Best CD Rates Today, Sept. 13, 2024: Don't Sleep on These High APYs. A Fed Rate Cut Is Looming

Rapidly falling APYs make now the time to open a CD if you want to maximize your earnings.
Kelly Ernst
Editor
Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
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Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.
CNET staff — not advertisers, partners or business interests — determine how we review the products and services we cover. If you buy through our links, we may get paid.
Kelly Ernst
Editor
Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
Courtney Johnston
Senior Editor
Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.
CNET staff — not advertisers, partners or business interests — determine how we review the products and services we cover. If you buy through our links, we may get paid.
There’s still time to protect your earnings from anticipated rate drops with a certificate of deposit — but the longer you wait, the less you stand to earn.
Today’s best CDs offer annual percentage yields, or APYs, up to 5.25%, but rates have been dropping across terms for weeks. And with the Federal Reserve expected to cut the federal funds rate at its meeting next week, APYs are likely to only fall further.
By opening a CD now, you can lock in today’s best APYs and maximize your earning potential. Read on to see where you can score a top APY today.
These are some of the highest CD rates today and how much you could earn by depositing $5,000 right now:
Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get CNET’s partners’ best rate for your area.
The Fed regularly adjusts the federal funds rate to stabilize the economy. When inflation is high — as it’s been for years — the Fed raises this rate to discourage borrowing and decrease consumer spending in the hopes that this drives prices down. The federal funds rate determines how much it costs banks to borrow and lend money to each other, so when the Fed raises this rate, banks tend to raise APYs on consumer products like CDs and savings accounts. 
Beginning in March 2022, the Fed raised rates 11 times to fight rampant inflation, and CD rates skyrocketed. As inflation began showing signs of cooling, the Fed held rates steady eight times starting in September 2023, and APYs largely held steady, too.
In recent months, APYs have wavered as banks anticipated a rate cut, which the Fed has indicated could happen this month  And with the latest inflation report showing inflation is on pace with expectations, this cut appears even more likely. We’ve seen banks increasingly slash APYs in recent weeks as a result.
Here’s where CD rates stand compared to last week:
If the Fed does cut rates next week as expected, CD APYs are likely to fall even further.
Typically, long-term CDs pay more than short-term ones because banks want to encourage you to keep your money with them for a longer period. But we’re currently experiencing what’s known as an inverted yield curve, which means shorter terms are paying more. That’s because banks don’t want to lock customers into a high APY for years when rate cuts may be around the corner.
“For the time being, shorter-term CD rates will continue to beat longer-term ones because the banks do not want to get caught paying out higher rates than they can receive in the open market as they’re looking to profit from the spread,” said Dana Menard, CFP, founder and lead financial planner at Twin Cities Wealth Strategies. “It makes sense that banks are looking to reduce their risk by lowering longer-term rates until they know what the Fed will do [in] September.”
That said, APYs are still high across terms, so if you’re in the market for a long-term CD, opening one now can still be a smart move.
“For an individual, it is a question of what is most important and their other investing options,” said Bobbi Rebell, Certified Financial Planner® and Personal Finance Expert with BadCredit.org. “The shorter-term CD will get them a higher return, but the longer-term CD — while a lower return than the shorter one right now — may be higher than the same product they will buy in the future. In other words, even though the longer-term rate is lower relative to the shorter duration, the market is predicting it is still likely higher than that same one will be in the future.”
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When you’re comparing your CD options, a competitive APY is important. But it’s not the only thing you should consider. To find the right account for you, take these things into account, too:
CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service.
The current banks included in CNET’s weekly CD averages are: Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct, Quontic, Rising Bank, Synchrony, EverBank, Popular Bank, First Internet Bank of Indiana, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America, Connexus Credit Union.
CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.
Writers and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisements, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.
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