8 are the highest paying CDs on the market today

If you are looking for ways Increase your savingsopen one Certificate of Deposit (CD) A great strategy. CDs are low-risk investments that typically offer higher interest rates than savings accounts — even some high-yield ones. To get these higher rates, you agree to keep your money in the account for a period known as duration.

But not all CDs are created equal. when rate Currently generally higher — 5.0% APY or more in many cases — some accounts stand out from the rest. Check today’s top CD rates here to see how much you could earn.

8 are the highest paying CDs on the market today

All of the CDs below have no monthly fees and are secure Up to $25,000 (per account, per institution) by Federal Deposit Insurance. The long termA CD’s interest rate is usually higher, which is why you’ll see one-year CDs first on the list.

Indiana First Internet Bank: 5.48% APY (1 year)

First Internet Bank of Indiana’s one-year CD offers the highest interest rate on the list — a full 0.12% higher than the runner-up. It requires a minimum deposit of $1,000, which is on the lower end of the spectrum. If you withdraw the funds before the expiry date, you will have to pay 180 days interest penalty.

Connexus Credit Union: 5.36% APY (1 year)

Because Connexus is a credit union, they call their account a “share certificate” rather than a certificate of deposit — but it’s otherwise the same thing. Connexus’ one-year share certificate offers a competitive APY of 5.36%. It has a relatively high minimum deposit of $5,000 but its early withdrawal penalty is one of the lowest on the list, with 90 days of interest.

CIBC Bank USA: 5.36% APY (1 year)

If you prefer a bank to a credit union, CIBC’s one-year CDO offers 5.36% APY. And it beats Connexus in two ways: its minimum deposit is just $1,000, and its early withdrawal penalty is just 30 days of interest.

Popular Direct: 5.35% APY (1 year)

If you have a large amount to save, Popular Direct’s one-year CD may be for you. The minimum deposit is $10,000 and the early withdrawal penalty is 270 days of interest. That said, if you have big savings goals and want to avoid the temptation to use your funds for other purposes, this CD may inspire the discipline you need.

Indiana First Internet Bank: 5.33% APY (6 months)

If you are looking for one short term, First Internet Bank’s six-month CD tops the list with a 5.33% APY — not much lower than the one-year CD rate. It requires a manageable deposit of $1,000 and charges 180 days of interest for early withdrawals.

Bank5 Connect: 5.30% APY (6 months)

For a short-term CD with a low minimum deposit requirement, consider Bank5 Connect’s six-month CD. You only need to deposit $500 when you open the account. If you withdraw funds early, you will be charged three months (90 days’) of interest.

Basque Bank: 5.25% APY (6 months)

You can earn a competitive fixed rate of 5.25% APY with Basque Bank’s six-month CD. It requires a minimum deposit of $1,000 and carries a 90-day interest early withdrawal penalty

Popular Direct: 5.25% APY (6 months)

Big savers with a short savings timeline may be interested in Popular Direct’s six-month CD, which offers 5.25% APY but requires a $10,000 minimum deposit. Like the bank’s one-year CD, it has an early-withdrawal-disincentive penalty, this time at 120 days of interest.

Learn more about your CD options by checking out today’s top offers here

Bottom line

When it comes to saving your money, CDs are a great option For those who want guaranteed returns with little risk. Investing your savings in a CD with an industry-leading interest rate can help you grow your wealth faster over time.

While the CDs above are a great place to start, don’t neglect to do your research and compare different options to find the best account for your budget, investment timeline, and other needs. The best account for you!

Start your search here now!