The full article continues below these offers from our partners.

The Fine Print of This Remarkable 9.50% Rate

A certificate of deposit (CD) paying 9.50% is off the charts. Just how much? Last fall, the top overall rate in our daily ranking of the best nationwide CDs briefly touched a peak of 6.50% annual percentage yield (APY). That's estimated to be the highest nationally available CD rate in more than two decades. And today, the most you can earn on a nationwide CD of any term is 5.50% APY.

This 9.5% CD deal is offered by California Coast Credit Union with a 5-month term, to celebrate the credit union's 95th anniversary. Though Cal Coast generally serves residents of San Diego, Riverside, Orange, Los Angeles, Ventura, Imperial, and San Bernardino counties, a customer service representative confirmed that anyone nationwide can become a Cal Coast member.

But this promotional CD does have a few catches, which is why it doesn't appear in our daily rankings of the best CDs. Here are the details:

• You can only deposit up to $3,000 in one of these CDs (the minimum deposit is $500).
• Within 30 days of opening the CD, you must also have at least one other Cal Coast account from the following list:
• A checking account with e-statements and at least one transaction per month (e.g., direct deposit, check, ATM, debit card, bill pay, etc.)
• A new money market account with a minimum balance of $5,000
• A new regular or IRA CD with a minimum balance of $5,000
• A new (funded) consumer loan (excluding share-secured loans and Mastercard credit card accounts)
• You can only open one Celebration CD per person.
  

If a deposit between $500 and $3,000 is the kind of amount you're looking to put into a CD, this deal would be an excellent option for you. Calculating your potential earnings, a $3,000 deposit in Cal Coast's CD would net $111 ($116 in earnings over five months minus the one-time $5 fee required to join the credit union). In comparison, a 5-month CD paying 5.00% would earn just $62.

A Top-Ranked CD—Without the Hoops—Is Great for Larger Deposits

Though 9.50% is a phenomenal return, the $3,000 maximum deposit dramatically limits the offer's value. So for anyone wanting to make a much larger CD deposit, you'll want to shop for other options.

Fortunately, we've got you covered with our daily rankings of the top CD rates across every CD term. Right now you can earn up to 5.50% on the nation-leading certificate, which has an 8-month term. Or you can lock in a rate of 5.00% until next Thanksgiving.

Longer CDs are also smart right now because it's expected the Federal Reserve will continue to cut interest rates—possibly in December and very likely in 2025. By opening a CD with a term of 2 to 5 years, you can lock in one of today's stellar rates until 2026, 2027, or even as long as late 2029.

With a CD, the rate you secure is yours to keep for the CD's full term, no matter how many rate cuts the Fed makes. But you should act fast, as any CD offer can vanish overnight.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.