--- title: These 5 CDs Are Paying Over 4% Right Now description: Looking for a way to grow your savings safely? These CD offerings have some of the highest APY rates available. authors: - name: Mary Ellen Cagnassola role: Reporter url: https://money.com/author/mary-ellen-cagnassola/ bio: Mary Ellen (M.E.) Cagnassola is a former reporter at Money, where she covered Social Security, retirement, housing, and employment. Her work reflects her commitment to service and equity in consumer finance. education: Rutgers University, BA Journalism at_money_since: 2021 articles: 205 covers: - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes former_staff: true published: '2023-02-16T20:21:57.000Z' modified: '2024-11-21T23:35:20.000Z' section: Banking tags: - News word_count: 285 canonical: https://money.com/cds-paying-over-4-percent/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Capital One Bank Branch in New York City](https://img.money.com/2023/02/News-CD-Higher-APY-Capital-One.jpg) Looking for a low-risk way to grow the funds you save? Opening a [certificate of deposit](https://money.com/what-is-a-certificate-of-deposit/), or CD, is one way to make your money earn money for you. CDs are financial products that hold your deposits for a set period of time, generally ranging from one month to five years. In exchange, the bank you choose to open your account with pays you a fixed amount of interest. Typically, this means your savings will earn more than if they were just sitting in a basic savings account. The national average annual percentage yield (APY) rate for CD accounts is 1.21%, according to the Federal Deposit Insurance Corporation. But the [best CDs](https://money.com/best-cd-rates/) usually offer much higher than that, and rates right now are [trending up](https://money.com/dollar-scholar-high-savings-rates/) thanks to a ripple effect from the recent rate hikes by the Federal Reserve. In fact, there are a few banks offering CDs with APY rates hovering around 5%. That outpaces the APYs on [high-yield savings accounts](https://money.com/high-yield-savings-accounts-3-percent/) from places like Ally (3.4%) and Marcus (3.75%). ## Banks with high CD rates [Capital One](https://www.capitalone.com/bank/cds/special-cd-rates/), 5% APY - Duration: 11 months - Minimum deposit: none [BMO Harris](https://www.bmoharris.com/main/personal/cd/?ecid=ps-20221013DC1-JCBMO27&&utm_source=Google_Paid_Search&utm_medium=SAVINGS_CD&utm_campaign=Generic_EN&utm_term=certified%20deposit&gclid=Cj0KCQiAxbefBhDfARIsAL4XLRrPm2vCftMbj45pigM0DjDfXuP_22FHGLPr-uRw8mSlfylgEMZAZIYaAvfQEALw_wcB&gclsrc=aw.ds), 5% APY - Duration: 12 months - Minimum deposit: $1,000 [Popular Direct](https://www.populardirect.com/products/cds), 4.8% APY - Duration: 12 months - Minimum deposit: $10,000 [Synchrony Bank](https://www.synchronybank.com/banking/cd/?sitecode=CB_SB_S_GO_CD_O&utm_source=GOOGLE&utm_medium=sync_search&utm_campaign=SR_DG_BNK_G-NB-MF-CD-Products-PH_AQ_NA_NA&utm_content=certificate+of+deposit&gclid=Cj0KCQiAxbefBhDfARIsAL4XLRqVYJODC_WrZhSR5LRlpx8eQPvwzjHi0DfY8kL2QLzC4HkFBBBJnwUaAuqJEALw_wcB&gclsrc=aw.ds), 4.6% APY - Duration: 14 months - Minimum deposit: none [Barclays](https://www.banking.barclaysus.com/online-cds.html?AID=15294922&PID=8366961&cjevent=ef621b32ae2611ed808b00860a82b824&refid=CJNIVRTCD2023&cjdata=MXxOfDB8WXww), 4.25% APY - Duration: 12 months - Minimum deposit: none *\*Rates and APYs are subject to change. 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