CD rates may soon peak. Here are 3 types to consider now.

After 10 consecutive federal interest rate hikes, the Federal Reserve Start signaling That it may be ready to break rates soon.

If federal interest rates remain near their peak, savers may still benefit. A rate break means today’s high savings rates will likely remain elevated — but it may be hinting now Good time to lock in a CD rate.

However, savers today have many options when it comes to certificates of deposit (CDs). Different CD types allow you to strategize your savings differently, whether you’re sure a rate break is coming or you’d rather keep the option open to switch to a new, higher rate. Here’s what you need to know if you’re considering saving with CDs today.

Start comparing today’s top CD rates here now.

Now there are 3 types of CDs to consider

Here are three CD types that can help you maximize your savings today, whether you’re ready or not A top rate lock Or want the option to increase your APY as rates reach their peak.

Traditional high yield CDs

If interest rates have peaked, that could mean now is the best time to lock in Excellent CD rate. High-yield CDs are already among the most profitable savings options today, with some reaching rates Above 5% APY. Although, historically, long-term CDs have offered the best interest rates, you’ll likely find the highest rates today One year CD or shorter.

If you open a traditional CD, make sure you understand the requirements beforehand. Often, you must meet minimum deposit requirements when opening an account. And CDs carry penalties for early withdrawals, which can cost you part or even all of the interest you’ve earned.

Here are some great high-yield CDs available now:

• Bread Savings 1 Year CD: 5.20% APY
• Citizens Access 1-Year CD: 5.00% APY
• Synchrony Bank 6-Month CD: 5.00% APY

Find more of the best high yield CD rates available here today.

No-penalty CD

Unlike traditional CDs, No-penalty CD Allows you to withdraw your deposit in full at any time. In some cases you may have to meet a short waiting period, and many no-penalty CDs require you to withdraw your entire balance if you want to do so before the CD expires. No-penalty CDs are often as short in length as a one-year term.

In return for added flexibility, no-penalty CDs typically have slightly lower interest rates — though they’re still equal to or higher than many top ones. High yield savings account rates Today.

Here are some of today’s top no-penalty CD rates:

• CIT Bank 11 Month No-Penalty CD: 4.90% APY
• Marcus 13-Month No-Penalty CD: 4.25% APY
• Ally Bank 11-Month No-Penalty CD: 4.25% APY

Bump up CD

Bump-up CDs aren’t very common, but they’re another flexible CD type that can help you take advantage of interest rate changes. With a bump-up CD, you have the opportunity to request a rate increase if the bank raises the rate offered during your term.

If you choose to request a bumped-up rate, you won’t pay a penalty, and you’ll earn the new, higher rate until your CD expires. It’s important to read the full terms of your CD after opening, as some bump-up CDs allow rate bumps only once over the life of the account, while others may allow multiple.

Here are some of the best bump-up CDs we’ve found today:

• Marcus 20-month Rate Bump CD: 4.35% APY
• Ally Bank Raises Your Rate 2-Year CD: 3.75% APY
• Synchrony Bank 24-Month Bump-Up CD: 3.70% APY

Bottom line

Now CD Rate Lock can help you Today’s top rate is the highest But if you’re looking for a little more flexibility, it might pay to consider the various CD options available. Traditional, high-yield CDs — especially those with maturities of six months to one year — may offer the best rates but the strictest terms. No-penalty and bump-up CDs are other CD options with competitive interest rates that can give you more options if rates rise in the coming months.

Start your search for the best CDs by comparing today’s top rates here