In a falling interest rate environment, it’s more important than ever to ensure your savings are earning a solid return. Putting your money in a certificate of deposit (CD) is one smart way to lock in today’s elevated rates before they’re gone.

In fact, many banks and credit unions are offering CD rates of 4% APY and higher. And the best rates may be found at your local bank or credit union.

Use the following map to see the highest CD rate available in each state. You can toggle between banks and credit unions to find a financial institution that fits your needs.

Note: CD rates are accurate as of Jan. 31, 2025. Always verify rates and account details directly with financial institutions before opening an account.

Top CD rates are competitive across the U.S. That said, these five states have the highest rates today.

The highest CD rate in the country can be found in Texas. For a limited time, Abilene Teachers Federal Credit Union (AFTCU) is offering a 7-month savings certificate at 7.50% APY. The minimum opening deposit for this account is $500 and the maximum investment is $7,500.

There are a few ways you can qualify to join ATFCU:

• You live, work, attend school, or worship in Taylor or Callahan counties

• You are related to a current member, or related to someone who is eligible to join (even if they have chosen not to join)

• You’re an employee of a public school system in an eligible Texas county

You must open a membership savings account with a $25 minimum deposit to establish your membership with the credit union. Once you’ve joined, you can open a CD.

Read more: What is a share certificate?

Financial Partners Credit Union (FPCU) offers the second-highest CD rate in the country on its 8-month certificate. Members can earn 6.00% APY with a minimum opening deposit of $1,000 and a maximum deposit of $5,000. This offer is only available for new members in Los Angeles, Orange, Riverside, or San Diego County; the city of South San Francisco; and the city of Alameda, Calif.

To join FPCU, you must live, work, or go to school in Los Angeles, Orange, Riverside, or San Diego County, or the City of South San Francisco or Alameda, Calif. You’re also eligible if you’re an employee or retiree of one of FPCU’s select employer groups.

If you are eligible to join, you can establish membership by depositing at least $25 in a savings account. Your membership is then active and solidified for life, even if you change jobs or move away from these California communities.

If you have a large amount of savings, you may want to take advantage of Moline Municipal Credit Union’s 13-month CD. With a minimum balance of $100,000, account holders can earn 5.64% APY — that’s more than three times the national average rate for a 12-month CD.

Membership with MMCU is open to employees of the City of Moline, Moline Police and Fire departments, Metro bus system, and Trinity Hospital/Unity Point Health. Membership is also available to anyone who lives or works in Rock Island County. Family members of current members can join too.

To join, you must deposit a minimum of $25 into a savings account and maintain that minimum to keep your membership in good standing.

Utah-based Firefighters Credit Union is offering a 6-month CD that pays 5.30% APY — more than three times the national average for 6-month CDs. The minimum opening deposit for this account is $1,000.

Membership with Firefighters Credit Union is open to full-time, part-time, and volunteer firefighters for fire departments located in the state of Utah, as well as full-time or part-time employees of any fire department located in Utah. You can also join if you’re a retired firefighter from a Utah fire department. Immediate family members of current members in good standing can also join.

Read more: 7 credit unions anyone can join

Cornerstone Bank is a full-service bank located in Clarinda, Iowa. It offers a 1-year CD that pays 5.12% APY with a minimum opening deposit of $1,000. Unlike a credit union, there are no membership requirements to open an account with this bank. However, you do need to live in southwest Iowa or surrounding areas in order to access a branch.

CDs are not a one-size-fits-all financial product. There are several factors to consider before opening a CD.

A CD’s annual percentage rate, or APY, represents how much your balance will earn in one year when factoring in compound interest. APY is one of the most important factors to evaluate since it impacts how much your balance will grow over time. However, it shouldn’t be the sole deciding factor in which CD you choose.

Read more: What is annual percentage yield (APY)?

A CD’s term refers to the length of time you’re required to keep your money on deposit in order to earn interest and avoid penalties. Terms can range from a few months to several years.

Choosing the right term length comes down to your savings timeline and the interest rates available. Often, longer-term CDs pay more favorable interest rates as a reward for locking in your money for a longer period. However, if interest rates are on the decline (as they are now), that may not be the case. That’s why it’s important to shop around and compare different terms and rates from various financial institutions to find the best CD for you.

Read more: Are 10-year CD rates​ worth it?

A minimum opening deposit is the minimum amount of money you need to deposit in a CD to open the account. Some financial institutions require just a few dollars, while others might require several thousand dollars. When evaluating CDs, consider how much you currently have saved and what minimum deposit amount makes sense for you.

Read more: What’s the typical minimum balance for a certificate of deposit?

Withdrawing your funds from a CD before it reaches maturity will result in an early withdrawal penalty. Usually, this is expressed as a portion of your earned interest. Before you open a CD, be sure to read the fine print and find out how much it could cost you if you need to pull out your money early.

Read more: What is a CD early withdrawal penalty?

Most banks and credit unions offer CDs. Which one is right for you depends on your banking needs and priorities when it comes to things like fees, technology, and customer service.

However, you aren’t limited to your local community when it comes to finding high-yield CDs. Online-only banks are an increasingly popular banking option, and many offer highly competitive deposit interest rates with no fees. Plus, these accounts can be opened from anywhere in the country.

Read more: The 10 best online banks of 2025

CD rate data was provided by CD Valet, a website and mobile app that delivers comprehensive and unbiased CD rates in terms from one to five years from local and national financial institutions. Rates are accurate as of Jan. 31, 2025.