Best CD rates today, June 9, 2025 (Lock in up to 4.2% APY)
Looking for a safe and secure way to grow your savings? Look no further than Certificate of Deposit (CD) accounts. Today’s CD rates are still well above the national average, making it a great time to lock in high rates before they potentially decrease.
The Federal Reserve made a series of interest rate cuts in 2024, resulting in a decrease in deposit account rates. However, as of June 9, 2025, CD rates remain competitive, especially for shorter terms. In fact, the highest CD rate currently available is an impressive 4.2% APY on a 9-month CD offered by Marcus by Goldman Sachs with a minimum opening deposit of $500.
If you’re in the market for a CD, it’s essential to shop around for the best rates. Online banks and credit unions typically offer more competitive rates compared to traditional brick-and-mortar banks. In fact, online banks often have the most competitive rates available, thanks to their lower overhead costs.
According to the most recent data from the FDIC, the national average interest rate for a 1-year CD is 1.77%. While this is the highest average rate seen in nearly two decades, it’s still significantly lower than the best rates available from online banks and credit unions.
When choosing a CD, it’s crucial to consider the Annual Percentage Yield (APY) and the term length that aligns with your financial goals. Here are some tips for finding the best CD rates and accounts that suit your needs:
1. Shop around: Compare CD rates from various financial institutions to ensure you’re getting the best deal.
2. Consider online banks: Online banks often offer higher interest rates on CDs due to their lower overhead costs.
3. Check minimum deposit requirements: Higher CD rates may come with higher minimum deposit requirements, so make sure you can meet the criteria to earn the best rate.
4. Review account terms and conditions: Look beyond the interest rate and consider factors like early withdrawal penalties and auto-renewal policies. Some CDs offer more flexibility, such as no-penalty CDs that allow you to withdraw funds without a fee before the maturity date.
By following these tips and staying informed about the best CD rates available, you can make the most of your savings and potentially earn higher returns on your investment. Don’t miss out on the opportunity to take advantage of today’s high CD rates before they potentially decrease.
