--- title: You Can Still Get a CD With a 5% APY — for Now description: If you're looking for a high-rate CD — with APYs over 5% — short-term is the way to go. authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 597 covers: - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2024-05-09T13:10:32.000Z' modified: '2024-05-09T13:10:32.000Z' section: Banking tags: - News word_count: 449 canonical: https://money.com/short-term-cd-high-rates/ 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/). ![Rising steps made of one American Dollar bills](https://img.money.com/2024/05/News-High-CD-Rates-Explode.jpg) Many [certificates of deposit](https://money.com/best-cd-rates/), or CDs, are still offering yields of at least 5% — for the short term, that is. Putting money in a short-term CD with a 5% annual percentage yield, or APY, is currently an easy way to [beat inflation](https://money.com/savings-account-cd-apy-beat-inflation/), making it an attractive option for anyone with cash they can set aside for a few months. However, your options are quickly changing. Between last fall and this spring, the number of CDs with APYs of at least 5% remained mostly steady, but there was a shift in the term lengths of these high-rate CDs, according to [CD Valet](https://www.cdvalet.com/), an online marketplace that tracks rates from thousands of financial institutions. In March, 62% of CDs with APYs of 5% or higher had short-term lengths: a significant increase from a share of 46% that did in October 2023. (The site defines “short-term” as less than 12 months.) As CD Valet wrote in a quarterly report, "Life is short, and so are the highest-rate CDs." The site also noted that 55 of the 100 highest-rate CDs have term lengths of less than a year. ## Lock in your CD rate before they start to fall ### Don't miss out on current rates! If you're seeking a low-risk option beyond stocks and bonds, explore the benefits of a Certificate of Deposit (CD) with Discover®️. Click on your state to kickstart your CD account today. [See Offer](https://money.com/pr/z11b33a9f54e?ap_referrer=%2Fshort-term-cd-high-rates%2F) ## CDs remain attractive as the Fed holds rates Americans have plenty of valid reasons to be unhappy about interest rates, which the Federal Reserve has held steady as it waits for indications that inflation is firmly under control. The housing market is slow, car loans are unaffordable, credit card and personal loan rates are sky high, stocks have been impacted... the list goes on. But surging rates on savings products like CDs have been one of the bright spots for consumers. When interest rates are high, it's expensive for banks to borrow money from each other, so they offer high rates to attract customer deposits. Short-term CDs in particular have the best rates at the moment because banks and credit unions are anticipating the Fed is preparing to cut interest rates, possibly starting later this year. Savers typically lock in their rates when they [buy CDs](https://money.com/cd-rates-falling-good-time-to-buy/), so financial institutions have to set their long-term CD rates based on expectations of where rates are headed (down). "As a result, savers can find the most attractive CD rates in short-term maturities," CD Valet wrote in the report. "There are more high-rate, short-term CDs than there were six months ago." It's relatively easy to find a short-term CD with a rate of at least 5%. By comparison, median rates are about 3% for CDs with term lengths between three and five years. ## Compare CD Rates ![See Offer](https://s3.consumersadvocate.org/prd/image/image/36133/medium_540498b7-511a-4fa5-8824-09ca78d750b2.webp) Our Partner [See Offer](https://money.com/go/9869a3900006?bidid=4029161308&pmeta=p129-c636-u27475&ptid=662230249&ptoken=d69c58fe6a50595b3ee47fee8da9c622) ![See Offer](https://s3.consumersadvocate.org/prd/image/image/20230/medium_6b3cc222-da4e-4595-9a8d-5f1af12cdbb1.png) Our Partner [See Offer](https://money.com/go/960ccc0e7f2f?bidid=4029161312&pmeta=p129-c636-u27475&ptid=662230249&ptoken=8165208927245a822ee71e04132c09a1) ![](https://s3.consumersadvocate.org/prd/image/image/36133/medium_540498b7-511a-4fa5-8824-09ca78d750b2.webp) Start growing your savings today with a CD from Bread Financial [See Offer](https://money.com/pr/gef6655c2bc3?ap_referrer=%2Fshort-term-cd-high-rates%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/short-term-cd-high-rates/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Banking", "item": "https://money.com/banking/" }, { "@type": "ListItem", "position": 3, "name": "Certificates of Deposit", "item": "https://money.com/certificates-of-deposit/" }, { "@type": "ListItem", "position": 4, "name": "You Can Still Get a CD With a 5% APY — for Now" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/short-term-cd-high-rates/#webpage", "url": "https://money.com/short-term-cd-high-rates/", "name": "You Can Still Get a CD With a 5% APY — for Now", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2024-05-09T13:10:32.000Z", "mainEntity": { "@id": "https://money.com/short-term-cd-high-rates/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/short-term-cd-high-rates/#breadcrumb" }, "dateModified": "2024-05-09T13:10:32.000Z" }, { "@type": "NewsArticle", "headline": "You Can Still Get a CD With a 5% APY — for Now", "articleSection": "Banking", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2024/05/News-High-CD-Rates-Explode.jpg", "width": 1359, "height": 906, "caption": "News-High-CD-Rates-Explode" } ], "author": [ { "@type": "Person", "name": "Pete Grieve", "url": "https://money.com/author/pete-grieve/", "@id": "https://money.com/author/pete-grieve/#author", "description": "Pete Grieve is a personal finance reporter. 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