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Investing in CDs can be a good choice for people who want to keep their savings safe and secure. CDs offer FDIC insurance, meaning you can get your money back even if the bank fails. Furthermore, they can provide a predictable interest rate and help diversify a portfolio.

For example, a $10,000 deposit in a five-year CD with 4.50% APY would earn around $2,460 in interest. The same CD with a 1.50% APY would earn around $770 in interest, and the same CD with a 0.01% APY would earn only $5 in interest.

Certificates of deposit (CDs) are accounts that typically pay a guaranteed rate of return for a set period of time. CDs come with a wide range of terms and interest rates, but all CDs share one common component: They are one of the safest places to park your cash.

Top National Jumbo CD Rates vs. Regular CD Rates BEST NATIONAL JUMBO CDsCD Bank5.20% APY$100,000Luana Savings Bank4.47% APY$100,000All In Credit Union4.13% APY$100,000Best non-Jumbo option: Dow Credit Union5.65% APY$50046 more rows

The highest current CD rates for our top picks* Bread Savings: 1-year CD, 5.40% APY. Barclays: 1-year CD, 5.00% APY. Quontic Bank: 1-year CD, 5.30% APY. Ally Bank: 9-month CD, 5.00% APY. BMO Harris: 13-month CD, 5.10% APY. Synchrony Bank: 1-year CD, 5.10% APY. CFG Bank: 1-year CD, 5.05% APY.

National average 1-year CD rates One-year CDs currently earn a national average APY of 1.59 percent. Overall, this average has either remained the same or increased since March 2022. Bankrate's CD calculator is a handy way to calculate the amount of interest your money will earn by the time a CD matures.

Yes. Local Government Federal Credit Union has a 6-month share certificate guaranteeing 6.50%. Outside this exception, CD rates at banks, credit unions, online, or financial institutions haven't had interest rates as high as 6 percent in over a decade, not to mention how low rates were in 2018, 2019, 2020, and 2021.

The average rate for a one-year CD is 0.60% APY, and the average rate for a five-year CD is 0.74% APY. Let's compare national averages with an online example.

You can earn more interest when you put your money in a CD?here are the different types offered High-yield CD. Jumbo CD. Bump-up CD. Add-on CD. No-penalty CD.

Unless you already have one, you'll need to create a new account with the issuing bank or credit union to open a certificate of deposit. You may have to share personal information such as your name, address, contact info and tax identification number (such as a Social Security number). Fund the CD.