​​​​High CD Rates Are Dropping Like Flies. These 5 CDs Are Still a Rare Opportunity

Between March 2022 and September 2023, something amazing happened: average 3-month CD rates increased every month in that period, hitting a high of 5.49%.

But ever since then, the law of gravity has taken hold of the CD market. What goes up, eventually comes down, and CD rates have taken a beating since the end of last year. Rates are expected to drop more drastically in the near future, especially if the Federal Reserve announces a rate cut at its next meeting (Sept. 17-18), which is fully expected to happen.

But don't get the wrong impression. Though CD rates have been dropping, there are still incredible opportunities to lock in a high rate before it's too late. If you haven't moved your extra savings into a CD yet, here are five to consider.

1. Connexus Credit Union (up to 5.25% APY)

Connexus Credit Union is leading the CD market with a 5.25% APY on a 10-month special share certificate. The catch: You need a $100,000 deposit to get that superior rate. Even so, a minimum $5,000 deposit would still get you a competitive 5.15% APY. You also need to become a member of Connexus Credit Union to be eligible (a $5 donation to the Connexus Association makes it possible for anyone to join).

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of January 7, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of January 7, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

2. LendingClub (up to 4.25% APY)

LendingClub has two excellent CD terms right now. Its highest APY is 4.25% on a 10-month term. You can also get a 4.00% APY on a 6-month term. Both require a minimum deposit of $2,500 to open an account.

3. Bask Bank (up to 4.65% APY)

Bask Bank has competitive rates on all six of its CD terms. For a quick term, you could get a 3-month CD with a 4.65% APY or a 6-month CD with a 4.45% APY. It also has competitive rates on a longer 18-month term (3.90% APY) and a 2-year term (3.75% APY).

The minimum opening deposit is slightly lower than the previous two CD providers: $1,000 per account. That could make it more feasible to set up a CD ladder.

4. Prime Alliance Bank (up to 4.65% APY)

Prime Alliance Bank doesn't get as much attention as it should. This bank offers a 6-month CD with a competitive 4.65% APY and a low minimum deposit of $500. It also has a decent 12-month CD (4.50%) and an 18-month CD (4.15%).

5. Synchrony Bank (up to 4.50% APY)

Synchrony Bank is offering a 9-month CD with a 4.50% APY. While that isn't as competitive as the 10-month CDs at Connexus and LendingClub, Synchrony doesn't ask for a minimum deposit. If you can't meet the minimum on those CDs, then, this could open the door to a competitive rate.

These five CDs are among some of the leading rates right now. It's still impressive to see some banks holding on to those 5.00% APYs on short-term CDs, especially since many providers have already cut theirs below that number. Since these high rates are likely an endangered species, take hold of them now before rates drop even further.