Best CD rates for this month — earn as much as 9% APY

Top-yielding certificates of deposit this month, plus the easiest CDs still paying strong rates

CD rates kept moving higher in recent weeks. Although government data put the national average for 12-month certificates at a modest 1.76%, a CD Valet report found that 93% of rate changes in the latest period were increases.

The same report said there are now 6,566 CDs offering 4% APY or more, up 74% from a month earlier. Even so, that is not the top end. Several accounts are paying 5% APY, and a few go well beyond that. (See some of the highest CD rates here, from our ad partner Bankrate.)

With CME Group’s FedWatch tool indicating the possibility of another quarter-point increase at the Fed’s next meeting, savers are left deciding whether to lock in a strong rate now or wait in hopes of a slightly better one. But waiting may not make much difference, says Sam Taube, NerdWallet’s lead investing writer.

“The difference in yield between opening a CD now and waiting a few weeks would probably amount to 0.25% or less,” Taube explains. “It’s generally better to prioritize a savings timeline that makes sense for your goals, rather than trying to optimize your timing for a few extra basis points of yield.”

Experts say inflation should be the benchmark when evaluating returns. With the latest consumer price index showing year-over-year inflation at 3.7%, Taube says savers should look for accounts earning more than that so their money is truly growing. And while 5% yields can be tempting, he advises looking beyond the headline rate and reviewing the fine print for minimum deposit rules, lockup periods, membership limits and deposit caps, all of which can reduce how much you actually earn.

10 CDs with the best APYs this month

Below are 10 of the highest CD rates available right now. All are protected by either the FDIC or NCUA, unless otherwise noted. Before opening any account, read the full terms carefully so you understand any restrictions or requirements.

Southland Credit Union offers new members 9.00% APY on a 9-month certificate with a $100 minimum deposit. However, only the first $1,000 earns that top rate. Membership is limited to people who live, work, worship or attend school in Orange or Los Angeles counties in California.

San Francisco Fire Credit Union: Up to 7.50% APY

This credit union offers a 7-month certificate at 7.50% APY with a $250 opening deposit. Eligible balances are capped at $3,000, and the top rate applies only for the first 90 days. Membership is limited to residents, workers or students in San Francisco, San Mateo or Marin counties in California, as well as active and retired firefighters and select organization members.

UVA Credit Union MaxSaver Certificate: Up to 7.00% APY

The 8-month MaxSaver Certificate from UVA Community Credit Union requires a minimum opening deposit of $5,000 in new money, with balances capped at $250,000 for the promotional rate. It uses a tiered structure, paying up to 7.00% APY on the first $2,000 and 4.27% APY on the rest. To open it, you must live, work or attend school in the Central Piedmont and Valley area of Virginia and keep a $1 minimum balance in a primary savings account.

Lynchburg Municipal Employees Federal Credit Union: Up to 6.50% APY

Eligible members can earn 6.50% APY on a 78-month share certificate. Deposits are capped at $10,000. Membership is limited to employees of select agencies in Lynchburg, Virginia, and their immediate families.

Congressional Federal Credit Union Flexible Saver: Up to 6.00% APY

Qualified depositors with at least $100 can earn up to 6.00% with a 1-year Flexible Saver account at Congressional FCU. Deposits are limited to $1,000. To join, depositors must keep a $5 minimum balance in a primary savings account and establish eligibility through congressional or SEG employment, family ties, designated D.C. residency or by joining the Friends of the National Arboretum at no cost.

Financial Partners Credit Union: Up to 6.00% APY

Available only to new members, this 8-month CD requires a $1,000 minimum deposit and is capped at $5,000. To join, you must live in Los Angeles, Orange, Riverside, San Diego, San Francisco or Alameda counties in California.

Pepco Federal Credit Union: Up to 5.12% APY

Eligible members can earn 5.12% APY on a 5-month share account with just a $50 minimum deposit. Balances are capped at $5,000. Membership is limited to Potomac Electric Power Co. employees in Washington, D.C., Maryland or Virginia, and their families.

Tower Federal Credit Union: Up to 5.10% APY

This credit union is offering a 24-month CD at 5.10% APY. Membership is open to everyone through a one-time $35 minimum donation to the TowerCares Foundation. Other notable options include 1-year and 5-year accounts yielding 4.90% APY and 4.85% APY, respectively.

California Coast Credit Union: Up to 5.00% APY

This 5-month CD pays 5.00% APY on deposits between $500 and $5,000. It is available to new members in select Southern California counties and requires funds not currently on deposit with the credit union.

Twelve-month certificates pay 5.00% APY with a minimum deposit of just $10, though balances are capped at $1,000. Membership is limited to qualifying Texas residents and select school district employees.

5 more accessible CD rates this month

If you do not meet the specialized requirements above, these higher-yielding CDs are open to the general public with minimum deposits of $1,000 or less.

E-Trade from Morgan Stanley: Up to 4.80% APY

There are no fees and no minimum deposit requirement to access this competitive 4.80% APY on a 24-month account at E-Trade. As with most traditional CDs, funds must stay in the account until maturity to avoid early withdrawal penalties.

Happen Bank: Up to 4.76% APY

Savers willing to lock in money for longer can earn 4.76% APY on a 24-month CD. The minimum deposit is $500.

First National Bank of America: Up to 4.75% APY

Savers willing to commit to a long-term CD can earn 4.75% APY on a 10-year account with a $1,000 minimum deposit. The bank also offers a shorter 12-month option at 4.45% APY.

Argentine Federal Savings: Up to 4.65% APY

This 4-month CD pays 4.65% APY with a $1,000 minimum opening deposit. However, only new money is eligible.

OMB Bank: Up to 4.65% APY

There is a low $1,000 minimum deposit requirement to earn this limited-time 4.65% APY on both 9- and 21-month CDs. Accounts can be opened either at a branch or online.