Whether you’re a retiree looking for cashflow or just a short term saver looking to squeeze out some extra yield, you might be surprised to learn that certificates of deposit are now offering such high yields.
It wasn’t that long ago when even the best CD rates paid next to nothing due to record-low interest rates.
Well, times have changed, and short-term Certificates of Deposit (CDs) are once again offering decent returns for conservative and short-term investors.
Is it possible to earn 6% on a CD today?
For example, you can easily earn 5% APY or higher in a high-yield savings account, and inflation-linked bonds may pay even more. However, these rates are variable and fluctuate at anytime. CDs allow you to lock in today’s best interest rates for a specified period.
Table of Contents
- Are There 6%+ CD Rates Today?
- Best 4% CD Rates
- Raisin
- Ponce Bank – 4.20% APY
- Western Alliance Bank- 4.17% APY
- Bask Bank – 4.45% APY
- Live Oak Bank – 4.30% APY
- Navy Federal Credit Union – 4.30% APY
- Quontic Bank – 4.25% APY
- Marcus by Goldman Sachs – 4.25% APY
- Barclays – 4.00% APY
- Citi – 4.10% APY
- Ally Bank – 4.05% APY
- Synchrony Bank – 4.00% APY
- Capital One 360 – 4.00% APY
- Discover Bank – 4.00% APY
- PenFed Credit Union – 3.65% APY
- CIT Bank – 3.50% APY
- Final Thoughts
🔃 Updated February 2025: With the Federal Reserve lowering rates, a lot of CD rates are lower than they were in the summer. There hasn’t been a CD above 6% APY in quite some time and we probably won’t see one in the near future as rates continue to fall.
Are There 6%+ CD Rates Today?
No, we have not seen any banks or credit unions offer 6%+ CD yields.
For much of 2023 and the start of 2024, we had a few smaller credit unions offer 6% CDs. Many were teaser and promotional offers, we never got to the point where there were many banks offering 6% CDs as a standard offering. Banks and credit unions may have promotional rates for a very short time period. They are using them as marketing tools, getting new depositors, and then lowering the rates back down to market-level rates.
For months, there were only a few credit unions that offered 6%+ APY CDs but they’re all done now.
For a while, the above list was probably a dozen credit unions long. Today, rates are going down, so it’s unlikely you will see anywhere offering 6%, or anything close to it.
A rate of mid-4% or so is more widely available for a federally-insured certificate of deposit available to everyone.
⚠️ We aim to maintain the most up-to-date rates but since these change very quickly, sometimes our rates are out of date. Always check with the bank’s website to confirm the rate they are offering.
Best 4% CD Rates
Your CD options open up considerably when looking for a yield of at least 4%. It’s possible to get terms as short as one month or up to five years (if you’re a long-term planner).
I know 4% rates aren’t as sexy when there are 5% and 6% rates out there, but here we are! 😂
Raisin
To start off, you can find the best CD rates and avoid the hassle of chasing the highest yields by joining Raisin.
This online platform partners with federally insured banks and credit unions to offer competitive rates on high-yield savings accounts, term CDs, and no-penalty CDs. Even if you purchase CDs from multiple banks, you can access them through your dashboard.
In addition, you only need to deposit $1 compared to most banks with minimum deposits of $500 or more.
Ponce Bank – 4.20% APY
Ponce Bank, through Raisin, is offering a 3-month CD that earns 4.20% APY. – one of the highest we’ve seen for a bank. You can get started for only $1 and there are no monthly fees. Ponce Bank is FDIC insured.
Ponce was founded in 1960 in The Bronx and continues to invest in underserved communities to this day.
👉 Open an account with Ponce Bank
Western Alliance Bank- 4.17% APY
Western Alliance Bank, through Raisin, has a 3-Month CD with a solid 4.17% APY.
It’s FDIC insured, like all the banks we list on the site, and there is a $1 minimum deposit.
If you prefer a longer term, their 6-Month CD offers a yield of 4.40% APY. The same terms, just a slightly longer term.
Learn more at our full review of Western Alliance Bank.
Bask Bank – 4.45% APY
Bask Bank is best known for its savings account that earns American Airlines miles. You can also earn interest from a high-yield savings account and CDs:
- 6 months: 4.45% APY
- 12 months: 4.40% APY
- 18 months: 4.00% APY
- 24 months: 3.75% APY
The minimum deposit is $1,000 for every Bask Bank CD.
Here’s our full review of Bank Bank for more information.
Live Oak Bank – 4.30% APY
Live Oak Bank has several CDs offering rates at 4% and above.
- 3 months: 3.00% APY
- 6 months: 4.00% APY
- 9 months: 4.10% APY
- 12 months: 4.30% APY
- 18 months: 4.00% APY
- 24 months: 2.00% APY
- 3 years: 2.00% APY
- 4 years: 2.00% APY
- 5 years: 2.00% APY
However, the longer terms have low yields and all CDs require a $2,500 minimum deposit.
Live Oak Bank also offers new customer bonuses when you make a qualifying deposit into a savings account.
👉 Open an account with Live Oak Bank
Navy Federal Credit Union – 4.30% APY
Navy Federal Credit Union is offering a 12-month Special EasyStart Certificate that earns 4.30% APY and is available in taxable accounts and one CD per member. The minimum deposit is $50, and the maximum is $250,000.
Unfortunately, this credit union has strict membership requirements as you must come from a military background or be an immediate family member of a Navy Federal customer to join.
👉 Open an account with Navy Federal Credit Union
Quontic Bank – 4.25% APY
Quontic Bank is a a digital bank that is also a CDFI (Community Development Financial Institution, a US Department of Treasury certification), which means they look to use private and public funds to help economically disadvantaged communities. It’s a positive mission.
They offer a 12-month CD with a 4.25% APY, which is a great rate especially when you couple it with their savings account that offers 3.85% APY.
Interest compounds daily, there are no monthly fees, and a $500 minimum balance.
Here’s our full review of Quontic Bank for more information.
👉 Open an account with Quontic Bank
Marcus by Goldman Sachs – 4.25% APY
Marcus offers high-yield term CDs ranging from 6 months to six years with yields above 3%.
These terms are currently yielding:
- 12 months: 4.25% APY
- 18 months: 4.10% APY
- 2 years: 4.10% APY
- 3 years: 4.00% APY
- 5 years: 3.75% APY
- 6 years: 3.65% APY
Each product requires a $500 minimum balance. Additionally, your CD is eligible for the 10-day guarantee that automatically bumps your interest rate up to a higher amount if the advertised yield increases during the initial funding period.
Learn more in our Marcus by Goldman Sachs Review.
Barclays – 4.00% APY
Barclays is a well known British multinational bank that has a big presence in the online banking space. They are FDIC insured and offer high yield savings and certificate of deposit accounts.
Their current offer is a competitive 4.00% APY on the 12-month CD.
Find out more in our Barclays Bank Review.
👉 Open an account with Barclays
Citi – 4.10% APY
Overall, Citi® has pretty low CD rates but it often has a few promotional terms with competitive rates. Right now, you can get a 9-month CD at 4.10% APY. There is a minimum deposit of $500.
Citi offers fixed-rate CDs from 3 months to 5 years, and the rates range from 0.05% APY to 4.00% APY. Check out Citi’s New Account Promotions.
Ally Bank – 4.05% APY
Ally Bank offers a desirable No Penalty CD rate at 4.00% APY with an 11-Month term and no minimum deposit. You may also qualify for a 0.05% Loyalty Reward when you renew your CD at maturity.
- 3 months: 2.90% APY
- 6 months: 4.05% APY
- 9 months: 4.00% APY
- 12 months: 3.90% APY
- 18 months: 3.80% APY
- 2 years:
- 3 years: 3.40% APY
- 5 years: 4.00% APY with an 11-Month term and no minimum deposit. You may also qualify for a 0.05% Loyalty Reward when you renew your CD at maturity.
Learn more about Ally Bank & Ally Invest Bonus and Promotions.
Here’s our full Ally Bank review for more information.
👉 Open an account with Ally Bank
Synchrony Bank – 4.00% APY
You can earn competitive yields and enjoy $0 minimum balance CDs through Synchrony Bank. Term CDs currently earn the highest yields. In fact, you can lock in a 4% APY for five years. Also, its no-penalty and bump-up products are attractive too.
Term CDs
You can quickly build a CD ladder with these short-term, medium-term, and long-term CDs:
- 3 months: 0.25% APY
- 6 months: 3.70% APY
- 9 months: 4.00% APY
- 12 months: 4.00% APY
- 18 months: 3.80% APY
- 24 months: 3.50% APY
- 36 months: 4.00% APY
- 60 months: 4.15% APY
No Penalty CD
An 11-Month no-penalty CD can earn 0.25% APY, and your funds are withdrawable beginning on the seventh day.
Bump-Up CDs
If you think future CD rates will increase before your current CD matures, but if you don’t want to commit new funds, you may consider a Bump-Up CD.
The current 24-month term earns 3.00% APY, which is lower than the traditional 24-month CD, but you can commit a small amount as there are zero deposit minimums.
Here’s our full review of Synchrony Bank for more information.
👉 Open an account with Synchrony Bank
Capital One 360 – 4.00% APY
Capital One 360 offers several online-only banking products, including its 360 Performance Savings high-interest savings account and fee-free 360 Checking account.
Another nice benefit is being able to purchase online CDs with no minimum deposit and a competitive rate:
- 6 months: 3.80% APY
- 9 months: 3.80% APY
- 12 months: 4.00% APY
- 18 months: 3.70% APY
- 24 months: 3.50% APY
- 36 months: 3.50% APY
- 60 months: 3.50% APY
Unfortunately, Capital One 360 doesn’t offer no-penalty or ramp-up CDs like several similar-sized platforms. Check out the latest Capital One 360 Promotions for more details.
Here’s our full review of Capital One 360 for more information.
👉 Open an account with Capital One 360
Discover Bank – 4.00% APY
Discover® Bank offers one CD with a 4% APY. There is a minimum deposit of $2,500 though.
- 12 months: 4.00% APY
- 18 months: 4.00% APY
- 24 months: 4.10% APY
- 3 years: 3.50% APY
- 5 years: 3.50% APY
Discover offers these CD rates in taxable and IRA CD accounts. Locking in a long-term rate in a traditional or Roth IRA account can help you avoid paying taxes on your annual interest income. Here are the latest Discover Bank Promotions.
Here’s our full review of Discover Bank for more information.
👉 Open an account with Discover Bank
PenFed Credit Union – 3.65% APY
If you prefer banking with one of the nation’s largest credit unions, then PenFed should be at the top of your list.
Depositors can earn competitive rates on taxable and IRA certificates with a $1,000 minimum deposit. You can open an account online, by phone, or at a local branch.
Non-retirement certificates are available, here are some of their rates:
- 6 months: 3.00% APY
- 12 months: 3.65% APY
- 18 months: 3.60% APY
- 2 years: 3.55% APY
- 3 years: 3.40% APY
- 5 years: 3.20% APY
IRA certificates have similar yields but tend to be 0.10% lower, and the shortest term is 12 months.
If you’re not a PenFed member, joining is easy, as the institution dropped its military and employment affiliation requirements a few years ago. You can join by depositing as little as $5 into an NCUA-insured savings account.
👉 Open an account with PenFed Credit Union
CIT Bank – 3.50% APY
Online-only CIT Bank offers competitive yields for several savings products, including CDs. The Platinum Savings account earns 4.30% APY, but none of the CDs hit the 4% APY mark.
- No-Penalty CD: 11-Month term and a 3.50% APY. Withdrawals are possible seven days after account funding with a $1,000 minimum deposit.
- Term CDs: Three CIT Bank terms currently yield over 4% and have a $1,000 minimum deposit:
- 6 months: 3.00% APY
- 13 months: 3.50% APY
You may also consider the Savings Connect Account. It’s a high-yield savings account that only requires a $100 opening deposit and currently earns .
Here’s our full review of CIT Bank for more information.
👉 Open an account with CIT Bank
Final Thoughts
While 6% CD rates are gone, a term CD or a no-penalty CD is a reliable way to earn at least 4%, and secure a decent return from several leading banks for as little as six months or as long as 24 months.
These rates rival the best high-yield savings accounts and can be a more productive place to park the cash you don’t plan to spend during the next one or two years.
