Getty Images
For the past several years, savers who have wanted to maximize the returns on their money have had lots of great options to choose from. After all, the high-rate environment that made it tough to borrow money at an affordable rate also had an upside: high rates on interest-bearing accounts. As a result, savers who were looking for hefty returns on their money had plenty of high-yield savings accounts and certificates of deposit accounts to choose from.
The rate environment has been shifting over the last few months, though. Inflation has cooled dramatically compared to years prior, and, in turn, the Federal Reserve has cut its benchmark rate three times, with the latest rate cut occurring this week. That has resulted in the Fed rate falling by a full percentage point in total during 2024. While this has helped to ease some of the financial pressure on borrowers who need to take out mortgage loans, personal loans or home equity loans, it has also negatively impacted the rates on CDs and high-yield savings, too.
That doesn’t mean savers are completely out of luck, though. While CD rates may be dropping, they’re still quite high overall, especially compared to historical rates. And, right now, short-term CDs, in particular, can be a lucrative option to consider right now. But if you’re going to open one of these accounts before the new year rolls around, it’s important to try and find the CD accounts offering the best returns in today’s rate environment — which includes the ones listed below.
Start comparing the best CD account options online now.
16 short-term CDs worth investing in before 2025
If you’re planning to put some of your savings into a short-term CD account before the new year, these options may be worth a look.
3-month CDs
- TotalBank — 4.71% APY: This CD comes with a $25,000 minimum deposit requirement and a $25,000 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to 30 days of interest.
- Bask Bank — 4.65% APY: This CD comes with a $1,000 minimum deposit requirement and a $1,000 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to 90 days of interest.
- Brilliant Bank — 4.60% APY: This CD comes with a $1,000 minimum deposit requirement and a $1,000 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to half of the interest that would have been earned if held to maturity.
- American Bank — 4.50% APY: This CD comes with a $500 minimum deposit requirement and a $500 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to 90 days of interest.
Find out what CD rates you could be earning now.
6-month CDs
- Amerant — 4.75% APY: This CD comes with a $10,000 minimum deposit requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to 90 days of interest on the amount that’s withdrawn.
- Bellco Credit Union — 4.75% APY: This CD comes with a $500 minimum deposit requirement and a $500 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to 90 days of interest.
- Bread Savings — 4.75% APY: This CD comes with a $1,500 minimum deposit requirement and a $1,500 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to 90 days of interest.
- Chartway Federal Credit Union — 4.70% APY: This CD comes with a $500 minimum deposit requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, an early withdrawal penalty may apply.
9-month CDs
- Quorum Federal Credit Union — 4.75% APY: This CD comes with a $1,000 minimum deposit requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to 1% of the amount that’s withdrawn.
- Pacific National Bank — 4.65% APY: This CD comes with a $1,000 minimum deposit requirement and a $1,000 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, an early withdrawal penalty may apply.
- Brilliant Bank — 4.55% APY: This CD comes with a $1,000 minimum deposit requirement and a $1,000 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to half of the interest that would have been earned if held to maturity.
- NASA Federal Credit Union — 4.54% APY: This CD comes with a $10,000 minimum deposit requirement and a $10,000 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to 182 days of interest.
12-month CDs
- Fort Liberty Federal Credit Union — 4.60% APY: This CD comes with a $25,000 minimum deposit requirement and a $25,000 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to 90 days of interest.
- DuGood Credit Union — 4.59% APY: This CD comes with a $1,000 minimum deposit requirement and a $1,000 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, an early withdrawal penalty may apply.
- GTE Financial — 4.59% APY: This CD comes with a $500 minimum deposit requirement and a $500 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to 180 days of interest.
- FivePoint Credit Union — 4.54% APY: This CD comes with a $1,000 minimum deposit requirement and a $1,000 minimum balance requirement to earn the advertised APY. If you need to withdraw your funds before the CD account has matured, the early withdrawal penalty is equal to 30 days of interest.
The bottom line
The rate environment continues to evolve, but savers still have opportunities to maximize their returns by taking advantage of today’s competitive short-term CD rates. While these rates may not last indefinitely, locking in a top CD rate now could provide a solid and predictable return on your money, even as broader economic conditions shift. By carefully comparing the options available, such as those listed above, you can make an informed decision that aligns with your financial goals. Just don’t wait too long — these rates may not stick around, and if you don’t make your move now, you could miss out.
