Find out how much money you can make by locking in today’s high CD rates. The Fed tripled its federal funding tax rate in 2024, so now may be your last chance to lock in before the rate. CD prices vary widely between financial institutions, so it is important to ensure the best interest rate when buying CDs.

Here is a breakdown of today's CD prices and where to find the best quotes.

Typically, the best CD prices today are offered based on a shorter year or less. In particular, online banks and credit unions offer the highest CD rates.

Today, Goldman Sachs has a CD of up to 4.40% APY provided by Marcus on its 14-month CD. An open deposit of minimum $500 is required.

Here are some of the best CD prices available today:

The amount of interest you can earn from the CD depends on the annual percentage (APY). This is a measure of total income considering the base interest rate and interest frequency (CD interest is usually compounded daily or monthly) after one year.

Suppose you invested $1,000 in a one-year CD of 1.81% APY and monthly interest compounds. At the end of the year, your balance will grow to $1,018.25, the initial $1,000 deposit, and interest of $18.25.

Now, let's say you choose a one-year CD that provides 4% APY. In this case, your balance will increase to $1,040.74 over the same period, including $40.74 in interest.

The more CDs you deposit, the more money you will be able to make. If we take 4% APY for a year CD example but deposit $10,000, then when the CD matures the total balance is $10,407.42, that means you will receive $407.42 in interest. ​​

Read more: What is a good CD rate?

Interest rates are usually the most important when choosing a CD. However, rate is not the only factor you should consider. There are several types of CDs that offer different benefits, although you may need to accept slightly lower interest rates in exchange for greater flexibility. Here are some common CD types you can consider, in addition to traditional CDs:

• Impact CD: If your bank’s interest rate increases over the account term, such CDs can allow you to demand higher rates. However, you are usually only allowed to "raise" your rate once.

• Protein-free CD: Also known as liquid CDs, the CD type gives you the option to withdraw funds before maturing without paying a fine.

• Giant CD: These CDs require a higher minimum deposit (usually $100,000 or more) and will usually provide a higher rate of return. However, in today's CD rate environment, there may not be much difference between traditional and giant CD rates.

• Brokered CD: As the name suggests, these CDs are purchased through brokerage rather than directly from the bank. Brokered CDs can sometimes offer higher prices or more flexible terms, but they also have more risks and may not be covered by FDIC.