As of October 26, 2026, major banks are offering competitive CD rates up to 4.40% APY, with terms ranging from seven to twelve months. Institutions like Chase, Bank of America, Citibank, Capital One, Wells Fargo, and American Express are providing various options for savers looking to keep their funds with well-known financial institutions.
Chase offers a 3.50% APY (4.00% for jumbo deposits) with an eight-month term, while Bank of America provides a 3.75% APY (4.00% jumbo) for seven months. Citibank stands out with a 4.25% APY for a twelve-month term, and Capital One leads with a 4.40% APY for eleven months. Wells Fargo offers a 3.99% APY (4.25% relationship APY) for eleven months, and American Express matches Capital One's top rate with a ten-month term.
Opening a CD with a big bank comes with several advantages, including the convenience of keeping all banking services under one roof and the potential for relationship rate bumps. While smaller online banks often offer higher rates due to lower overhead costs, some well-known digital banks like American Express also provide competitive CD rates.
A certificate of deposit (CD) is a savings account with a fixed interest rate for a specified term. Early withdrawals incur penalties, but the benefit is a guaranteed return rate regardless of market fluctuations. After maturity, funds can be withdrawn or reinvested, with automatic renewal being a common feature.