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Can you get a 7% CD rate now?

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Finding a CD with a rate above 7% can be tough — but it may not be impossible. Getty Images

Right now is a great time for savers to rake in the interest returns on the money in their interest-bearing accounts. The Fed has raised its benchmark rate several times over the past year, and, in turn, many financial institutions have vastly increased the APYs offered on both high-yield savings accounts and certificate of deposit (CD) accounts

And, that's true for short-term CDs in particular. While longer-term CDs have historically offered the highest rates, the tables have turned in this elevated-rate environment. These days, 3-, 6- and 12-month CDs are offering some of the top returns on your money, and it's easy to find options with rates of 4.5% to 5%.

But are there CDs offering rates that are even higher than that? For example, is it possible to find a CD offering a 7% APY (or higher) right now? Start by exploring the top CD rates available to you here.

Can you get a 7% CD rate now?

The short answer is yes — but as with most good deals, there's a catch. Right now, Alpena Alcona Area Credit Union, a financial institution based in Michigan, is offering a remarkable 7.19% APY on a 7-month CD. 

While this rate is eye-catching, it's important to note that this offer is extremely limited. Not everyone will qualify for this high-yield CD, as it is exclusively available to individuals who live, work, own property, attend school or worship in Michigan. If you meet these criteria, this CD might be an attractive option for you.

To open an account and start earning that impressive 7.19% APY, you will need to make a minimum deposit of $500. However, there is a maximum balance limit of $7,000 that qualifies for this rate. But while it may not be suitable for individuals looking to invest larger sums of money, it's an excellent option for those who can meet the deposit limit.

And, like most CDs, this one also comes with early withdrawal penalties if you need to access your funds before the maturity date. 

Learn more about the CD rates you could qualify for here.

Other CDs offering the best rates today

So what can you do if you don't qualify for the top-yielding CD from Alpena Alcona Area Credit Union? Well, the good news is that there are plenty of other good CD options — and some have rates well over 6%. Here are four to know:

Truliant Federal Credit Union: 11-month CD at 6.25% APY

The 11-month CD from Truliant Federal Credit Union comes with a 6.25% APY currently. However, there are some requirements, including a $5,000 minimum deposit, and the entire balance of certificate must come from funds that are not currently at Truliant. You also need to be a member of the credit union to take advantage of this offer. 

Credit Human Federal Credit Union: 1-year CD or 18-month at 6.00% APY

If you're a member of Credit Human FCU, you can take advantage of the 6.00% APY that's being offered on the 1-year and 18-month CDs. You'll need to deposit a minimum of $500, and a penalty will be imposed for early withdrawal. You'll also need to qualify for membership, but there are several ways to do that.

TotalDirectBank: 6-month CD at 5.75% APY

TotalDirectBank is currently offering a rate of 5.75% APY on its 6-month CD. And, unlike credit unions, you won't have to qualify for membership to open this CD account. However, there are other restrictions, including a $25,000 minimum deposit made by ACH to open the account and earn the advertised APY. The maximum amount allowed is $1,000,000 — and there are early withdrawal penalties as well.

Merrick Bank: 1-year CD at 5.67% APY

Merrick Bank is currently offering a 1-year CD with a 5.67% APY — and anyone who meets the requirements can take advantage of this offer as no membership is required. In order to open the account, though, you'll need a minimum of $25,000 to deposit into the CD account, and it must be deposited in a single transaction. There are also early withdrawal penalties for taking your money out of the CD account before it matures.

The bottom line

Alpena Alcona Area Credit Union's 7.19% APY 7-month CD is undoubtedly a unique offer that can benefit those who meet the eligibility criteria. While the membership qualifications are relatively restrictive, this credit union is hardly the only financial institution offering top rates on CD accounts today. There are lots of other options with great APYs, so chances are you can find one you qualify for — and that aligns with your money goals. Get started here today!

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