8 of the highest-paying CDs on the market today

If you're looking for ways to boost your savings, opening a certificate of deposit (CD) is a great strategy. CDs are low-risk investments that typically offer higher interest rates than savings accounts — even some high-yield ones. To get these high rates, you agree to keep your money in the account for a set amount of time known as the term. 

But not all CDs are created equal. While rates are currently high in general — 5.0% APY or more in many cases — some accounts stand out above the rest. See today's top CD rates here to see how much you could earn.

All of the CDs below have no monthly fees and are protected by federal deposit insurance up to $25,000 (per account, per institution). The longer the term, the higher a CD's interest rate typically is, which is why you'll see the one-year CDs first on the list.

First Internet Bank of Indiana's one-year CD offers the highest interest rate on the list — a full 0.12% higher than the runner-up. It requires a minimum deposit of  $1,000, which is on the lower end of the spectrum. If you withdraw funds before the term expires, however, you'll incur a penalty of 180 days' interest.

Because Connexus is a credit union, they call their account a "share certificate" instead of a certificate of deposit — but it's otherwise the same thing. Connexus' one-year share certificate offers a competitive APY of 5.36%. It has a relatively high minimum deposit of $5,000 but its early withdrawal penalty is one of the lowest on the list, at 90 days' interest.

If you prefer a bank over a credit union, CIBC's one-year CD also offers a 5.36% APY. And it beats Connexus' in two ways: its minimum deposit is only $1,000, and its early withdrawal penalty is a mere 30 days' interest.

If you have a large amount to save, Popular Direct's one-year CD may be for you. The minimum deposit is $10,000 and the early withdrawal penalty is a sizeable 270 days' interest. That said, if you have big savings goals and want to avoid the temptation to use your funds for other purposes, this CD could inspire the discipline you need.

If you're looking for a shorter term, First Internet Bank's six-month CD tops the list with 5.33% APY — not too far below some one-year CD rates. It requires a manageable deposit of $1,000 and charges 180 days' interest for early withdrawals.

For a short-term CD with a low minimum deposit requirement, consider Bank5 Connect's six-month CD. You'll only need to deposit $500 when you open the account. If you withdraw funds early, you'll incur three months' (90 days') interest.

You can earn a still-competitive rate of 5.25% APY with Bask Bank's six-month CD. It requires a minimum deposit of $1,000 and has a 90 day interest early withdrawal penalty.

Big savers with a short savings timeline might be interested in Popular Direct's six-month CD, which offers 5.25% APY but requires a $10,000 minimum deposit. Like the bank's one-year CD, it has an early-withdrawal-discouraging penalty, this time at 120 days' interest.

Learn more about your CD options by viewing today's top offers here.

When it comes to saving your money, CDs are a great option for those who want guaranteed returns with little risk. Investing your savings in a CD with an industry-leading interest rate can help you grow your wealth faster over time.

While the CDs above are a great place to start, don't neglect to do your research and compare different options to find the best account for your budget, investing timeline and other needs. The account that's best for you is out there!

Start your search here now!