Highest CD rate offered is 4.10% APY on a 14-month term
A certificate of deposit (CD) allows savers to lock in a competitive rate on their savings. Historically, longer-term CDs offered higher interest rates than shorter-term CDs.
The highest CD rate today is 4.10% APY, offered by Marcus by Goldman Sachs on its 14-month CD. This rate can help savers grow their balance over time.
For example, a $1,000 investment in a one-year CD with 1.52% APY would grow to $1,015.20 after one year, earning $15.20 in interest. In contrast, a one-year CD with 4% APY would grow to $1,040.74, earning $40.74 in interest.
CD rates vary widely across financial institutions, so it’s essential to shop around for the best rate possible.