If you’re in the market for a secure place to grow your savings, a certificate of deposit (CD) could be just what you need. CD accounts typically offer higher interest rates than traditional checking and savings accounts, making them a popular choice for savers looking to maximize their returns.
Currently, CD rates are relatively high compared to historical averages. Despite a decline since last year when the Federal Reserve began cutting its target rate, there are still several financial institutions offering competitive rates of 4% APY and higher, particularly online banks. As of today, May 14, 2026, the highest CD rate available is 4% APY, offered by Marcus by Goldman Sachs on their 9-month CD.
For those looking to take advantage of these high rates, here are some of the best CD rates available from our verified partners:
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Looking ahead to 2026, CD rate predictions are influenced by the Federal Reserve’s actions. The Fed began decreasing the federal funds rate in response to slowing inflation and an improved economic outlook, cutting its target rate three times in late 2024. While it’s uncertain whether the Fed will make further rate cuts in 2026, the current trend of low rates is impacting CD rates as well. Financial institutions typically adjust their rates in response to the Fed, so locking in a CD now could be a smart move to secure today’s best rates.
If you’re interested in opening a CD, the process may vary slightly depending on the financial institution. However, there are some general steps you can expect to follow:
1. Research CD rates: Compare rates online to find the best offers.
2. Choose an account that meets your needs: Consider the term length, minimum deposit requirements, and fees.
3. Get your documents ready: Have your identification and personal information on hand.
4. Complete the application: Apply online or in person, with many institutions offering instant approval.
5. Fund the account: Transfer funds from another account or mail a check to fund your CD.
For a more detailed guide on opening a CD account, check out our step-by-step instructions.
In conclusion, with CD rates at a relatively high point and the potential for further rate cuts in 2026, now could be an opportune time to consider opening a CD to maximize your savings. Keep an eye on the market and compare rates to ensure you’re getting the best deal for your financial goals.
