One-year CDs can give you returns as high as, or even higher than, longer-term options.
If you’re willing to lock away your savings for 12 months, you can grab even better rates. You’d earn almost $670 in interest if you put $25,000 in a six-month CD with a rate of 5.41%. But you may be able to find better deals by shopping around. The current top national rate for a 6-month CD is 5.41%, according to the data available from Curinos. The national average APY for six-month CDs is 1.34%, up two basis points from last week and nine basis points from one month ago. The top six-month CDs can offer the best of both worlds: strong interest rates and a short-term commitment.
The current national high for a three-month CD is 5.83%, which would earn more than $355 in interest with a $25,000 deposit. Over the past month, rates on three-month CDs have climbed by seven basis points. Rates on three-month CDs increased since last week, rising by one basis point to 0.91% today.
