Best CD rates today, January 29, 2026 (lock in up to 4% APY)

Find out which banks offer best CD rates right now If you’re looking for a safe place to store your savings, a certificate of deposit (CD) may be a good option. These accounts typically offer higher interest rates than traditional checking and savings accounts. However, CD rates can vary widely.

Learn more about where CD rates are today and how to find the best rates available.

CD rates are relatively high compared to historical averages. That said, CD rates have been falling since last year, when the Federal Reserve began lowering its target rate. The good news is that several financial institutions offer competitive rates of 4% APY or more, especially online banks.

Today, the highest CD rate is 4% APY. This rate offers it Marcus from Goldman Sachs on your 1 year CD.

Here’s a look at some of the best CD rates available today from our verified partners:

The Federal Reserve began cutting the federal funds rate in light of slowing inflation and a general improvement in the economic outlook. It cut its target rate three times by the end of 2024 by a total of one percentage point.

In December, the Fed announced its third rate cut in 2025, and additional cuts could be seen in 2026. However, it’s unclear when that will happen and how many cuts the Fed plans to make.

The federal funds rate does not directly affect deposit interest rates, although they are correlated. When the Fed lowers rates, financial institutions tend to follow suit (and vice versa). So now that the Fed has lowered its rate, CD rates are starting to drop again. That’s why now might be a good time to put your money in a CD and secure today’s best rates.

The process for opening a CD account varies by financial institution. However, there are a few general steps you can expect to follow:

Research CD rates: One of the most important factors to consider when opening a CD is whether the account offers a competitive rate. You can easily compare CD rates online to find the best deals.
Choose an account that suits your needs: While a CD’s interest rate is a key consideration, it shouldn’t be the only one. You should also evaluate the CD’s duration, minimum opening deposit requirements, and fees to ensure that a particular account fits your financial needs and goals. For example, you want to avoid choosing a CD term that is too long, otherwise you will be subject to a penalty for early withdrawal if you need to withdraw your funds before the CD matures.
Prepare your documents: When you open a bank account, you’ll need to provide some information, such as your Social Security number, address, and driver’s license or passport number. Having these documents on hand will help speed up the application process.
Fill out the application: These days, many financial institutions allow you to apply for an account online, although you may need to visit a branch in some cases. Either way, requesting a new CD should only take a few minutes to complete. And in many cases, you’ll get your approval decision instantly.
Fund the account: Once your CD application is approved, it’s time to fund the account. This can usually be done by transferring money from another account or sending a check in the mail.