The national average APY is 2.44%, up two basis points from last week and one basis point from a month before. One-year CDs can give you returns as high as, or even higher than, longer-term options.
If you’re up for setting aside your savings for a full year, you’ll be able to grab even more impressive rates. You’d earn around $$620 in interest if you put $25,000 in a six-month CD with a rate of 4.88%. But you may be able to find better deals by shopping around. The current top national rate for a 6-month CD is 4.88%, according to the data available from Bankrate’s database. The national average APY for six-month CDs is 1.91%, up slightly from 1.88% last week and 1.90% one month ago. The top six-month CDs can offer the best of both worlds: strong interest rates and a short-term commitment. The average APY is down three basis points from a month prior. Rates on three-month CDs have decreased since last week by one basis point to 1.41% APY as of April 25, 2023. Quoted high rates are based on the highest clicked-on rate for each CD term.
