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Time-Sensitive Opportunity: Lock in High CD Rates Before They Drop

The Federal Reserve’s recent interest rate reductions in 2024 have created a window of opportunity for savers to secure high certificate of deposit (CD) rates. With rates expected to decline, now is the time to act and lock in today’s competitive offers.

Competitive CD Rates Still Available

As of January 6, 2025, CD rates remain attractive, particularly for shorter terms. Several financial institutions offer rates around 4.00% APY for terms of a year or less. While longer-term CD rates are not as high, top offers still hover around 3.00%-4.00% APY for terms of three years and longer.

Top CD Rates from Verified Partners

Marcus by Goldman Sachs currently offers the highest CD rate of 4.25% APY on its 1-year CD, with a minimum opening deposit of $500 required. Other top CD rates are available from our verified partners, offering some of the highest rates on the market.

Why CD Rates Matter

CD rates are significantly higher than the national average rates, making them an attractive option for savers. Online banks and credit unions tend to offer more competitive rates compared to traditional brick-and-mortar banks. With the Federal Reserve’s efforts to combat inflation, today’s average CD rates represent some of the highest seen in nearly two decades.

Finding the Best CD Rates for Your Needs

To get the most out of a CD, it’s essential to choose one with a high APY and term length that matches your financial goals. Here are some tips to help you find the best CD rates:

• Shop Around: Evaluate CD rates from various financial institutions and compare your options before settling on an account.
• Consider Online Banks: Online banks often have lower overhead costs, allowing them to offer higher interest rates on CDs.
• Check Minimum Deposit Requirements: Ensure the amount you plan to deposit aligns with the requirements to get the best rate.
• Review Account Terms and Conditions: Look beyond the CD’s rate and consider terms for early withdrawal penalties and auto-renewal policies.

Explore Other High-Yield Options

In addition to CDs, money market account interest rates and high-yield savings account rates are also worth exploring. By comparing rates and finding the best offers, you can make the most of your savings.