Major banks in the U.S. are offering competitive CD rates as of November 2, 2026, with annual percentage yields (APYs) reaching up to 4.50%. Institutions like Chase, Bank of America, Citibank, and others provide terms ranging from seven to twelve months. These rates cater to savers who prefer the stability and recognition of well-known financial institutions over smaller online banks.
Chase offers an APY of 3.50% (4.00% for jumbo deposits) with an eight-month term, requiring a minimum deposit of $1,000 ($100,000 for jumbo). Bank of America provides a 3.75% APY (4.00% jumbo) for a seven-month term, also with a $1,000 minimum deposit. Citibank stands out with a 4.25% APY for a twelve-month term and a lower minimum deposit of $500. Capital One leads with a 4.50% APY for an eleven-month term, requiring no minimum deposit, while American Express matches this rate with a ten-month term.
Big banks offer additional benefits, such as convenience for customers who already have accounts with them, a wider selection of CD options, and potential relationship rate bumps. However, smaller online banks often provide better rates due to lower overhead costs, though some digital institutions like American Express also offer top-tier rates.
A certificate of deposit (CD) is a low-risk savings tool that locks in a fixed interest rate for a specified term. Early withdrawals incur penalties, but the benefit is a guaranteed return regardless of market fluctuations. After maturity, funds can be withdrawn or reinvested, with automatic renewal being a common feature.