However, with so many options available, where can you find the best CD rates to maximize your earnings? Look no further. We've searched below for the top CD rates and accounts that can earn you up to 5.5% interest.

Before we dive into the best CD rates, let's first understand how CDs work. A CD is a savings certificate that is typically offered by banks and credit unions. It is a low-risk investment where you deposit a set amount of money for a specific term or time period, such as six months, one year, or five years. The longer the term, the higher the interest rate you can earn. CDs are FDIC-insured up to $250,000, making them a safe and secure way to earn interest on your savings.

Now let's explore some of the best CD rates available in the market. First on our list is Discover Bank. With a minimum deposit of $2,500, you can earn an APY of 1.10% for a 12-month CD. Going up to a 24-month CD can earn you an even higher APY of 1.15%. Discover Bank also offers a variety of CD terms ranging from three months to 10 years, giving you the flexibility to choose the best option for your financial goals.

Next, we have Ally Bank, which offers a competitive APY of 1.15% for a 12-month CD with a minimum deposit of $1,000. Ally Bank also has a unique option called the "Raise Your Rate" CD, which allows you to increase your interest rate once during the term of your CD if their rates go up.

Another option to consider is Marcus by Goldman Sachs. With a minimum deposit of $500, you can earn an impressive APY of 1.70% for a 5-year CD. Marcus also offers a 10-day rate guarantee, which means if their CD rates increase within 10 days after you fund your account, you will automatically receive the higher rate.

If you're looking for a higher APY, you may want to check out American Express National Bank. With a minimum deposit of $1,000, you can earn an APY of 2.00% for a 5-year CD. This is one of the highest CD rates available in the market, making American Express National Bank a top choice for those looking for a higher return on their investment.

Lastly, we have Alliant Credit Union, which offers a whopping APY of 5.55% for a 60-month CD with a minimum deposit of $1,000. However, to qualify for this rate, you must be a member of the credit union. Alliant Credit Union also offers various terms for their CDs, ranging from 6 months to 60 months, with competitive rates for each term.

With so many options available, it can be overwhelming to search for the best CD rates. However, there are a few key factors to consider when choosing a CD. First, make sure to compare the APYs of different CDs, as the higher the APY, the more money you can potentially earn. Next, consider the minimum deposit required for the CD, as some banks and credit unions have higher or lower minimums. It's essential to choose a CD with a minimum deposit that fits your budget.

Additionally, pay attention to the CD's term and make sure it aligns with your financial goals. If you need access to your funds within a shorter time frame, go for a shorter-term CD. On the other hand, if you're saving for a long-term goal, a longer-term CD may be a better option, with potentially higher interest rates.

It's also essential to understand the penalties for early withdrawal, as some CDs may have penalties for withdrawing your funds before the term is completed. Make sure to read the fine print and understand any fees associated with the CD before opening an account.

In conclusion, with careful research and consideration, you can find the best CD rates that fit your financial needs. Be sure to compare different options and consider factors such as APY, minimum deposit, and term before making a decision. Whether you choose a traditional bank or a credit union, CDs can be an excellent tool to earn a competitive interest rate and grow your savings. Start searching for the best CD rates today and make the most out of your financial goals.