12 CDs with the highest rates right now (up to 6.50% APY)

When it comes to today's interest rate environment, much of the conversation revolves around how expensive it is to borrow money. And that makes sense. The ongoing issues with inflation have had a big impact on the rates for everything from mortgage loans to credit cards and personal loans and most borrowers are paying a lot more in interest than they were in 2020 and 2021.

But loan rates aren't the only ones worth discussing. The rates being offered on interest-bearing accounts are, too. After all, the annual percentage yields (APYs) you can get on high-yield savings accounts and certificates of deposit (CDs) are quite high right now, and if you're a savvy saver, you can use that to your advantage. For example, it's not uncommon to find high-yield savings accounts offering rates over 5% right now — which can result in big interest returns on your money. 

But many CD accounts are offering rates that are just as high (or higher), and unlike high-yield savings accounts, the rates on CDs are fixed, so you won't have to worry about changes to the wider rate landscape impacting what you earn. If you want to maximize your interest earnings, though, it's important to find the right CD offering the highest rate possible — and you may want to start your search with the top options outlined below.

Find your top CD options online here.

12 CDs offering the highest rates right now

If you're looking for CDs with the highest rates this January, here are some of the top options to consider: 

• Financial Partners Credit Union 8-month CD — 6.50% APY: The minimum opening deposit on this CD is $1,000 and the maximum is $5,000; the early withdrawal penalty is equal to 90 days of interest; this CD has other restrictions as well (you must be a new member and qualifying California resident)
• Citizens State Bank 7-month CD — 5.75% APY: The minimum opening deposit amount on this CD is $10,000; the early withdrawal fee is equal to 180 days of interest on the amount withdrawn or half of the future interest, whichever is greater, and a $50 penalty
• NASA Federal Credit Union 9-month CD: 5.70% APY: The minimum opening deposit amount on this CD is $10,000; the early withdrawal penalty is equal to 182 days of dividends on the amount withdrawn (if the certificate account was opened within 182 days); if the funds have been in the account less than 182 days, the early withdrawal penalty is equal to all dividends on the withdrawn amount
• TotalDirectBank 3-month CD — 5.66% APY: The minimum opening deposit amount on this CD is $25,000; the early withdrawal penalty is equal to one month of compounded interest earned on the CD
• Hyperion Bank 15-month CD — 5.65% APY: The minimum opening deposit amount on this CD is $2,500; the early withdrawal penalty is equal to six months of interest
• Financial Resources Federal Credit Union 13-month CD – 5.64% APY: The minimum opening deposit amount on this CD is $1,000; the early withdrawal penalty is equal to nine months of interest on the total balance
• State Bank of Texas 1-year CD — 5.60% APY: The minimum opening deposit amount on this CD is $50,000; the early withdrawal penalty is equal to 60 days of interest
• Lafayette Federal Credit Union 1-year CD — 5.56% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to six months of interest
• LendingClub 1-year CD — 5.55% APY: The minimum opening deposit amount on this CD is $2,500; the early withdrawal penalty is equal to 90 days of interest
• Colorado Federal Savings Bank 1-year CD — 5.55% APY: The minimum opening deposit amount on this CD is $5,000; the early withdrawal penalty is equal to three months of interest
• Nexbank 1-year CD — 5.55% APY: The minimum opening deposit amount on this CD is $25,000; the early withdrawal penalty is equal to six months of interest
• Northpointe Bank 11-month CD — 5.55% APY: The minimum opening deposit amount on this CD is $25,000; the early withdrawal penalty is equal to nine months of interest

Explore the best CD options available to you here.

The bottom line

When it comes to maximizing your interest returns, you have many choices, but CDs in particular are a great option to consider right now. Not only do these interest-bearing accounts offer fixed rates that stay consistent for the full CD term, but the rates available today are some of the highest we've seen in years. So, by putting some of your savings into one of the highest-earning CDs listed above, you can reap the benefits of the current rate environment and earn guaranteed returns on your money.