What are the highest-paying CD rates right now?

Looking back at 2020 and 2021, interest rates were extremely low across the board. Mortgage rates were hovering near 3% — which was a big draw for potential homebuyers — and the rates on everything from personal loans to car loans were lower than normal, too. But while that may have been great for borrowers, savers weren't so lucky. Deposit account interest rates were also quite low at that time, so there wasn't much room to substantially grow their savings account balances — not if they were just relying on interest, anyway.

That's no longer the case these days, though. The Federal Reserve has increased its benchmark rate nearly a dozen times over the last 18 months, and the tables have turned. Borrowing is now a lot more expensive than it was just two years ago, but savers now have the opportunity to earn significant returns on the money in their savings accounts.

And while high-yield savings accounts are one good option — in fact, you can easily find a high-yield savings account offering a rate of 5% or more right now — there are other good options to consider as well. That includes certificates of deposit (CDs), many of which are offering even heftier returns on your money. But if you want to maximize the returns on your savings, it's important to know what CDs are offering the top rates today — and what the requirements are for opening an account.

Start exploring the top rates you could earn on your savings here.

What are the highest-paying CD rates right now?

If you're looking for the highest-paying CDs right now, the following options may be worth considering:

• Credit Human Federal Credit Union 1-year CD — 6.00% APY: $500 minimum deposit requirement to open; a penalty is imposed for early withdrawal
• TotalDirectBank 6-month CD — 5.76%: $25,000 minimum deposit requirement to open the CD and earn the advertised APY; maximum deposit amount per client is $1 million; a penalty is imposed for early withdrawal
• Forbright Bank 9-month CD — 5.75%: $1,000 minimum opening deposit requirement to open; early withdrawal penalty is equivalent to three months of interest
• Popular Direct 1-year CD — 5.67%: $10,000 minimum opening account deposit and balance requirement; $25 fee for closing the account within 180 days
• LendingClub 1-year CD — 5.65%: $2,500 minimum opening deposit requirement; maximum deposit amount of $250,000; a penalty may be imposed for early withdrawal
• Newtek Bank 2-year CD — 5.60%: $2,500 minimum opening deposit requirement to open the account; maximum deposit amount is $250,000; early withdrawal penalties may apply; fees may reduce earnings
• Valley Direct Bank 3-year CD — 5.60%: $500 minimum deposit requirement to open; $500,000 maximum deposit amount; $500 minimum daily balance required to obtain the advertised APY
• Western Alliance 1-year CD — 5.51%: $1,000 minimum deposit requirement to open; early withdrawal penalty applies if funds are withdrawn within six days of account opening or subsequent withdrawal
• Bread Savings 1-year CD — 5.60%: $1,500 minimum opening deposit requirement; maximum deposit limit of $1 million per account and $10 million limit per customer; a penalty is imposed for early withdrawal 
• MYSB Direct 6-month CD — 5.36%: $500 minimum deposit requirement; $5,000 balance requirement to earn advertised APY; a penalty may be imposed for early withdrawal
• Popular Direct 2-year CD — 5.30%: $10,000 minimum opening account deposit and balance requirement; $25 fee for closing the account within 180 days
• Quontic 1-year CD — 5.30%: $500 minimum deposit requirement to open; no monthly service fee; a penalty is imposed for early withdrawal
• Bread Savings 2-year CD — 5.25%: $1,500 minimum opening deposit requirement; maximum deposit limit of $1 million per account and $10 million limit per customer; a penalty is imposed for early withdrawal 
• Discover 1-year CD — 5.20%: $2,500 minimum deposit requirement to open; withdrawing your funds early will result in an early withdrawal penalty worth six months of interest
• Quontic 6-month CD — 5.05%: $500 minimum deposit requirement to open; no monthly service fee; a penalty is imposed for early withdrawal
• Popular Direct 3-year CD — 5.00%: $10,000 minimum opening account deposit and balance requirement; $25 fee for closing the account within 180 days
• CIT Bank 6-month CD — 5.00%: $1,000 minimum deposit requirement to open; a penalty may be imposed for early withdrawal of principal and any early withdrawal (principal or interest) will reduce earnings

Find out more about today's top savings rates here.

The bottom line

Settling for a low savings rate isn't necessary these days. There are lots of CD accounts offering top rates on your money — and there are a variety of CD terms to choose from. That means there are options for every type of saver, whether you have a ton of money to deposit or whether the focus is on your short-term or long-term financial goals. But if you want to rake in the interest returns, it may make sense to move quickly. Rates can change quickly, but if you open a CD today with a top rate, you'll lock it in for the full term, no matter what happens with the overall rate environment.