A certificate of deposit (CD) is one of the simplest ways to lock in a guaranteed return on your savings. You deposit a fixed amount for a set term — anywhere from a few months to several years — and the bank pays you a fixed APY in exchange for agreeing not to touch the money until the term ends. Unlike a high-yield savings account, the rate on a CD can’t drop partway through your term, which makes CDs appealing when you expect interest rates to fall.
This guide ranks the best CD rates of 2026 across the most commonly searched terms — 6-month, 1-year, and 5-year — and explains exactly how to think about choosing a term length in the current rate environment.
Quick Answer: Best CD Rates of 2026
| Bank/Credit Union | Best For | Term | Approx. APY* | Minimum Deposit |
|---|---|---|---|---|
| Marcus by Goldman Sachs | Best 6-Month CD | 6 months | ~4.00%–4.05% | $500 |
| Synchrony Bank | Best No-Minimum CDs Across Terms | 9 months–5 years | ~4.00%–4.15% | $0 |
| CIT Bank | Best for No-Penalty CDs | 11 months | ~4.00% | $1,000 |
| Ally Bank | Best Range of CD Types | 3 months–5 years | ~2.70%–3.80% | $0 |
| Bread Savings | Best Flat Rate Across Terms | 3 months–5 years | ~3.85%–4.15% | $1,500 |
| First National Bank of America | Best Long-Term (10-Year) CD | 10 years | ~4.20% | $1,000 |
*CD rates shown are illustrative of market conditions at publication and change frequently based on the Federal Reserve’s benchmark rate. Always confirm the current advertised APY directly on the bank’s website before opening a CD, since rates can move meaningfully within weeks.
Below, we break down each option, including exactly what makes each one a strong fit for a specific savings timeline.
Marcus by Goldman Sachs — Best 6-Month CD
Short-term CDs, generally in the 6-to-18-month range, are currently offering some of the more competitive rates on the market, and Marcus consistently ranks among the top options for a 6-month term.
Key features:
- Competitive 6-month APY, among the highest available for this term length
- $500 minimum deposit to open
- Early withdrawal penalty of 90 days’ interest if you withdraw before maturity
- No monthly fees
Pros:
- Strong, competitive rate for a relatively short commitment
- Low minimum deposit compared to some competitors
- Backed by Goldman Sachs’ established online banking track record
Cons:
- Early withdrawal penalty applies if your timeline changes
- Rate is only locked for six months, so you’ll need to find a new CD or account once it matures
Who it’s for: Savers who want to lock in a strong rate for a relatively short period without committing to a multi-year term.
Synchrony Bank — Best No-Minimum CDs Across Multiple Terms
Synchrony stands out for offering competitive rates across a wide range of terms — nine months through five years — with no minimum deposit required to open any of them.
Key features:
- No minimum deposit on any CD term, a rarity in this category
- Competitive APYs across 9-month, 1-year, and 5-year terms
- Interest compounds daily and is credited monthly
- 10-day grace period at maturity, during which you can withdraw, add funds, change terms, or close the account without penalty
Pros:
- Accessible to savers at any deposit size, since there’s no minimum
- Strong rates across a wide range of term lengths, not just one standout term
- Grace period at maturity adds helpful flexibility
Cons:
- Online-only, no physical branches
- No checking account offered as a companion product
Who it’s for: Savers who want strong CD rates without needing to hit a specific minimum deposit, especially useful if you’re just getting started with CD laddering.
CIT Bank — Best for No-Penalty CDs
If the idea of locking your money away and paying a penalty for early access makes you hesitant, CIT Bank’s no-penalty CD offers a middle ground between a savings account and a traditional CD.
Key features:
- 11-month no-penalty CD with a competitive APY
- Withdraw the full balance any time after the first six days, without an early withdrawal penalty
- $1,000 minimum deposit
- Also offers a full range of standard, penalty-bearing CDs at competitive rates
Pros:
- Genuine flexibility to access your money early without losing interest
- Competitive rate for a no-penalty structure, which typically pays less than standard CDs
- Backed by an established online bank with a broad savings and CD lineup
Cons:
- Higher minimum deposit than some no-minimum competitors like Synchrony
- No-penalty CDs generally pay a bit less than locking into a standard CD of the same term
Who it’s for: Savers who want a CD-like rate but aren’t fully confident they won’t need the money before the term ends.
Ally Bank — Best Range of CD Types
Ally offers one of the more flexible CD lineups available, including specialty options beyond the standard fixed-rate structure.
Key features:
- Standard fixed-rate CDs ranging from three months to five years
- Raise Your Rate CDs, available in two-year and four-year terms, which let you increase your rate once during the term if rates rise
- No-Penalty CD option
- No minimum deposit requirement on CDs
- CDs automatically renew at maturity, with a small loyalty rate bonus in some cases
Pros:
- Unique «Raise Your Rate» feature not commonly offered elsewhere, useful if you expect rates to climb
- No minimum deposit required
- Wide range of term lengths and CD structures to choose from
Cons:
- Standard rates are solid but not always the single highest available for every term
- Raise Your Rate CDs typically start at a slightly lower rate than a standard CD of the same term
Who it’s for: Savers who want flexibility to adjust their rate if the broader rate environment improves, without needing to open a brand-new CD.
Bread Savings — Best Flat Rate Across Terms
Bread Savings, a Comenity Capital Bank brand, offers an unusually consistent rate across most of its term lengths, which simplifies the decision if you don’t want to optimize heavily by term.
Key features:
- Consistent APY across most standard terms, from 3 months to 5 years
- $1,500 minimum deposit
- No monthly fees
Pros:
- Simplifies decision-making since the rate doesn’t vary dramatically by term
- Competitive rate across the board, rather than just one standout promotional term
Cons:
- Higher minimum deposit than several competitors
- Because the curve is flat, you won’t necessarily get a premium rate for locking in longer
Who it’s for: Savers who’d rather pick a term based on their timeline without worrying about optimizing for the single highest rate at each specific term length.
[See Bread Savings’ Current CD Rates →]
First National Bank of America — Best Long-Term (10-Year) CD
For savers specifically looking to lock in a rate over a longer horizon, First National Bank of America offers one of the more competitive rates available on a 10-year term.
Key features:
- CD terms ranging from 3 months to 10 years
- Competitive rate on the 10-year term specifically, among the highest available for that length
- $1,000 minimum deposit
Pros:
- One of the few banks offering a genuinely competitive rate on a 10-year CD
- Full range of shorter terms also available at the same institution
Cons:
- A 10-year commitment is a significant length of time, and early withdrawal penalties on long-term CDs are typically steep
- Shorter-term rates at this bank may not be as competitive as its longer-term offerings
Who it’s for: Savers with a genuinely long time horizon who want to lock in today’s rate rather than risk future rate declines over the next decade.
How We Chose These Accounts (Methodology)
To rank the best CD rates of 2026, we evaluated publicly available rate sheets directly from each bank, focused on:
- Advertised APY by term length, since the most competitive bank often varies depending on whether you want a 6-month, 1-year, or 5-year CD
- Minimum deposit requirements
- Early withdrawal penalty structure, and whether a no-penalty option is available
- Flexibility features, such as rate-increase options or grace periods at maturity
- FDIC insurance status
Because CD rates move with the Federal Reserve’s benchmark rate and banks frequently run promotional terms (such as 11-month or 13-month CDs priced above the standard 1-year rate), we review and update this article regularly. Always confirm the current rate directly with the bank before opening an account.
How to Choose the Right CD Term
If you think interest rates might fall in the near future: locking in a longer-term CD now protects you from having to reinvest at a lower rate later. Many financial commentators have noted that shorter-term CDs are currently paying similarly to or even more than longer-term CDs — an inverted pattern that historically hasn’t lasted, since banks eventually need to offer a premium for longer commitments.
If you’re not fully sure when you’ll need the money: a no-penalty CD from a bank like CIT Bank gives you a CD-like rate with the flexibility to withdraw early if your plans change.
If you want to spread risk across multiple timelines: consider a CD ladder — splitting your savings across several CDs with staggered maturity dates (for example, 6-month, 1-year, 2-year, and 3-year terms) so that a portion of your money becomes accessible at regular intervals, regardless of which direction rates move.
If you have a long, confident time horizon: a 10-year CD like First National Bank of America’s can lock in today’s rate for an extended period, though the tradeoff is a steep penalty if your plans change.
If you don’t want to optimize by term: Bread Savings’ relatively flat rate curve means you can pick a term based purely on your timeline without leaving much rate on the table.
Frequently Asked Questions
What happens if I withdraw money from a CD before it matures? You’ll typically pay an early withdrawal penalty, often calculated as a set number of days of interest (commonly 90 days for terms of a year or less, and 180 days for longer terms). The exact penalty varies by bank, so check the specific terms before opening a CD.
Are CD rates fixed for the entire term? Yes. Unlike a high-yield savings account, where the APY is variable and can change at any time, a CD’s rate is locked in for the full term once you open it — with the exception of specialty products like Ally’s Raise Your Rate CDs, which allow a one-time rate increase during the term.
Is a CD better than a high-yield savings account right now? It depends on your timeline and outlook on interest rates. If you’re confident you won’t need the money before the term ends and you want to lock in today’s rate before any potential Fed rate cuts, a CD can make sense. If you might need access to the money, or you think rates could rise further, a high-yield savings account offers more flexibility.
What is a CD ladder? A CD ladder involves splitting your savings across multiple CDs with different maturity dates, rather than putting everything into a single term. This gives you regular access to a portion of your money as each CD matures, while still capturing higher long-term rates on the rest.
Are CDs FDIC-insured? Yes, as long as the issuing bank is FDIC-insured, CDs are protected up to $250,000 per depositor, per bank, per ownership category — the same protection as a savings or checking account.
What’s the difference between a CD and a brokered CD? A standard CD is opened directly with a bank or credit union and held until maturity. A brokered CD is purchased through a brokerage account and can potentially be sold on the secondary market before maturity — but its value can drop below your purchase price if sold early, unlike a standard CD held directly with the issuing bank.
Bottom Line
For a strong short-term rate, Marcus by Goldman Sachs and Synchrony Bank both offer competitive options on 6-to-9-month terms. If flexibility matters more than squeezing out the absolute highest rate, CIT Bank’s no-penalty CD or Ally’s Raise Your Rate CD both offer useful hedges against changing plans or rising rates. And if you have a genuinely long time horizon, First National Bank of America’s 10-year CD locks in a competitive rate for the long run.
Whichever term and bank you choose, confirm the current advertised APY and early withdrawal penalty directly on the bank’s website before opening a CD, since rates shift with the broader interest rate environment.
This article is for informational purposes only and does not constitute financial advice. BankNavigatorr may receive compensation from some of the providers mentioned through affiliate partnerships, which does not influence our editorial rankings.