Explore how a high‑yield certificate of deposit (CD) can boost your savings. A CD locks in a competitive rate, allowing your balance to grow steadily. With rates varying across institutions, it’s essential to compare options to secure the best deal. Below is a current snapshot of top CD rates and where to find them.
Overview of CD Rates Today
Traditionally, longer‑term CDs carried higher rates to incentivize longer deposit periods. In the current economic climate, that trend has shifted.
Today, Sunday, July 12, 2026, the leading CD rate stands at 4.10% APY, offered by Marcus by Goldman Sachs on its 14‑month CD.
How Much Interest Can I Earn With a CD?
The interest earned on a CD is governed by its annual percentage rate (APY), which reflects total earnings over a year, accounting for both the base rate and compounding frequency (typically daily or monthly).
For instance, a $1,000 investment in a one‑year CD at 1.52% APY with monthly compounding would grow to $1,015.20 after 12 months.
If the same deposit is placed in a one‑year CD at 4% APY, the balance would reach $1,040.74, yielding $40.74 in interest.
Higher deposits amplify gains: a $10,000 investment at 4% APY would mature at $10,407.42, producing $407.42 in interest.
Types of CDs
While rate is a primary consideration, other CD features can impact flexibility and risk. Below are common CD variants beyond the standard offering:
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Bump‑up CD: Allows one optional rate increase if the bank’s rates rise during the term.
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No‑penalty CD: Enables early withdrawal without penalty, offering liquidity.
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Jumbo CD: Requires a larger minimum deposit (often $100,000+) and typically offers a slight rate premium.
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Brokered CD: Purchased through a brokerage; may provide higher rates or terms but can entail additional risk and may lack FDIC insurance.
