Last updated: August 10, 2026 · Rates verified: August 10, 2026
Key takeaways
- The best CD rates available are 4.35% APY (Sallie Mae Bank), verified August 9, 2026—more than 20 times the national average of 0.20% APY.
- CD rates vary by bank and term length; comparing multiple providers can add hundreds of dollars in earnings on moderate deposits.
- CDs offer guaranteed returns and FDIC protection but lock your money away; choose a term that matches your timeline and goals.
- Online banks typically offer higher CD rates than traditional banks due to lower operating costs.
Top CD Rates Right Now
Certificate of deposit rates vary widely across banks. As of August 9, 2026, the best CD rates available are significantly higher than the national average of 0.20% APY. The gap between the highest and lowest rates has created real opportunity for savers willing to compare.
| Bank or Provider | APY |
|---|---|
| Sallie Mae Bank | 4.35% |
| Bread Savings | 4.25% |
| Merrick Bank | 4.20% |
| Barclays | 4.15% |
| Popular Direct | 4.15% |
Rates verified August 9, 2026.
Why CD Rates Matter
The difference between the best CD rates and the national average is substantial. A 4.15% gap means your money grows much faster in a high-yield CD than in a standard savings account. On a $10,000 deposit, that difference translates to hundreds of dollars in additional earnings over the CD term.
CD rates reflect market conditions and bank competition. When comparing options, look beyond the headline rate to understand the term length that works for your timeline and goals.
How to Choose a CD
The best CD rate isn't useful if the term doesn't match when you need your money. Consider these factors:
- Term length: CDs typically range from 3 months to 5 years. Longer terms often pay higher rates, but your money is locked in.
- Early withdrawal penalties: Banks charge penalties if you access your money before maturity. Understand these costs before committing.
- FDIC protection: Most CDs are FDIC-insured up to $250,000, protecting your principal.
- Rate lock: Once you open a CD, your rate is fixed for the term, regardless of market changes.
Comparing CD Rates Across Banks
Online banks and credit unions often offer better CD rates than traditional brick-and-mortar banks. This is because they have lower overhead costs and pass savings to customers. The providers listed above represent a mix of online banks and financial institutions competing for deposits.
When you find a rate that works, verify it directly with the bank before applying. Rates can change, and terms vary by institution.
CDs vs. Other Savings Options
CDs differ from high-yield savings accounts and money market accounts. Savings accounts offer flexibility—you can withdraw money anytime—but typically pay lower rates. CDs lock in a fixed rate for a set period, which provides predictability but less access. Choose based on whether you need flexibility or can commit your money for a specific timeframe.
Frequently asked questions
What is a certificate of deposit (CD)?+
How much can I earn with a 4.35% APY CD?+
Are CDs safe?+
Should I open a CD now or wait for rates to rise?+
Answer a few questions about your situation and goals. Money Map points you to the highest-value next step.