With elevated inflation continuing to impact the economy, it came as no surprise that the Federal Reserve decided this week to keep its benchmark rate paused at a 23-year high — meaning that consumer interest rates will stay high, at least for a little while longer. That decision is likely disappointing for borrowers, who will continue to face higher interest costs on everything from mortgage loans to credit cards. And, while paying more to borrow money isn’t ideal in any economy, it can be especially tough when higher grocery, gas and housing costs are impacting how far budgets can stretch.

But while Wednesday’s Fed decision isn’t good news for borrowers, it could benefit savers significantly right now. After all, today’s elevated rate environment means that interest rates aren’t just high on lending products; they’re high on savings products as well, from high-yield savings accounts to money market accounts and certificates of deposit (CDs). But if you want to maximize your interest earnings, CDs, in particular, are a good bet right now. 

That’s because, when you open a CD, you lock in your rate until the account hits maturity, meaning that your earnings won’t be impacted by potential rate cuts during your CD term. And, you have lots of account options to choose from, too. Not only are rates elevated on short-term CDs, but they’re high on longer-term CDs, too. If you want to earn a top CD rate this month, though, it may help to start your search with the CD accounts outlined below.

Find your top CD account options online now.

Best CD accounts to open for May

If you’re trying to maximize your returns, these CDs could make sense to this May:

3-month CD accounts

• Shoreham Bank — 5.50% APY: This CD comes with a $1,000 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• Banesco USA — 5.30% APY: This CD comes with a $1,500 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 90 days of interest
• Popular Direct — 5.30% APY: This CD comes with a $10,000 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 89 days of simple interest 
• Dow Credit Union — 5.30% APY: This CD comes with a $500 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 45 days of interest 

6-month CD accounts

• Shoreham Bank — 5.50% APY: This CD comes with a $1,000 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• NASA FCU — 5.50% APY: This CD comes with a $10,000 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 182 days of interest
• Gateway First Bank (7-month CD) — 5.30% APY: This CD comes with a $500 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• My Banking Direct — 5.50% APY: This CD comes with a $2,500 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 30 days of interest 

1-year CD accounts

• Chadron FCU — 5.38% APY: This CD comes with a $500 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• Box Butte Employees FCU — 5.37% APY: This CD comes with a $5,000 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• CIBC Bank USA (13-month CD) — 5.30% APY: This CD comes with a $1,000 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 30 days of interest 
• Rising Bank — 5.31% APY: This CD comes with a $1,000 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 90 days of interest 

18-month CD accounts

• Credit Human — 5.30% APY: This CD comes with a $500 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• Farmers Insurance FCU — 5.25% APY: This CD comes with a $1,000 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• M.Y. Safra Bank — 5.10% APY: This CD comes with a $500 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• First Internet Bank — 5.04% APY: This CD comes with a $1,000 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 180 days of interest 

2-year CD accounts

• Credit Human — 5.30% APY: This CD comes with a $500 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• M.Y. Safra Bank — 4.90% APY: This CD comes with a $500 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• My eBanc — 4.85% APY: This CD comes with a $5,000 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 180 days of interest 
• First Internet Bank — 4.85% APY: This CD comes with a $1,000 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 360 days of interest 

3-year CD accounts

• Farmers Insurance FCU — 5.75% APY: This CD comes with a $1,000 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• DollarSavingsDirect — 5.00% APY: This CD comes with a $1,000 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 180 days of interest 
• Workers Credit Union — 5.00% APY: This CD comes with a $500 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is 50% of the dividends that would have been earned for the remaining term
• Superior Choice Credit Union — 4.85% APY: This CD comes with a $500 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures

5-year CD accounts

• Credit Human — 4.70% APY: This CD comes with a $500 minimum opening deposit requirement to earn the stated APY; an early withdrawal penalty will be charged if you need to access your money before the CD matures
• First Internet Bank — 4.55% APY: This CD comes with a $1,000 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 360 days of interest 
• First National Bank of America — 5.00% APY: This CD comes with a $1,000 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 540 days of interest 
• Dow Credit Union — 4.50% APY: This CD comes with a $500 minimum opening deposit requirement to earn the stated APY; the early withdrawal penalty for this account is equal to 365 days of interest 

Explore how today’s top CD rates could help you meet your savings goals.

The bottom line

While this week’s Fed decision wasn’t great for borrowers, savers can make moves to capitalize on what the still-high rate environment is offering. Right now, rates on CDs can easily surpass the 5% APY mark, so if you’re on the fence about opening one, this could be a good time to make your move. But before you do, just make sure that you can meet the CD term and deposit requirements. Otherwise, you could be on the hook for extra fees or early withdrawal penalties, negating some of the potential returns you would have earned on your account.