Best Certificate of Deposit Rates of 2026
By: Conor Keenan, AWMA® | Updated: October 13, 2026
Accredited Wealth Management Advisor® designee with 10+ years covering banking & investing. His work has appeared in The Wall Street Journal, Reuters & Yahoo Finance.
Editorial Independence: Opinions, recommendations, and reviews are our own. Partner commissions help keep our site free. They do not influence our editorial content.
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4.20% APY
On Western Alliance Bank's
Secure Site Powered by Raisin,
Member FDIC
Best For: Short Term + High APY From a Top Bank
Term: 3 Months
APY: 4.20%
Western Alliance Bank offers 4.20% APY exclusively through the Raisin Platform on their 3 month CD.
Western Alliance Bank was founded in 1994 and is consistently ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director.
The Raisin platform also offers you the opportunity to access up to $10 million in federal deposit insurance through its network, all from a single secure login.
Interest compounds daily and is posted to your account monthly.
This CD is a good fit if you're looking for a high APY but want access to your money sooner than other CD terms. If you're okay with a longer term and want a higher APY take a look at the other offers on this page.
See Raisin's Secure Site for Western Alliance Bank to Get More Details.
3.75% APY
On CIT Bank's Secure Site,
Member FDIC
Best For: High APY + Shorter Term
Term: 6 Months
APY: 3.75%
CIT Bank currently offers 3.75% APY on their 6 Month CD with no monthly fees.
CIT Bank’s mobile app give you 24/7 access to your CD account. The mobile app is available for both IOS & Android devices.
You can open a CIT Bank 6 Month CD with as little as $1,000 and it only takes about 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily to maximize your earning potential.Terms Applyⓘ
See CIT Bank's Secure Site For More Details.
6 Month CD Disclosure
1 APY — Annual Percentage Yield is accurate as of July 1, 2026. $1,000 minimum deposit is required to open the account. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://www.cit.com/cit-bank/resources/forms
4.15% APY
On Raisin's Secure Site
for Ponce Bank,
FDIC Insured
Best For: High APY from a Community Bank
Term: 6 Month
Exclusively through the Raisin platform, Ponce Bank currently offers 4.15% APY on their 6 Month CD with no monthly fees and a minimum initial deposit of $1.00.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
The Raisin platform also offers you the opportunity to access up to $10 million in federal deposit insurance through its network, all from a single secure login.
Interest compounds daily and is posted to your account monthly.
Ponce Bank was born in The Bronx in 1960 and has earned the title of a Certified Community Development Financial Institution (CDFI).
They earned CDFI status by investing more than 80% of their assets in low and moderate income communities.
When you invest your savings with Ponce Bank you're helping underserved communities in America.
See Raisin's Secure Site For Ponce Bank to Get More Details.
Compare With
Not Recommended
0.03% APY
Not Recommended. Shown For Comparison Purposes Only.
Term: 12 Months
APY: 0.03%
Bank of America, another large bank that offers nearly nothing on their CDs.
They currently offer a regretful 0.03% APY on their 12 Month CD.
Bank of America requires a minimum opening deposit of $1,000 to earn this sad, low APY.
Because of there are better options on this page to earn a higher APY from trusted banks, we don't recommend you opening a CD with Bank of America.
No Penalty CD
Annual Percentage Yield (APY)
3.90% APY
APY as of October 13, 2026
On CIT Bank's Secure Site,
Member FDIC
Best For: No Penalty Fees
Term: 11 Months
APY: 3.90%
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
CIT Bank offers 3.90% APY1 on their 11 Month No Penalty CD with no monthly fees.
There is no penalty to access funds if needed before maturity.2
You can open a CIT Bank 11 Month No Penalty CD with as little as $1,000 and it only takes about 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily to maximize your earning potential. Terms Applyⓘ
See CIT Bank's Secure Site For More Details.
11 Month No Penalty CD Disclosure
1 APY — Annual Percentage Yield is accurate as of July 1, 2026. $1,000 minimum to open the account.
2 With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
-
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://www.cit.com/cit-bank/resources/forms
4.05% APY
On Western Alliance Bank's
Secure Site Powered by Raisin,
Member FDIC
Best For: High APY From a Top Performing Bank
Term: 12 Months
Western Alliance Bank offers 4.05% APY exclusively through the Raisin Platform on their 12 month CD.
Interest compounds daily and is posted to your account monthly.
This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.
In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.
Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.
See Raisin's Secure Site for Western Alliance Bank to Get More Details.
High APY
4.40% APY
On Synchrony Bank's
Secure Site, Member FDIC
Best For: High APY From a Fortune 500 Bank
Term: 13 Months
APY: 4.40%
Synchrony Bank’s 13-Month CD combines a competitive APY with the security of a fixed term, all with no minimum deposit required to open. Whether you’re saving for a big purchase, a tax bill, or just want your money working harder than in a savings account, this CD delivers a guaranteed return.
Interest is compounded daily and credited monthly, so your balance grows steadily. With terms available from 3 months to 5 years, Synchrony gives you the flexibility to align your savings with your financial goals.
You’ll never pay monthly maintenance fees and accessing your account is simple through Synchrony’s online banking and mobile app, giving you control at your fingertips.
Synchrony is a Member FDIC which means your deposits are federally insured up to $250,000 per depositor.
Founded in 2003, Synchrony is a Fortune 500 company and ranked among the nation’s leading consumer banks, Synchrony has built a reputation for helping customers grow their money with competitive rates and dependable service. Terms Applyⓘ
See Synchrony Bank's Secure Site For More Details.
Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal non-IRA accounts only. Fees may reduce earnings. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest in effect at that time. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
To recap our recommendations.
Best Certificate of Deposits According To CompareAccounts™
Western Alliance Bank® High-Yield CD: 4.20% APY - 3 Month Term
CIT Bank® Certificate of Deposit Account: 3.75% APY - 6 Month Term
Ponce Bank® Certificate of Deposit Account: 4.15% APY - 6 Month Term
CIT Bank® No Penalty Certificate of Deposit Account: 3.90% APY - 11 Month Term
Western Alliance Bank® High-Yield CD: 4.05% APY - 12 Month Term
Synchrony Bank Certificate of Deposit Account: 4.40% APY - 13 Month Term
Customers Also Viewed These High-Yield Savings Accounts
SoFi®
Checking and Savings
Best for a cash bonus with qualifying direct deposit
With qualifying activities.
- #1 Bank in U.S. – Forbes 2026
- $0 minimum to open
- Limited Time Offer: +0.90% boost to 4.20% for up to six months. Terms apply.8
- Bonus Offer: Earn $50 or $400 with direct deposit, terms apply1
- No monthly service fees3
SoFi Bank, N.A., Member FDIC
Western Alliance Bank®
High-Yield Savings Premier
Best for a straightforward APY with no rate tiers
Earn the advertised APY1 across the entire account balance.
- $500 minimum to open
- No account fees
- Individual and joint accounts available
- U.S.-based customer service
- #1 Best Bank in Arizona – Forbes 2026
- Ranked as a top U.S. bank by American Banker & Bank Director since 2016.
CIT Bank®
Platinum Savings
Good for higher balances
Earn the advertised APY on balances of $5,000 or more.
- $5,000 balance for advertised APY
- No monthly service fees
- Mobile app and online banking
- Remote check deposit and easy transfers
- Terms apply
Member FDIC
Synchrony®
High Yield Savings
Best for no minimum balance or monthly fees
Interest compounded daily.
- $0 minimum initial deposit
- No monthly fees
- Trusted Fortune 500 Bank with Nationwide Reach Serving Millions of Customers
- Optional ATM card and reimburses up to $5 per month in out-of-network ATM fees.
CIT Bank®
Savings Connect
Best for online savings with no monthly balance requirement
No minimum monthly balance is required.
- $100 minimum opening deposit
- No monthly service fees
- Mobile app and online banking
- Remote check deposit and easy transfers
Member FDIC
American Express®
High Yield Savings Account
Best for a familiar brand with no minimum balance
- $0 minimum to earn APY1
- $0 minimum to open2
- 24/7 customer service
- Backed by the World-Class Service & Reliability of American Express®
Member FDIC
The State Exchange Bank
High Yield Savings through Raisin
Best for a very low opening deposit through Raisin
Available nationwide through the Raisin platform.
- $1 minimum initial deposit
- No monthly fees
- Interest compounded daily
- Established in 1901; terms apply
Member FDIC
Chase Bank
Chase Savings
Included as a traditional-savings comparison
Substantially below the high-yield accounts above.
- $300 balance to avoid the service fee
- Monthly service fee up to $5
- Limit of six withdrawals per statement period
- Withdrawal overage fees up to $15 per month
What to Look for in a Certificate of Deposit Account
It’s always wise to compare your options when opening a new certificate of deposit account.
Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in the account.
Here are the top features to look for and compare:
1. Interest Rate
The interest rate of a certificate of deposit is one of its most important features. However, a very high interest rate can get completely wiped out if you have to pay a penalty fee because you need to withdrawal your funds before the term is complete.
Besides interest rate, term length is the second most important factor. Other important features of your certificate of deposit account include the required initial deposit, and minimum balance required.
2. Term Length
Most banks will charge you what’s called a “penalty fee” for withdrawing your funds before the term length has been completed.
This means, that if you open a 12-month CD, but withdraw your funds within 6 months, then you’ll pay a penalty fee.
Therefore, you need to decide when you’ll need these funds again.
For any term less than a year, we recommend a high-yield savings account.
If this is your first CD account, we recommend starting with a 12 – 15 month term.
If you’ve opened a CD account in the past, then you choose which term is right for you and your unique situation.
3. Required Initial Deposit
Initial deposit is another important factor when deciding to open up a certificate of deposit. Most banks require at least a $500 initial deposit to open a CD account.
While others require much more than $500 to open the account.
Again, because the initial deposit is in the hundreds if not thousands, we recommend you open a high-yield savings account if you need these funds within a year.
*National Savings Rate Average as published by FDIC