Get up to 4% APY

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Find out which banks are offering the best CD rates right now. If you’re looking for a safe place to keep your savings, a certificate of deposit (CD) can be a great choice. These accounts typically offer higher interest rates than traditional checking and savings accounts. However, CD prices can vary greatly.

Learn more about where CD prices stand today and how to find the best prices available.

Banks have the best CD rates today

CD rates are high compared to historical rates. That means CD rates have been falling since last year when the Federal Reserve began lowering its target rate. The good news is that several financial institutions offer competitive rates of 4% APY and above, especially online banks.

Today, May 28, 2026, the highest rate for CDs is 4% APY. This rate is offered by Marcus by Goldman Sachs on their 14-month CD.

Here’s a look at some of the best CD rates available today from our verified partners:

CD rate predictions for 2026

The Federal Reserve began lowering the federal funds rate due to reduced inflation and improved economic conditions. It has cut its rate target three times by the end of 2024 by 1 percent.

Back in December, the Fed announced its third rate cut for 2025. However, it is uncertain when the Fed will cut rates again in 2026. So far in 2026, the Fed has left rates unchanged.

The level of federal funds does not directly affect deposit interest rates, although they are correlated. When the Fed lowers rates, financial institutions tend to follow suit (and vice versa). So since the Fed has lowered rates and kept them low, CD rates have fallen again. That’s why now might be a good time to put your money into 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:

Research prices for CDs: One of the most important factors to consider when opening a CD is that the account offers a competitive rate. You can easily compare CD prices online to find the best deals.
Choose an account that meets your needs: While the CD interest rate is a key consideration, it should not be the only one. You should also check the duration of the CD, minimum opening deposit requirements, and fees to ensure that a particular account fits your financial needs and goals. For example, you want to avoid choosing a CD name that is too long, otherwise you will be subject to an early withdrawal penalty if you need to withdraw your money before the CD matures.
Prepare your documents: When opening a bank account, you’ll need to provide several 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.
Complete the application: These days, most financial institutions allow you to apply for an account online, although you may have to visit a branch in some cases. In any case, the new CD request should take a few minutes to complete. And in most cases, you’ll get your approval decision quickly.
Deposit money into the account: Once your CD application has been approved, it’s time to fund the account. This can usually be done by transferring money to another account or by sending a check.