Investing in a certificate of deposit (CD) is a smart way to safely grow your savings while earning a higher interest rate than traditional (and even some high-yield) savings accounts offer. And since CDs lock in your rate for the entire term, you can continue to enjoy that rate, even if overall interest rates go down.

In today's high rate environment, now is the perfect time to open a CD. But which term should you choose?

The answer depends on several factors, including how soon you plan to need the funds and where you expect CD rates to head. But one of the most important for many investors is the CD's rate. The higher the rate, the more you'll earn over the CD's lifetime. As a result, it helps to compare rates for the top short- and long-term CDs when choosing the best account for you.

View the most up-to-date CD rates here.

15 best short-term, long-term CDs to open now

These are the top CD rates currently available from CDs of varying term lengths.

Short-term CDs

Short-term CDs are ideal for savers who want access to their money sooner rather than later. Many CDs charge a penalty if you withdraw funds before the term expires, and a shorter term can help you avoid these charges.

And while short-term CD rates are often lower than long-term ones, many of today's top short-term CDs actually offer higher rates than top long-term CDs.

3-month CDsPopular Direct (4.75% APY): $10,000 minimum deposit; 89 days' interest early withdrawal penaltyAmerica First Federal Credit Union (4.50% APY): $500 minimum deposit; 60 days' interest early withdrawal penaltyFirst Internet Bank of Indiana (4.18% APY): $1,000 minimum deposit; 90 days' interest early withdrawal penalty6-month CDsPopular Direct (5.35% APY): $10,000 minimum deposit; 120 days' interest early withdrawal penaltyAmerica First Credit Union (5.30% APY): $500 minimum deposit; 60 days' interest early withdrawal penaltyBank5 Connect (5.30% APY): $500 minimum deposit; 90 days' interest early withdrawal penalty1-year CDsSantander Bank (5.50% APY): $500 minimum deposit; three months' interest early withdrawal penaltyLimelight Bank (5.50% APY): $1,000 minimum deposit; 90 days' interest early withdrawal penaltyLending Club (5.50% APY): $2,500 minimum deposit; 90 days' interest early withdrawal penalty

See today's top CD rates here and find out how much you could be earning.

Long-term CDs

Long-term CDs are best for those who don't need access to their funds for several years. While their rates may not be as high as short-term CDs right now, your money has a longer time to earn interest, which can result in a higher ending balance.

Of today's long-term CDs, the following offer the highest rates.

3-year CDsBread Savings — 4.75% APY: $1,500 minimum deposit; 180 days' interest early withdrawal penaltyPopular Direct — 4.75% APY: $10,000 minimum deposit; 365 days' interest early withdrawal penaltyFirst Internet Bank of Indiana — 4.65% APY: $1,000 minimum deposit; 360 days' interest early withdrawal penalty5-year CDsPopular Direct — 4.60% APY: $10,000 minimum deposit; 730 days' interest early withdrawal penaltyBarclays Bank — 4.50% APY: no minimum deposit; 180 days' interest early withdrawal penaltyBMO Harris — 4.50% APY: no minimum deposit; 180 days' interest early withdrawal penalty

Explore current CD offerings here to find the right account for you.

The bottom line

Whether you choose a short- or long-term CD, shopping around for the highest interest rate can ensure you get the most out of your savings.

That said, there are other factors to consider, including minimum balance requirements and penalty fees. The best account for you will strike the right balance between high earnings and the lowest fees possible. When in doubt, a financial adviser can help you determine the best choice for your needs and goals.

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