Best Short Term CD Rates

Conor Keenan Author Bio By: Conor Keenan  Last updated April 18, 2025
Conor Keenan, co-founder of CompareAccounts, is a notable personal finance expert with work seen in Wall Street Journal, CNN, Fox News, MSN & Yahoo Finance.

Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.

Right now, banks are starting to lower their rates. It’s your time to lock in these high APYs while you can.

Discover Bank Logo

4.00% APY

5.0

CompareAccounts™ Score

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + Customer Service

Term: 12 Months

Discover Bank offers 4.00% APY with no monthly fees and no minimum deposit required to open an account​ on their 12 Month CD.

Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.

Interest compounds daily so lock in your 12 Month CD rate today & start earning guaranteed interest now.

See Discover Bank's Secure Site For More Details.

Western Alliance Bank Powered by Raisin

3.95% APY

4.5

CompareAccounts™ Score

On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured

 

Best For: High APY From a Top Performing Bank

Term: 12 Months

Western Alliance Bank offers 3.95% APY exclusively through the Raisin Platform on their 12 month CD.

Interest compounds daily and is posted to your account monthly.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.

In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.

Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.

Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.

Limited Time Offer: New customers can earn a $250 bonus when you deposit $25,000 or more. Use promo code GET250 at sign-up. 

See Raisin's Secure Site for Western Alliance Bank to Get More Details.

4.00% APY

Annual Percentage Yield (APY)

5.0

CompareAccounts™ Score

On U.S. Bank National Association's
Secure Site, Member FDIC

Best For: Shorter Term + Branch Access

Term: 5 Months

U.S. Bank offers 4.00% APY on their 5 month CD with no monthly fees and $1,000 initial deposit.

Exclusive rate on balances up to $250,000.

U.S. Bank has over 2,000 branch locations in more than half of U.S. states.

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.

Interest compounds daily so lock in your 5 Month CD rate today & start earning guaranteed interest now.

See U.S. Bank's Secure Site For More Details.

Discover Bank Logo

3.80% APY

4.5

CompareAccounts™ Score

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + Customer Service

Term: 9 Months

Discover Bank offers 3.80% APY with no monthly fees and no minimum deposit required to open an account​ on their 9 Month CD.

Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.

Interest compounds daily on this offer so lock in your 9 Month CD rate today & start earning guaranteed interest now.

See Discover Bank's Secure Site For More Details.

 Compare With

Chase Bank Logo

 Not Recommended 

2.00% APY

1.0

CompareAccounts™ Score

Not Recommended. Shown For Comparison Purposes Only.

Term: 6 Months

Chase Bank is one of the largest and most well known banks in the United States. Unfortunately, they offer a low 2.00% APY on their 6 month CD.

This is their "Relationship Rate."

You must have a linked Chase personal checking account to receive these rates. Otherwise, you'll receive 0.01% APY

Because of the bottom barrel APY and the need to link a personal checking account, we don't recommend you opening a CD with Chase Bank.

Cit Bank Logo

3.50% APY

4.0

CompareAccounts™ Score

On CIT Bank's Secure Site,
Member FDIC

 

Best For: No Penalty Fees + High APY Interest Rates

Term: 11 Months

CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.

They currently offer 3.50% APY on their 11 Month No Penalty CD with no monthly fees.

There is no penalty to access funds if needed before maturity.

You can open a CIT Bank 11 Month No Penalty CD with as little as $1,000 and it only takes about 5 minutes to complete the sign-up process.

Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily to maximize your earning potential.

See CIT Bank's Secure Site For More Details.

Western Alliance Bank Powered by Raisin

4.30% APY

5.0

CompareAccounts™ Score

On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured

 

Best For: Shorter Term + High APY

Term: 6 Months

Western Alliance Bank offers 4.30% APY exclusively through the Raisin Platform on their 6 month CD.

Interest compounds daily and is posted to your account monthly.

This CD is a great fit if you're looking for a high APY but want access to your money sooner than other CD terms.

In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.

Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.

Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.

Limited Time Offer: New customers can earn a $75 bonus for $10K, $250 bonus for $25K, or $500 bonus for $50K deposited or more. Use promo code BOOST at sign-up.

See Raisin's Secure Site for Western Alliance Bank to Get More Details.

 Compare With

Wells Fargo Logo

 Not Recommended 

2.00% APY

1.0

CompareAccounts™ Score

Not Recommended. Shown For Comparison Purposes Only.

Term: 12 Months

Wells Fargo is also one of the largest banks in the United States and also offers a very low APY for their CD accounts.

They currently offer a sad 2.00% APY on their 12 Month CD.

They require a minimum opening deposit of $2,500 and depending on where you live, your interest rate may vary as rates vary from state to state.

Because of the bottom barrel APY and varying rates by state, we don't recommend you opening a savings account with Wells Fargo.

Cit Bank Logo

3.50% APY

4.0

CompareAccounts™ Score

On CIT Bank's Secure Site,
Member FDIC

 

Best For: High APY Interest Rates + Mobile App

Term: 13 Months

CIT Bank currently offers 3.50% APY on their 13 Month CD with no monthly fees.

CIT Bank’s mobile app give you 24/7 access to your CD account. The mobile app is available for both IOS & Android devices.

You can open a CIT Bank 13 Month CD with as little as $1,000 and it only takes about 5 minutes to complete the sign-up process.

Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily to maximize your earning potential.

See CIT Bank's Secure Site For More Details.

 Compare With

Bank of America Logo

 Not Recommended 

0.03% APY

1.0

CompareAccounts™ Score

Not Recommended. Shown For Comparison Purposes Only.

Term: 12 Months

Bank of America, another large bank that offers nearly nothing on their CDs.

They currently offer a regretful 0.03% APY on their 12 Month CD.

Bank of America requires a minimum opening deposit of $1,000 to earn this sad, low APY.

Because of there are better options on this page to earn a higher APY from trusted banks, we don't recommend you opening a CD with Bank of America.

Discover Bank Logo

3.80% APY

4.5

CompareAccounts™ Score

On Discover Bank's Secure Site,
Member FDIC

Best For: Longer Term + Customer Service

Term: 24 Months

Discover Bank offers 3.80% APY with no monthly fees and no minimum deposit required to open an account​ on their 24 Month CD.

Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.

Interest compounds daily so lock in your 24 Month CD rate today & start earning guaranteed interest now.

See Discover Bank's Secure Site For More Details.

To recap our recommendations.

Best Certificate of Deposits According To CompareAccounts™

Western Alliance Bank® High-Yield CD: 3.95% APY - 12 Month Term

U.S. Bank® 5 Month CD Special: 4.00% APY - 5 Month Term

Western Alliance Bank® High-Yield CD: 4.30% APY - 6 Month Term - Earn $250 with Promo Code: GET250

Customers Also Viewed: High-Yield Certificate of Deposit Accounts

American Express High Yield Savings Account Logo

Annual Percentage Yield (APY)

3.70% APY

APY as of April 18, 2025

5.0

CompareAccounts™ Score

 On American Express National Bank's
Secure Site, Member FDIC

Best For: Competitive APY From An Online Bank

American Express is best known for their suite of incredibly rewarding credit cards. They also offer a high yield savings account with a competitive Annual Percentage Yield (APY) of 3.70% as of April 18, 2025.

Your interest compounds daily and is deposited in your account monthly.

Other benefits of this account include $0 monthly fees, 24/7 Customer Service, FDIC insurance up to $250,000 per depositor and the fact it's backed by the service & reliability of American Express, it's a no brainer as to why so many people are signing up.

To top it off, you can easily check balance and transaction history, deposit funds, and more within the American Express® App.

See American Express National Bank's Secure Site For More Details.

Discover Bank Logo

3.70% APY

4.5

CompareAccounts™ Score

On Discover's Secure Site,
Member FDIC

Best For: Online Banking Experience + No Fees

Discover offers 3.70% APY with no monthly fees and $0 initial deposit.

Discover is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Whereas other banks may charge you a fee for certain services, Discover won't charge you a fee on any of the following items: monthly maintenance, official bank check, expedited delivery for official bank checks, deposited item returned, stop payment order, insufficient funds, or for closing your account.

If you're looking for a competitive APY with "No. Fees. Period." this account is for you.

See Discover's Secure Site For More Details.

Customers Bank Powered By Raisin

4.01% APY

4.0

CompareAccounts™ Score

On Raisin's Secure Site
for Customers Bank, FDIC Insured

Best For: High APY + No Monthly Fees

Customers Bank high yield savings account offers 4.01% APY exclusively through the Raisin Platform.

Using a single secure login, the Raisin Platform brings together 70+ federally insured banks & credit unions to help accomplish your savings goals.

In addition to this high APY, Customers Bank offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.

These features plus the high APY make this account a rare offer.

Founded in 2009, Customers Bank is a super-community bank with over $22 billion in assets.

Ranked by total assets, Customers Bank is in the top 5% of all banks in America and is consistently ranked as one of the best banks in America by Forbes.

See Raisin's Secure Site for Customers Bank For More Details.

 

What to Look for in a Certificate of Deposit Account

It’s always wise to compare your options when opening a new certificate of deposit account.

Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in the account.

Here are the top features to look for and compare:

1. Interest Rate

The interest rate of a certificate of deposit is one of its most important features. However, a very high interest rate can get completely wiped out if you have to pay a penalty fee because you need to withdrawl your funds before the term is complete.

Besides interest rate, term length is the second most important factor. Other important features of your certificate of deposit account include the required initial deposit, and minimum balance required.

2. Term Length

Most banks will charge you what’s called a “penalty fee” for withdrawing your funds before the term length has been completed.

This means, that if you open a 12-month CD, but withdraw your funds within 6 months, then you’ll pay a penalty fee.

Therefore, you need to decide when you’ll need these funds again.

For any term less than a year, we recommend a high-yield savings account.

If this is your first CD account, we recommend starting with a 12 – 15 month term.

If you’ve opened a CD account in the past, then you choose which term is right for you and your unique situation.

3. Required Initial Deposit

Initial deposit is another important factor when deciding to open up a certificate of deposit. Most banks require at least a $500 initial deposit to open a CD account.

While others require much more than $500 to open the account.

Again, because the initial deposit is in the hundreds if not thousands, we recommend you open a high-yield savings account if you need these funds within a year.

*National Savings Rate Average as published by FDIC