For savers seeking a secure place to store their money, a certificate of deposit (CD) can be an attractive option. These accounts frequently pay higher interest rates than traditional checking and savings accounts, though CD rates can vary widely from one institution to another. Rates are typically quoted as APY — annual percentage yield — which reflects the total interest earned over a year including the effect of compounding, making it the most useful figure for comparing CDs across banks. Below is a look at some of the best CD rates available today from verified partners.

Banks with the best CD rates right now

CD rates today differ considerably across institutions. Overall, CD rates have been trending downward for some time, a result of the Federal Reserve's decision to cut its benchmark rate three times in the latter part of 2024 and three times in 2025. That connection is direct: when the Fed lowers its federal funds rate, banks' funding costs fall and they typically pass those lower costs on through reduced deposit rates. Even so, with the Fed leaving rates unchanged so far in 2026, some banks continue to offer competitive CD rates.

At institutions offering competitive yields, top rates reach roughly 4% APY, particularly on shorter terms of one year or less. As of Friday, September 4, 2026, the highest CD rate available is 4.35% APY, offered by Marcus by Goldman Sachs on its 18-month CD.

Compared with these top rates, national averages as of August 2026 — the most recent data available from the FDIC — are considerably lower. That gap underscores the importance of shopping around for the best CD rate before opening an account.

Why do online banks have the best CD rates?

Online banks and neobanks operate solely over the web, which means they carry lower overhead costs than traditional brick-and-mortar banks. Those savings can be passed on to customers through higher interest rates on deposit accounts, including CDs, as well as lower fees. For savers hunting for the best CD rates available today, an online bank is a strong starting point.

Online banks are not the only financial institutions offering competitive CD rates, however. Credit unions are also worth checking. As not-for-profit financial cooperatives, credit unions return their profits to customers, who are also member-owners. While many credit unions impose strict membership requirements — limited to those who belong to certain associations or who work or live in specific areas — several credit unions are open to just about anyone who wants to join.

Should you open a CD?

Whether a CD makes sense depends on an individual's savings goals. CDs are widely considered a safe and stable savings vehicle: in most cases they do not lose money, they are backed by federal insurance, and they allow savers to lock in today's best rates. That insurance — provided by the FDIC at banks and the NCUA at credit unions — covers up to $250,000 per depositor, per institution, per ownership category, so funds within those limits are protected even if the institution fails. One rate-cycle consideration: locking a multi-year CD today guarantees the stated yield for the full term, which protects earnings if the Fed resumes cutting rates, but a CD ladder — splitting deposits across multiple maturities — is a common way savers balance locked-in yields against the ability to reinvest at newer rates as each CD matures.

There are drawbacks to weigh as well. Money must generally stay on deposit for the full term; withdrawing early typically triggers an early withdrawal penalty, which can eat into or even exceed the interest earned on short-term CDs. Savers who want flexible access to their funds may find a high-yield savings account or money market account a better fit, since those accounts permit withdrawals without a term commitment — though their rates are variable and can change at any time, unlike a CD's fixed rate.

In addition, although today's CD rates are high by historical standards, they do not match the potential returns available from investing in the market. For long-term goals such as retirement, a CD is unlikely to provide the growth needed to reach the target within a reasonable time frame.

Best CD rates for September 2026 by term

• Best overall CD rates — up to 4.35% APY: The best CD rates and accounts available today were identified based on interest rates, fees, and other factors, with top picks spanning 6-month, 1-year, 18-month, and 2-year terms.
• Best 18-month CD rates — up to 4.35% APY: 18-month CDs offer a balance of solid returns and flexibility, with several banks and credit unions offering top rates at this term.
• Best 1-year CD rates — up to 4.15% APY: A 1-year CD lets savers lock in a guaranteed return, with yields varying by bank.
• Best 6-month CD rates — up to 4.15% APY: A 6-month CD locks in a guaranteed rate without tying up funds for an extended period.
• Best 2-year CD rates — up to 4.3% APY through 2028: A 2-year CD secures a guaranteed rate on savings for the next 24 months.

Where CD rates are headed

CD rates have been moving lower following the Fed's rate cuts in 2024 and 2025, and experts remain divided on whether CD rates will rise at all this year. For savers deciding when to act, that uncertainty is itself a factor: a fixed-rate CD opened today preserves the current yield regardless of what the Fed does next, while waiting risks further declines. Savers comparing options today can still find competitive yields by shopping across banks and credit unions.