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4 CDs offering 5.20% APY or more right now

These online banks can help you get the highest return on your savings today. Getty Images

No matter what your savings goal is, you can get a lot of value from today's high interest rates. 

For example, it can be smart to stick with high-yield savings accounts — which earn around 4.00% to 4.50% or more — for emergency savings and when you're trying to build your balance with contributions over time. But to score the best rates possible today, you may want to consider a certificate of deposit (CD)

Short-term CDs, in particular, offer the chance to earn upwards of 5% APY on your deposit. As long as you keep your money in the account for the required term length, you can get a big boost to your savings when the account matures. Plus, your rate is locked in, so you'll keep earning today's high yield through your term even if rates drop in the future.

To help you get started, we've collected some CDs below earning upwards of 5.20% APY today. See how much more you can earn by comparing top CD rates available for you now.

4 CDs offering 5.20% APY or more right now

If you're looking for the best places to save right now, the CDs below are a great place to start. These banks do offer a range of terms, fees, minimum deposits and more, so make sure you compare all the account details before you apply. It's also important to choose a deposit account that is FDIC-insured. Each of the banks below offer FDIC insurance against bank failure up to the $250,000 limit per depositor and per institution.

CFG Bank: 5.28% APY

CFG Bank's 12-month CD earns a whopping 5.28% APY. There are no monthly fees but you will need to make a $500 minimum deposit. With a $5,000 starting balance, this account's interest rate could earn you $264 over the year-long term.

Want to start earning a better rate on the money you've saved? Compare more of today's top CD rates here.

Popular Direct: 5.22% APY

With Popular Direct, you can earn 5.22% APY on a 12-month CD. This account requires a $10,000 minimum deposit to open, but there are no monthly fees. If you were to deposit the minimum $10,000 balance in this account at opening, you could increase your balance by $522 when the term ends.

Merrick Bank: 5.20% APY

Merrick Bank offers a 12-month CD option with a 5.20% APY and no monthly maintenance fees. However, you will need to have a significant amount of money saved already; you'll need to make a $25,000 deposit to open your account. With the $25,000 initial deposit, a rate of 5.20% could boost your balance by $1,300 in one year.

Bread Savings: 5.20% APY

If you don't have quite that high of a starting balance, Bread Savings' one-year CD also offers a great 5.20% APY. You'll need to meet just a $1,500 minimum deposit requirement upon opening, and there are no monthly fees. If you deposit a total $5,000 with this account, you could earn $260 in added interest over that year.

Why short-term CDs are worth it right now

Today's high rate environment — coupled with the possibility that the Fed could soon be ready to pause rate hikes — makes it a great time to consider a short-term CD

It's never easy to predict what rates may do in the future, but a short-term CD allows you to both maximize today's high rates while leaving the option open to make a change if rates continue to go up over the next year. The relatively minimal time commitment means you'll maintain a bit more flexibility than you would with a long-term CD.

With rates moving upwards of 5%, short-term CDs are also among the highest-earning deposit accounts you'll find today. By comparison, many of the best high-yield savings accounts and long-term CDs both earn around 4.5% APY.

Of course, it's important to have a plan for the money you put into a short-term CD. You don't want to deposit your emergency fund, for example, in case you need to access the cash quickly for an unexpected expense — that's safer in a high-yield savings account. But CDs with one-year terms or less can be ideal for the money you have saved for a wedding, future college expenses or a big vacation.

If you're thinking about taking advantage of the benefits of short-term CDs today then start comparing the top rates here now.

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