4 CDs are currently offering 5.20% APY or higher

No matter what your savings goals are, you can get a lot of value from today’s high interest rates.

For example, it might be smart to stick with it High Yield Savings Account — which yields around 4.00% to 4.50% or more — for Emergency savings And when you’re trying to build your balance with contributions over time. But to score the best rate possible today, you might want to consider one Certificate of Deposit (CD).

Short term CDs, in particular, offer the opportunity to earn upwards of 5% APY on your deposits. As long as you keep your money in the account for the required period, you can get a bigger one Increase your savings When the account matures. Plus, your rate is locked in, so even if rates drop in the future, you’ll continue to get today’s high yield through your tenure.

To help you get started, we’ve rounded up some CDs earning over 5.20% APY today. See how much more you can earn by comparing the top CD rates available to you now.

4 CDs are currently offering 5.20% APY or higher

If you’re looking for the best places to save right now, the CDs below are a great place to start These banks offer different terms, fees, minimum deposits and more, so make sure you compare all account details before applying. Choosing an FDIC-insured deposit account is also important. Each bank below offers FDIC insurance against bank failure up to a limit of $250,000 per depositor and per institution.

CFG Bank: 5.28% APY

CFG Bank’s 12-month CD earns 5.28% APY There are no monthly fees but you have to make a minimum deposit of $500. With a starting balance of $5,000, the interest rate on this account could earn you $264 over the course of a year.

Want to start earning a better rate on your savings? Compare more of today’s top CD rates here.

Popular Direct: 5.22% APY

With Popular Direct, you can earn 5.22% APY on 12-month CDs. A $10,000 minimum deposit is required to open this account, but there are no monthly fees. If you deposit a minimum balance of $10,000 in this account at the time of opening, you can increase your balance by $522 at the end of the term.

Merrick Bank: 5.20% APY

Merrick Bank offers a 12-month CD option with 5.20% APY and no monthly maintenance fee. However, you should already have saved a significant amount of money; You need to deposit $25,000 to open your account. With a $25,000 initial deposit, a 5.20% rate could increase your balance by $1,300 in a year.

Bread Savings: 5.20% APY

If you don’t have a large starting balance, Bread Savings’ one-year CDO offers a great 5.20% APY. You only need to meet a $1,500 minimum deposit requirement upon opening and there are no monthly fees If you deposit a total of $5,000 into this account, you’ll earn $260 in extra interest that year.

Why short-term CDs are worth it right now

Today’s high rate environment — combined with the possibility that the Fed may be ready soon Increase the break rate — It makes a Great time to consider a short-term CD.

It’s never easy to predict what rates might be in the future, but a short-term CD allows you to maximize today’s high rate while leaving open the option to switch if rates rise next year. The relatively minimal time commitment means you retain a little more flexibility than a long-term CD.

With rate moving Above 5%, short-term CDs are also among the highest-earning deposit accounts you’ll find today By comparison, many of the best high-yield savings accounts and long-term CDs earn both About 4.5% APY.

Of course, it’s important to have a plan for the money you put into a short-term CD. You don’t want to submit yours emergency fundFor example, if you need quick access to cash for an unexpected expense – this Safe in a high-yield savings account. But CDs with maturities of one year or less can be ideal for saving money for your wedding, future college expenses or a big vacation.

If you’re thinking about taking advantage of short-term CDs today, start comparing the top rates here.