CD Prices Today December 29, 2024 (up to 4.25% APY)

Today’s certificate of deposit (CD) interest rates are some of the highest we’ve seen in more than a decade, thanks to several rate hikes by the Federal Reserve. However, the Fed finally lowered its target rate in September, so now may be your last chance to lock in a competitive rate.

CD prices vary widely from financial institution to financial institution, so it’s important to make sure you’re getting the best possible price when shopping for a CD. Below is a breakdown of CD prices today and where to find the best deals.

Historically, longer-term CDs have offered higher interest rates than shorter-term CDs. Generally, this is because banks would pay better rates to encourage savers to keep their money on deposit for longer. However, in today’s economic climate, the opposite is true.

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As of December 29, 2024. CD prices remain high by historical standards. However, the highest CD prices can be found for shorter terms of about a year or less.

Today’s highest CD price 4.25% APY offered by Marcus of Goldman Sachs on his 1-year CD. A minimum deposit of $500 is required.

Here are some of the best CD rates available today from our verified partners:

The amount of interest you can earn on a CD depends on annual percentage rate (APY). It’s a measure of your total earnings after one year, taking into account the prime rate and how often interest is charged (CD interest is usually compounded daily or monthly).

Let’s say you invest $1,000 in a one-year CD with 1.81% APY and compound interest monthly. At the end of this year, your balance will grow to $1,018.25 — your original $1,000 deposit plus $18.25 in interest.

Now let’s say you choose a one-year CD that offers a 4% APY instead. In this case, your balance would grow to $1,040.74 over the same period, which includes $40.74 in interest.

The more you deposit into a CD, the more you can earn. If we take the same example of a one-year CD at 4% APY, but deposit $10,000, your total balance at maturity on the CD will be $10,407.42, meaning you’ll earn $407.42 in interest. ​

Read more: What is a good CD speed?

When choosing a CD, the most important thing is the interest rate. However, speed is not the only factor to consider. There are several types of CDs that offer different benefits, although you may have to accept a slightly lower interest rate in exchange for more flexibility. Here’s an overview of some of the common types of CDs you can consider outside of traditional CDs:

• Bump-up CD: This type of CD allows you to request a higher interest rate if your bank’s rates rise during the term of the account. However, you are usually only allowed to ‘boost’ your rate once.

• CD without penalties: Also known as a liquid CD, this type of CD allows you to withdraw your funds before maturity without paying a penalty.

• Jumbo CD: These CDs require a higher minimum deposit (typically $100,000 or more) and often offer a higher interest rate in return. In today’s CD speed environment, however, the difference between traditional and jumbo CD speeds may not be that great.

• Mediated CD: As the name suggests, these CDs are bought through an intermediary, not directly from a bank. Brokered CDs can sometimes offer higher rates or more flexible terms, but they also carry more risk and may not be FDIC insured.