Best CD Rates Today: Where to Find the Highest Yields in June 2025

As of June 6, 2025, the best certificate of deposit (CD) rates today range from around 4.50% to 5.15% annual percentage yield (APY). Many people search for the highest CD rate now to make the most of their savings. While CD rate today over 5% is fairly common, a CD rate today over 7% is rare or unavailable. Understanding current rates helps you make better decisions for your financial future.

Top CD Rates Today

The highest CD rates available currently reach up to 5.15% APY. United Midwest Savings Bank, for example, offers this rate, making it one of the top choices. Other banks such as Legacy Bank and Bank of Clarke County provide slightly lower but still strong rates at 5.00% APY. Merchants Bank of Indiana is another competitor, offering a 4.86% APY. These rates apply to various CD terms, usually between six months to five years, with most of the best rates found in shorter terms.

CD Rates Over 5%

If you’re looking for a CD rate today over 5%, several banks and credit unions currently meet that mark. Andrews Federal Credit Union offers one of the highest rates, with a 5.75% APY on a six-month share certificate available to new members. Other institutions like Flagstar Bank, BMO Alto, and TotalDirectBank are also offering CD rates that range from 5.25% to 5.75% APY. These options provide good returns if you’re comfortable locking in your money for a short period.

CD Rates Over 7%

Although interest in CD rates today over 7% remains high, such rates are no longer available. In the past, some credit unions ran promotional offers with rates above 7%, such as Alpena Alcona Area Credit Union’s 7.19% APY for a seven-month term. However, these deals were limited-time offers and are no longer active. If you come across mentions of such high rates, it’s worth double-checking their availability and terms.

Factors Influencing CD Rates

CD rates are closely tied to the Federal Reserve’s interest rate policy. In recent years, the Fed raised rates to combat inflation, pushing CD rates higher. However, in late 2024, the Fed began cutting rates slightly. So far in 2025, rates have remained steady, though more cuts could happen. If the Fed lowers rates further, CD rates may decline too. This makes now a potentially good time to lock in a higher rate.

Choosing the Right CD

When picking a CD, it’s important to look beyond just the highest rate. Consider the following:

  • Term Length: Short-term CDs, such as six or twelve months, may offer better rates and quicker access to your money. Long-term CDs might provide stability but could underperform if rates rise.
  • Interest Rate: Compare APYs from different institutions and check whether the rate is fixed for the term.
  • Minimum Deposit: Some CDs require as little as $500, while others may need $1,000 or more. Make sure the minimum fits your budget.
  • Early Withdrawal Penalties: Understand what it costs to take your money out early. Penalties can eat into your earnings.

Conclusion

CD rates today offer solid returns, especially compared to recent years. While you won’t find a CD rate today over 7%, many banks and credit unions provide attractive options over 5% APY. These rates make CDs a good choice for those looking for a secure, low-risk way to grow their savings. As interest rates may decline in the future, locking in a strong CD rate now could be a smart move. Always compare terms, conditions, and penalties before making a commitment.