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Best CD rates of July 2025 (Up to 4.60%)

Written by
Matthew Goldberg
Edited by
Marc Wojno, MBA
Reviewed by
Greg McBride, CFA
Verified Badge IconExpert verified

Updated July 16, 2025

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Opening a certificate of deposit (CD) allows you to lock in an attractive fixed rate and earn higher returns compared to traditional savings accounts, while providing guaranteed growth for a set period of time. Currently, the best CD rates still earn above 4 percent APY. The top rate tracked by Bankrate's editorial team is offered by Rising Bank for a six-month CD. Before opening a certificate of deposit, be sure to read expert advice and tips below to ensure a financially safe decision.

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Table of contents

Best CD rates from top banks for July 2025

Note: APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its editorial listings.

Rising Bank_logo

Rising Bank

Rating: 4.1 stars out of 5
4.1 Bankrate CD score

  • Annual percentage yield

    2.75% – 4.41%

  • Min. deposit to open

    $1,000

  • Term

    6 months - 3 years

Why Rising Bank?

Rising Bank is the online division of Midwest BankCentre, a St. Louis, Missouri community bank. When it comes to CDs, it offers terms between six months and three years, and the shorter terms earn highly competitive APYs. The bank also offers bump-up CDs that allow you to raise the rate if rates increase during the term, at which time you can also add funds to the account. Rising Bank's early withdrawal penalties are 90 days of interest for a one-year CD and 180 days worth of interest for CDs with a term of more than a year. For instance, its one-year CD penalty is similar to what some other banks have and is lower than other banks' fee on early withdrawals.

Limelight Bank_logo

Limelight Bank

Rating: 4.4 stars out of 5
4.4 Bankrate CD score

  • Annual percentage yield

    3.80% – 4.40%

  • Min. deposit to open

    $1,000

  • Term

    6 months - 3 years

Why Limelight Bank?

Limelight Bank is an online bank based in Utah that offers its CDs nationwide. It has four CD terms: six months, one year, 18 months and three years. The rates are competitive, and this mix of terms gives customers some flexibility to find a CD that matches their short-term saving needs, but you'll need to look elsewhere for longer-term investments. All of Limelight’s CDs require at least $1,000 to open. The bank doesn’t offer any specialty CDs, such as bump-up or no-penalty CDs.

Popular Direct_logo

Popular Direct

Rating: 4 stars out of 5
4.0 Bankrate CD score

  • Annual percentage yield

    4.10% – 4.40%

  • Min. deposit to open

    $10,000

  • Term

    3 months - 5 years

Why Popular Direct?

Popular Direct is an online bank and a subsidiary of Popular Inc., a more than 130-year-old financial services company. It offers CDs in eight terms, ranging from three months to five years. With a $10,000 minimum deposit to open, these CDs are geared toward serious savers. Popular Direct doesn’t offer specialty CDs, such as bump-up or no-penalty CDs, though it does offer a savings account with a competitive rate.

First Internet Bank of Indiana_logo

First Internet Bank of Indiana

Rating: 4.6 stars out of 5
4.6 Bankrate CD score

  • Annual percentage yield

    3.72% – 4.39%

  • Min. deposit to open

    $1,000

  • Term

    3 months - 5 years

Why First Internet Bank of Indiana?

First Internet Bank of Indiana was one of the first online banks, established in 1999. It offers eight terms of CDs, all paying competitive APYs. The terms range from three months to five years, which gives you lots of options for short- and long-term savings. All CDs require a minimum of $1,000 to open; that’s standard, though you can find some banks that have a lower minimum deposit requirement. The bank has steep early withdrawal penalties though. For example, you'll be charged 360 days of interest as a penalty for early withdrawals on CDs with terms of 24 months or more.

Bask Bank_logo

Bask Bank

Rating: 4.5 stars out of 5
4.5 Bankrate CD score

  • Annual percentage yield

    4.00% – 4.30%

  • Min. deposit to open

    $1,000

  • Term

    3 months - 2 years

Why Bask Bank?

Bask Bank is the online division of Texas Capital Bank and similarly to its parent bank, offers only short-term CD terms. These terms range from three months to two years and all offer competitive yields. You’ll need at least $1,000 to open a CD at Bask Bank. Those looking for a longer-term CD will have to look elsewhere. You’ll also need to look at other banks if you're interested in specialty CDs, such as no-penalty CDs, because Bask doesn't offer any. Bask Bank has a penalty of 90 days of interest on its one-year CD. That's on the lower end of one-year CD penalties.

Salem Five Direct_logo

Salem Five Direct

Rating: 4.1 stars out of 5
4.1 Bankrate CD score

  • Annual percentage yield

    2.00% – 4.30%

  • Min. deposit to open

    $10,000

  • Term

    6 months - 5 years

Why Salem Five Direct?

Salem Five Direct, established in 1995 as an online division of Salem Five Bank (which was founded in 1855), offers Special CDs ranging from nine months to five years. At $10,000, the minimum balance to open one of these CDs is higher than what many other online banks require. The bank's Special CD offerings are more competitive for shorter-term CDs than longer-term ones. Salem Five Direct's early withdrawal penalties are a little different from most other banks. For instance, if you withdraw your principal before your one-year CD term ends, the bank's penalty is 4 percent of the principal balance that you withdraw.

CIBC Bank USA_logo

CIBC Bank USA

Rating: 4.6 stars out of 5
4.6 Bankrate CD score

  • Annual percentage yield

    3.01% – 4.26%

  • Min. deposit to open

    $1,000

  • Term

    6 months - 30 months

Why CIBC Bank USA?

CIBC Bank USA offers seven online-only CDs, called Agility CDs, with terms ranging from six months to 30 months. Each requires a $1,000 minimum deposit and most have competitive APYs. The withdrawal penalty for CIBC's CDs is one of the lowest around: All the Agility CDs have a penalty of 30 days of simple interest. Comparatively, other banks may charge 180 days or more of interest for a two-year CD. The bank also has a CIBC High-Interest Savings Account that has a competitive yield.

LendingClub Bank_logo

LendingClub Bank

Rating: 4.8 stars out of 5
4.8 Bankrate CD score

  • Annual percentage yield

    3.40% – 4.25%

  • Min. deposit to open

    $500

  • Term

    6 months - 5 years

Why LendingClub Bank?

LendingClub Bank offers six terms of CDs, ranging from a six-month CD to a five-year CD. The interest rates for all terms are all fairly competitive, especially for the shorter terms. You'll need to deposit at least $500 to open a certificate. LendingClub’s CDs, like all standard CDs, are subject to early withdrawal penalties. For CDs with terms of one year or less, the penalty is 90 days simple interest. For terms greater than one year, the penalty is 180 days simple interest. These terms are pretty good. You can find banks that have way harsher early withdrawal penalties than LendingClub's.

Marcus by Goldman Sachs_logo

Marcus by Goldman Sachs

Rating: 4.5 stars out of 5
4.5 Bankrate CD score

  • Annual percentage yield

    3.85% – 4.25%

  • Min. deposit to open

    $500

  • Term

    6 months - 6 years

Why Marcus by Goldman Sachs?

Marcus by Goldman Sachs offers CD terms ranging from six months to six years, and the minimum required opening deposit of $500 is lower than what some other banks charge. The rates are competitive for most terms. In addition to standard CDs, the online-only bank offers no-penalty CDs and a bump-rate CD. Marcus' CD penalties are generally on the lower end, compared with the banks' competitors.

First National Bank of America_logo

First National Bank of America

Rating: 4.6 stars out of 5
4.6 Bankrate CD score

  • Annual percentage yield

    3.90% – 4.20%

  • Min. deposit to open

    $1,000

  • Term

    3 months - 5 years

Why First National Bank of America?

First National Bank of America is a Michigan-based bank that offers its CDs online nationwide. And its CD rates are competitive across many terms, especially on a few of its shortest terms and its longest. You can open a CD here with a $1,000 minimum deposit, and you have your pick of terms from three months all the way up to ten years. You can open any of these CDs online, but if you want a hard copy of the CD too, you can request one from the bank. The bank also offers one other online account: a savings account that earns a decent yield (though you can find higher elsewhere).

Recent news on CD rates

At its June 18 meeting, the Federal Reserve's Federal Open Market Committee (FOMC) decided to hold its benchmark federal funds rate steady for the fourth straight meeting. Previously, the Fed cut rates by a total of 100 basis points — or one percentage point — throughout its final three meetings in 2024. The federal funds rate continues to rest at a range of 4.25-4.5 percent.

Though CD rates peaked in the fourth quarter of 2023 for the top one-year and five-year CDs in the current rate cycle, competitive CD rates are still higher than the national average CD rates. What’s more, high-yielding CD rates continue to outpace the rate of inflation.

The Consumer Price Index (CPI) rose 2.4 percent on an annual basis for May. This means savers still have the opportunity to open a CD that's outpacing inflation and will likely outpace long-term inflation expectations. With that said, nobody really knows whether inflation will stay around this level.

When looking for a CD, seek a competitive interest rate, a term length that works for you and have your money at a Federal Deposit Insurance Corp. (FDIC) bank or National Credit Union Administration (NCUA) credit union for deposit insurance coverage. Also, familiarize yourself with early withdrawal penalties to avoid potentially losing money if you need your funds for an unexpected expense.

Learn more: CD rate forecast

National average interest rates for CDs

Researching average interest rates provides insight into the CD rate environment and can help in finding a CD with a yield that's much higher than average. Here are the current average rates as of Jul 16, according to Bankrate's most recent survey of institutions:

CD term CD national average APY
1 year 2.03%
2 year 1.78%
3 year 1.69%
4 year 1.85%
5 year 1.7%
Bankrate logo
BANKRATE EXPERT FAQ

What our industry experts are saying

Taylor Kovar

CFP, founder and CEO of 11 Financial

CD rates in 2025 are being shaped by a lot of moving parts. With tariffs back in the headlines and some uncertainty around what the Fed might do next, it’s definitely a time to pay attention. The Fed’s holding steady for now, but there’s still talk of possible cuts, and banks are staying competitive in the meantime. If locking in a CD is something you're considering, this could be a smart window. Rates may not stay this attractive if things shift later in the year.

Mark Hamrick

Bankrate senior economic analyst

If I asked you whether you’d settle for something average, or something better, what would you opt for? You’d go for something better, right? The same holds true here. Don’t settle for the average rate, go for the highest yield, which can be two times or more than average. With larger sums and over time, the difference on your return can be more than might meet the eye.

Christopher Stroup

CFP, founder and president of Silicon Beach Financial

With the Federal Reserve signaling only two modest rate cuts this year — down from the four previously projected — the window to lock in higher CD yields remains open but may not stay that way for long. If you already hold a CD, your rate is fixed and insulated from future changes until maturity. For those considering a new CD, now is an opportune moment to secure a competitive yield, especially as the Fed adopts a cautious approach amid ongoing inflation and economic uncertainties.

Current promotional CD rates

Some banks have promotional CD rates, even some of the largest banks. There might be certain restrictions on these CDs. For instance, you might have to bring money from outside the bank to be eligible for this APY. Promotional CDs may renew at a different term and at a different APY. (That APY is likely to not be known when you purchase a promotional CD.)

Bank name CD product APY
U.S. Bank 5-month 4.00%
Bank of America 7-month 4.00%
Wells Fargo 7-month 3.75%
PenFed Credit Union 15-month 3.20%

These promotional CDs might not be available in certain areas. APYs for some products may vary by region. The CD may renew for a different term. The promotional offers are as of June 27.

Compare top CD rates today by term

When you open a CD, selecting a term is an important step. The term is the length of time that the money stays stashed in the account. For example, opening a CD with a one-year term means you’re making a commitment to the bank that you’ll keep your money in the account for one year.

Here’s where you’ll find some of the top-yielding CDs by term.

Caret Down Icon
Institution APY Min. deposit
Popular Direct 4.40% APY $10,000
Texas Capital Bank 4.25% APY $1,000
Bask Bank 4.25% APY $1,000
Institution APY Min. deposit
Bread Savings 4.45% APY $1,500
Rising Bank 4.41% APY $1,000
Bank5 Connect 4.40% APY $500
Institution APY Min. deposit
Popular Direct 4.40% APY $10,000
Limelight Bank 4.35% APY $1,000
Bask Bank 4.30% APY $1,000
Institution APY Min. deposit
Popular Direct 4.15% APY $10,000
Morgan Stanley Private Bank 4.10% APY $0
Synchrony Bank 4.00% APY $0
Institution APY Min. deposit
Morgan Stanley Private Bank 4.20% APY $0
Popular Direct 4.20% APY $10,000
Synchrony Bank 4.15% APY $0

Note: Annual percentage yields (APYs) shown were updated between July 9 and July 15. Bankrate's editorial team validates this information regularly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

How to choose the best CD for you

The top three things to look for when choosing a CD are:

Learn more: What is a CD?

Types of CDs

Banks and credit unions offer a wide range of CDs to fit different financial needs. Take some time to consider which type of CD is best for you.

Caret Down Icon

Traditional CDs are the most common type of CD, and they earn a fixed APY for the entire term. These CDs usually don’t allow you to add more funds after your opening deposit, and they also tend to have strict early withdrawal penalties.

If you withdraw from a CD before it matures, the penalty is usually equal to the amount of interest earned during a certain period of time. For instance, a bank may impose a penalty of 90 days of simple interest on a one-year CD if you withdraw from that CD before the year is up.

When this CD makes sense: Traditional CDs are a good choice if you know exactly when you’ll need the money, and there’s no chance of needing it before the term is up. They’re often good for CD ladders or other CD investing strategies in which timing is important.

Most CDs charge you a penalty for accessing the funds before the term is up. However, some banks offer no-penalty CDs — also known as liquid CDs — which allow you to withdraw the money early without being charged a penalty. 

A bank may require that you wait at least some time after opening a no-penalty CD — generally around seven days — before you’re able to withdraw from the CD, and some banks don’t allow for partial withdrawals. No-penalty CD rates tend to be lower than regular CD rates, but they can be better than some high-yield savings account or money market account rates.

When this CD makes sense: Consider a no-penalty CD if you don’t plan to withdraw the money before the CD matures, but you want to keep some flexibility in case you need access to the funds. As a result, you’re willing to give up a little return for added liquidity.

Bump-up CDs enable you to request an increase in your rate during the CD term under certain conditions. Banks that offer this CD usually allow just one bump-up per term. For example, you may open a three-year CD at a given rate, and the bank offers an additional half-point rate increase when you’re one year into the term. With a bump-up CD, you can request a rate increase for the remainder of the term. Like no-penalty CDs, bump-up CDs often pay lower rates than traditional CDs.

When this CD makes sense: A bump-up CD could be a good option if rates are expected to rise significantly during the term of the CD. Otherwise, you’re likely accepting a lower rate for limited potential upside.

Who should get a CD?

A CD is useful when you want to earn a consistent, fixed yield on your lump sum of cash over the term of your savings account, especially if interest rates are declining. It also encourages you to be disciplined in leaving your money untouched as it earns interest because a CD is a time deposit account and imposes an early withdrawal penalty if you withdraw your funds before the CD matures.

A good time to open a CD is when you have a lump sum of money that you want to sock away for a specific period of time in the hopes of consistently growing interest. Also, it’s worth opening a CD when you know you have a specific timeframe in mind when you think you’ll need this money. A six-month CD, for example, could be a good place to put your money aside for an insurance premium that’s due in eight months.

Learn more: How to build a CD ladder

Pros and cons of CDs

Before you choose a CD, weigh the pros and cons to ensure you're making the right investment choice for your financial situation.

Pros

  • Checkmark Icon

    Some CDs earn a higher APY than money market accounts or savings accounts.

  • Checkmark Icon

    CDs are a good place to store funds that you don’t want to be able to dip into too easily.

  • Checkmark Icon

    CDs can help you separate money for financial goals or future expenses.

  • Checkmark Icon

    Deposit insurance covers accounts at FDIC banks and NCUA credit unions up to at least $250,000.

  • Checkmark Icon

    A CD can diversify your savings plan with a guaranteed rate.

  • Checkmark Icon

    Your principal remains intact if you keep your money in a CD for the full term.

Cons

  • CDs tie up your money for a potentially long period of time.

  • Many CDs have early withdrawal penalties.

  • Money committed to a CD could end up earning a lackluster yield if rates rise substantially. The early withdrawal penalty may negate any benefit of switching to a higher-yielding CD, however.

  • You could potentially earn better rates of return in the stock market or by investing in other securities, but you'll be opening up your money to more risk.

Alternatives to CDs

High-yield savings account

This account tends to earn a yield currently of about seven times higher than the national average. At online-only banks, these accounts often won’t have monthly service fees or minimum balance requirements.

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Money market account

This is an interest-bearing account available at both banks and credit unions which is similar to a savings account but also offers some checking account features.

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Short-term bond funds

These funds, be they exchange-traded funds (ETFs) or mutual funds, typically invest in government and corporate bonds. Short-term bond funds typically have durations of one to three and a half years, according to Fidelity.

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Index funds

These funds are based on a preset basket of stocks, or index. They promise ownership of a wide variety of stocks, greater diversification and lower risk – usually all at a low cost.

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CD FAQs

Meet our Bankrate experts

Written by: Matthew Goldberg, Senior Consumer Banking Reporter

Matthew is a senior consumer banking reporter with more than two decades of journalism and financial services expertise, helping readers make informed decisions about their personal finance needs. His banking career includes being a banker in New York City and a bank officer at one of the nation's largest banks. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), chairing its training member engagement committee and is co-chair of its Finance Committee.

Read more from Matthew Goldberg

Edited by: Marc Wojno, Senior Editor, Banking

I’ve been a personal finance writer and editor for more than two decades specializing in money management, deposit accounts, investing, fintech and cryptocurrency. Throughout the years of crunching numbers and words, I’ve been passionate about helping readers make informed decisions on managing their money with uniquely helpful advice. I have an MBA from George Washington University, and am an active member of both the National Press Club and SABEW, where I’ve volunteered as a judge for their respective journalism awards programs. Recently, I was elected Treasurer of the Society of Professional Journalists’ SDX Foundation (Washington, DC chapter), raising scholarship money for aspiring young journalists.

Read more from Marc Wojno

Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate

Greg McBride is a CFA charterholder with more than a quarter-century of experience analyzing banking trends and personal finance. As Bankrate's Chief Financial Analyst, he leads the team that researches and provides guidance on savings vehicles, from high-yield savings accounts to CDs. Through Bankrate.com's Money Makeover series, he has helped consumers develop their saving habits, maximize their returns on deposit accounts, and make smart decisions about where to keep their cash. He is frequently quoted by major media outlets on banking trends and Federal Reserve policy impacts on deposit rates.

Read more from Greg McBride

Research methodology

Bankrate researches over 100 banks and credit unions, including some of the largest financial institutions, online-only banks, regional banks and credit unions with both open and restrictive membership policies.

To find the best CD rates, we regularly survey CD offerings from the banks and credit unions that continually offer the most competitive CD rates. We also score these institutions on their CD offerings, including APY, minimum deposit requirements, term selection and more.

The banks and credit unions on this page are selected based on their CD APYs, minimum opening deposit requirements and Bankrate’s score for their CDs. Only banks and credit unions with broadly available CD offerings made the list. Learn more about how we choose the best banking products and our methodology for reviewing banks.

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