Big Banks' CD Rates Hit 4.25% Amid Competition
Major banks in the US are offering CD APYs up to 4.25% as of August 31, 2026, according to Fortune's recent report. The top rates can be found at institutions like Chase, Bank of America, Citibank, and American Express. These banks offer a range of terms from four months to 15 months.
For those who prefer banking with a familiar name, major institutions have some advantages. They often provide more CD options and allow customers to keep all their banking in one place. Additionally, relationship rate bumps may be available for existing account holders.
A CD is similar to a high-yield savings account but comes with restrictions. In exchange for higher interest rates, you must agree to leave the money in the CD for a set term. Early withdrawal penalties apply if you need access to your funds before maturity.