Discover which banks are currently offering the best certificate of deposit rates. CDs provide a secure savings option with typically higher interest rates than standard checking and savings accounts, though rates can vary significantly between institutions.
Explore where CD rates stand today and how to identify the most competitive offerings available.
Banks with the best CD rates today
Current CD rates remain relatively attractive compared to historical averages, though they have trended downward over the past year as the Federal Reserve has adjusted its target rate. Several financial institutions, particularly online banks, are now offering competitive rates of 4% APY and above.
As of Thursday, September 17, 2026, the highest available CD rate is 4.40%, offered by Happen Bank on its 2-year CD.
Below is a comparison of some of the best CD rates available today from our verified partners:
CD rate predictions for 2026
The Federal Reserve initiated rate cuts in response to slowing inflation and improved economic conditions, reducing its target rate three times in late 2024 by a total of one percentage point. In December, the Fed announced its third rate cut of 2025. However, further cuts in 2026 now appear unlikely. Following its September 16, 2026 meeting, the Fed raised rates for the first time in three years.
While the federal funds rate does not directly determine deposit interest rates, the two are correlated. When the Fed lowers rates, financial institutions typically follow suit, and vice versa. With the recent rate increase, we will continue monitoring CD rates to assess whether locking in today’s best rates remains a sound strategy.
How to open a CD
The process for opening a CD account varies by institution, but generally follows these steps:
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Research CD rates: Evaluate whether the account offers a competitive rate by comparing options online.
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Choose an account that meets your needs: Consider the CD’s term length, minimum opening deposit requirements, and fees alongside the interest rate. Selecting a term that’s too long could result in early withdrawal penalties if you need funds before maturity.
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Get your documents ready: Have your Social Security number, address, and driver’s license or passport number available to streamline the application process.
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Complete the application: Many institutions now offer online applications, though some may require a branch visit. The process typically takes just a few minutes, with instant approval decisions in many cases.
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Fund the account: Once approved, deposit funds by transferring from another account or mailing a check.
