Best CDs to open with interest rates paused

In today's economy, where inflation has decreased purchasing power across the board, maximizing your savings is essential. Fortunately, one of the few positives of high inflation is that it leads to high savings rates.

Today's top CD and high-yield savings account rates are over 10 times the national average for regular savings accounts. And CDs, in particular, can be the ideal account to open now that the Federal Reserve has paused interest rate hikes.

Because CDs lock in their rate when you open the account, that means you'll enjoy the high rate you'll get today for the entirety of the CD's term. And whatever term you're looking for, you have plenty of high-paying options to choose from.

Check out today's top CD rates here.

Best CDs to open with interest rates paused

CDs come in short- and long-term options ranging from a few months to several years. Which is best for you depends on your investing goals and timeframe.

Bear in mind that whichever term you choose, you'll need to be comfortable keeping your money in the account until the term is up. If you need to access your funds before then, you could incur an early withdrawal penalty that will eat into your interest earnings.

Short-term CDs

These are some of the best short-term CDs on the market today.

3-month CDs

• Popular Direct (4.75% APY): $10,000 minimum deposit; 89 days' interest early withdrawal penalty
• America First Credit Union (4.50% APY): $500 minimum deposit; 60 days' interest early withdrawal penalty
• First Internet Bank (4.18% APY): $1,000 minimum deposit; 90 days' interest early withdrawal penalty
• Bank of America (4.00% APY): $1,000 minimum deposit; 90 days' interest early withdrawal penalty
• EverBank (4.00% APY): $1,000 minimum deposit; 22 days' interest early withdrawal penalty

6-month CDs

• Vio Bank (5.35% APY): $500 minimum deposit; early withdrawal penalty of 1% of the amount withdrawn plus a $25 fee
• Bank5 Connect (5.50% APY): $25,000 minimum deposit; 90 days' interest early withdrawal penalty
• Bask Bank (5.25% APY): $1,000 minimum deposit; 90 days' interest early withdrawal penalty
• Prime Alliance Bank (5.25% APY): $500 minimum deposit; 30 days' interest early withdrawal penalty
• BMO Alto (5.20% APY): no minimum deposit; 90 days' interest early withdrawal penalty

1-year CDs

• Bread Savings (5.50% APY): $1,500 minimum deposit; 180 days' interest early withdrawal penalty
• Bask Bank (5.15% APY): $1,000 minimum deposit; 90 days' interest early withdrawal penalty
• BMO Alto (5.40% APY): no minimum deposit; 180 days' interest early withdrawal penalty
• Capital One (5.00% APY): no minimum deposit; three months' interest early withdrawal penalty
• First Internet Bank (5.35% APY): $1,000 minimum deposit; 180 days' interest early withdrawal penalty

Compare CD accounts online now.

Long-term CDs

If you'd prefer a long-term CD, these accounts are among today's highest-paying.

3-year CDs

• First Internet Bank of Indiana (4.75% APY): $1,000 minimum deposit; 360 days' interest early withdrawal penalty
• Bread Savings (4.75% APY): $1,500 minimum deposit; 180 days' interest early withdrawal penalty
• Popular Direct (4.75% APY): $10,000 minimum deposit; 270 days' interest early withdrawal penalty
• Barclays Bank (4.50% APY): no minimum deposit; 180 days' interest early withdrawal penalty
• BMO Alto (4.50% APY): no minimum deposit; 180 days' interest early withdrawal penalty

5-year CDs

• Merrick Bank (4.80% APY): $25,000 minimum deposit; 270 days' interest early withdrawal penalty
• Popular Direct (4.65% APY): $10,000 minimum deposit; 730 days' interest early withdrawal penalty
• First Internet Bank (4.50% APY): $5,000 minimum deposit; 360 days' interest early withdrawal penalty
• Bread Savings (4.50% APY): $1,500 minimum deposit; 365 days' interest early withdrawal penalty
• Barclays Bank (4.50% APY): no minimum deposit; 180 days' interest early withdrawal penalty

See today's best CD offerings here to see how much you could be earning.

The bottom line

Investing in CDs is an excellent way to earn a high interest rate while keeping your money safe. And with rates currently paused, you can ensure high earnings for the duration of your CD by opening an account now before rates go down. The above CDs are all great options to start with, but you should also take some time to do your own research to find the account with the highest rate at the best terms that suit your needs.