CD rates can vary significantly between different financial institutions, so it is crucial to make sure you are getting the best rate possible when looking for a CD. Today's CD rates differ from the past, with shorter-term CDs now often offering higher rates than longer-term ones, contrary to historical trends.

Currently, Marcus by Goldman Sachs is offering the highest CD rate of 4.50% APY on a 14-month CD, requiring a minimum opening deposit of $500. LendingClub is also providing a 4.50% APY on its 10-month CD with a minimum deposit of $2,500. These are some of the best CD rates available today from verified partners.

The interest you can earn from a CD depends on the annual percentage rate (APY), which considers the base interest rate and the frequency of interest compounding. For example, if you invest $1,000 in a one-year CD with 1.81% APY and monthly compounding, your balance would grow to $1,018.25 at the end of the year. Choosing a one-year CD with 4% APY would result in a balance of $1,040.74, including $40.74 in interest.

Different types of CDs offer various benefits beyond interest rates, such as Bump-up CDs, No-penalty CDs, Jumbo CDs, and Brokered CDs. These CDs provide flexibility and options for investors, even if they might offer slightly lower interest rates in exchange.