the Annual Percentage Yield (APY) for Certificates of Deposit (CDs) to the federal funds rate set by the Federal Reserve. This federal funds rate refers to the interest rate at which banks lend reserve balances to each other overnight. Consequently, the yields on CDs may increase or decrease depending on the measures implemented by the Fed to manage economic conditions.
For example, the string of Federal Reserve interest-rate increases between 2022 and 2023 led to an uptick in Annual Percentage Yields (APY). Following these hikes, a period of rate freezes resulted in APYs remaining relatively stable. As for the subsequent developments, Fed’s September rate cut — for the first time in years — we've witnessed CD rates decline, and these declines have persisted since then. The Fed reduced interest rates once more in both November and December. Although the Federal Reserve decided to hold rates steady In January and March, specialists anticipate that interest rate reductions will restart later this year.
Generally, you won't lose money with a certificate of deposit (CD) provided you leave your funds untouched until the end of the term. However, withdrawing money before the designated time usually incurs an early withdrawal penalty equivalent to a specific period's worth of interest. Should this penalty exceed the accumulated interest, it might reduce your initial investment amount.
Moreover, a certificate of deposit (CD) held in an FDIC- or NCUA-insured bank or credit union safeguards your funds up to $250,000 per individual, per type of account should the financial institution fail or experience losses. However, CDs obtained via an investment company or brokerage may have varying values and do not necessarily benefit from federal insurance protection.
You ought to keep your funds intact in a certificate of deposit until its maturity date. The word you've selected concludes . Afterward, you have the option to extend it for the same duration, pick a different certificate of deposit term or switch to another bank entirely, or use those funds for some other purpose.
If you fail to remove your money after the term concludes, certain certificates of deposit may roll over automatically, potentially trapping you with a reduced interest rate. Typically, these financial instruments come with a short window allowing you to choose between withdrawing the funds or extending the certificate of deposit. Therefore, it’s wise to establish a strategy for handling your finances upon the conclusion of the CD term.
Our CD methodology
The Cryptonesia reviews CD rates using the most recent APY data from each institution’s website. Our analysis encompasses over 50 banking institutions, including credit unions and various financial firms. From this pool, we chose CDs offering the highest APYs within five-year durations across all entities examined. If equivalent or insufficient five-year options existed, we included competitive offerings for lesser periods as well. Every piece of information undergoes review by specialists to ensure precision.
Banks we reviewed
Alliant Credit Union, Ally Bank, America First FCU, American Express National Bank, Barclays, Bask Bank, Bethpage, BMO Harris, Bread Savings, Capital One, CFG Bank, CIT, CommunityWide Federal Credit Union, Connexus Credit Union, Discover Financial, EverBank, First Internet Bank of Indiana, First National Bank of America, Forbrigths, LendingClub, Limelight Bank, Marcus by Goldman Sachs, MYSB Direct, Nexbank, Popular Bank, Quontic Bank, Rising Bank, and Synchrony.
The editorial material featured here relies exclusively on unbiased evaluations conducted independently by our team of writers without being swayed by advertisements or collaborations. This content was neither supplied nor solicited from any external parties. Please be aware that we might earn commissions should you choose to engage with offerings accessible through partner-provided links.
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