Big Banks Boost CD Rates Amid Competition from Digital Institutions

Big banks are offering competitive CD rates to attract customers. As of September 4, 2026, some major banks have APYs reaching up to 4.25%. However, these high rates come with a catch: you'll need to commit your funds for a specific term length, usually ranging from four months to 15 months.

For those who value convenience and familiarity, big banks offer several benefits. You can keep all your banking in one place, enjoy more CD options, and potentially get relationship rate bumps as an existing customer.

But what about the rates themselves? While big banks have improved their offerings, they often fall short of digital-only institutions like American Express. To make the most of these rates, it's essential to compare them with online banks and consider factors such as term length and APY variation by term.