Find out which banks are offering the best CD rates right now. If you’re looking for a secure place to store your savings, a certificate of deposit (CD) may be a great choice. These accounts often provide higher interest rates than traditional checking and savings accounts. However, CD rates can vary widely.
Learn more about where CD rates stand today and how to find the best rates available.
Banks with the best CD rates today
CD rates are relatively high compared to historical averages. That said, CD rates have been on the decline since last year when the Federal Reserve began cutting its target rate. The good news is that several financial institutions offer competitive rates of 4% APY and up, particularly online banks.
Today, Thursday, July 23, 2026, the highest CD rate is 4.20% APY. This rate is offered by Sallie Mae on its 2-year CD.
Here is a look at some of the best CD rates available today from our verified partners:
CD rate predictions for 2026
The Federal Reserve began decreasing the federal funds rate in light of slowing inflation and an overall improved economic outlook. It cut its target rate three times in late 2024 by a total of one percentage point.
Back in December, the Fed announced its third rate cut of 2025. However, it’s now unlikely the Fed will cut rates again in 2026. So far this year, the Fed has left rates unchanged, and a rate increase is growing more likely before the year’s end.
The federal funds rate doesn’t directly impact deposit interest rates, though they are correlated. When the Fed lowers rates, financial institutions typically follow suit (and vice versa). So now that the Fed has lowered rates and kept them low, CD rates are trending lower again. That’s why now may be a good time to put your money in a CD and lock in today’s best rates.
How to open a CD
The process for opening a CD account varies by financial institution. However, there are a few general steps you can expect to follow:
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Research CD rates: One of the most important factors to consider when opening a CD is whether the account provides a competitive rate. You can easily compare CD rates online to find the best offers.
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Choose an account that meets your needs: While a CD’s interest rate is a key consideration, it shouldn’t be the only one. You should also evaluate the CD’s term length, minimum opening deposit requirements, and fees to ensure a particular account fits your financial needs and goals. For example, you want to avoid choosing a CD term that’s too long, otherwise you’ll be subject to an early withdrawal penalty if you need to pull out your funds before the CD matures.
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Get your documents ready: When opening a bank account, you will need to provide a few pieces of information, including your Social Security number, address, and driver’s license or passport number. Having these documents on hand will help streamline the application process.
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Complete the application: These days, many financial institutions allow you to apply for an account online, though you might have to visit the branch in some cases. Either way, the application for a new CD should only take a few minutes to complete. And in many cases, you’ll get your approval decision instantly.
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Fund the account: Once your CD application is approved, it’s time to fund the account. This can usually be done by transferring money from another account or mailing a check.
Read more: Step-by-step instructions for opening a CD