Big Banks' CD Rates Surge to 4.25% Amid Competition

Large banks in the US are currently offering Certificate of Deposit (CD) rates as high as 4.25% APY, according to data from Fortune on August 21, 2026. Banks like American Express and Chase are leading the pack with competitive rates, but it's essential to consider the benefits and drawbacks of choosing a big bank for your CD.

One advantage of banking with a large institution is the variety of CD terms and types available, including no-penalty CDs, bump-up CDs, jumbo CDs, IRA CDs, and business CDs. This can be appealing for those who value convenience and don't want to juggle multiple institutions.

However, big banks may not always offer the best rates, as online-only institutions tend to pass on savings from lower operational costs. It's crucial to shop around and compare rates before making a decision.