Best CD Rates in 2026: 9 Accounts Paying 4.75%+ APY Right Now

Author: MoneySimple Banking & Savings Team | Last Updated: April 30, 2026 | Reviewed by: Certified Financial Planner

The best CD rates in 2026 pay between 4.75% and 5.10% APY for 12-month terms at FDIC-insured online banks and credit unions. While the Federal Reserve's rate cuts in 2024–2025 compressed yields from their 2023 peaks, online banks continue to offer significantly higher rates than national brick-and-mortar banks, which average just 1.80% APY for 12-month CDs. Here are the 9 best accounts available right now and exactly what makes each one worth opening.

Rates are as of April 30, 2026, and subject to change. Always verify current rates at the institution before opening an account. CD rates are fixed at the time of opening.

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How We Ranked These CD Accounts

Criteria	Weight	What We Measured
APY	40%	Annual percentage yield at standard deposit
FDIC/NCUA insurance	25%	Deposit protection coverage
Early withdrawal penalty	20%	Fee for breaking the CD before maturity
Minimum deposit	15%	Accessibility for various deposit sizes

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9 Best CD Rates in 2026

1. CIBC Bank USA — 5.10% APY (12-Month)

CIBC Bank USA currently offers the highest nationally available 12-month CD rate at 5.10% APY, with a $1,000 minimum deposit and FDIC insurance up to $250,000. The early withdrawal penalty is 90 days of interest — relatively lenient for this rate tier. CIBC Bank USA is chartered in Illinois and operates primarily online with a strong track record of competitive savings rates.

Rate: 5.10% APY | Term: 12 months | Minimum: $1,000 | Penalty: 90 days interest

Pros: Highest rate in this comparison. Low minimum deposit. FDIC insured. Competitive penalty structure.

Cons: Not a household brand name. Limited branch access. No checking account relationship required.

Who this is best for: Savers with $1,000–$100,000 to lock away for 12 months who prioritize maximum APY and want FDIC protection.

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2. Bread Savings — 5.00% APY (12-Month)

Bread Savings (formerly Comenity Direct) offers 5.00% APY on its 12-month CD with a $1,500 minimum deposit. Bread Savings is FDIC insured and known for consistently ranking among the top rate providers since its rebranding in 2022. The early withdrawal penalty is 180 days of simple interest — steeper than CIBC but still reasonable for a 12-month term.

Rate: 5.00% APY | Term: 12 months | Minimum: $1,500 | Penalty: 180 days interest

Pros: Consistently competitive rates. FDIC insured. Simple account opening process online.

Cons: Higher minimum than CIBC. Steeper early withdrawal penalty. No mobile app for CD management.

Who this is best for: Savers comfortable with a $1,500 minimum who want a proven rate leader with a clean online interface.

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3. First National Bank of America — 4.95% APY (24-Month)

First National Bank of America offers 4.95% APY on its 24-month CD — one of the best longer-term rates available in 2026. Locking in nearly 5% APY for two years provides rate certainty if the Fed continues cutting. FDIC insured. Minimum deposit is $1,000. Early withdrawal penalty is 365 days of interest, which is significant for a 24-month term.

Rate: 4.95% APY | Term: 24 months | Minimum: $1,000 | Penalty: 365 days interest

Pros: Best 24-month rate available. Locks in high yield for 2 years. FDIC insured. Low minimum deposit.

Cons: Steep early withdrawal penalty makes this a true lockup. Regional bank with limited name recognition.

Who this is best for: Savers who believe rates will fall further and want to lock in near-5% APY for 24 months.

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4. Synchrony Bank — 4.90% APY (12-Month)

Synchrony Bank is a well-known online bank consistently in the top tier for CD rates. Its 12-month CD pays 4.90% APY with no minimum deposit requirement — making it the most accessible option in this list. FDIC insured. Early withdrawal penalty is 90 days of simple interest. Synchrony also offers bump-up CDs and no-penalty CDs for those who want more flexibility.

Rate: 4.90% APY | Term: 12 months | Minimum: $0 | Penalty: 90 days interest

Pros: No minimum deposit. Established, reputable online bank. FDIC insured. Multiple CD product types available.

Cons: Rate slightly below CIBC and Bread. Basic online interface compared to fintech competitors.

Who this is best for: Savers with any deposit amount who want a trusted, established name and no minimum deposit requirement.

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5. CIT Bank — 4.85% APY (13-Month)

CIT Bank's 13-month "Flex CD" pays 4.85% APY and allows one penalty-free early withdrawal within the term — a meaningful flexibility feature at a near-top rate. Minimum deposit is $1,000. FDIC insured. The extra month locks in the rate slightly longer than a standard 12-month CD, providing rate certainty through spring 2027.

Rate: 4.85% APY | Term: 13 months | Minimum: $1,000 | Penalty: One penalty-free withdrawal allowed |

Pros: One penalty-free early withdrawal. Near-top rate. Established online bank with strong customer service ratings.

Cons: Slightly lower rate than top picks. $1,000 minimum. 13-month term is non-standard (limits ladder planning).

Who this is best for: Savers who want near-maximum rates but want the option to exit without full penalty if circumstances change.

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6. Marcus by Goldman Sachs — 4.80% APY (12-Month)

Marcus by Goldman Sachs combines brand credibility with strong CD rates. Its 12-month CD pays 4.80% APY with a $500 minimum deposit. Marcus also offers a high-yield savings account, making it easy to manage liquid and locked funds in one place. FDIC insured. Early withdrawal penalty is 270 days of interest — one of the steeper penalties in this comparison.

Rate: 4.80% APY | Term: 12 months | Minimum: $500 | Penalty: 270 days interest

Pros: Goldman Sachs brand credibility. $500 minimum. FDIC insured. Strong savings ecosystem with HYSA companion account.

Cons: Higher early withdrawal penalty than most competitors. Rate below top three picks.

Who this is best for: Savers who want institutional credibility and a one-stop shop for both CDs and high-yield savings.

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7. Ally Bank — 4.75% APY (11-Month No-Penalty CD)

Ally Bank's 11-Month No-Penalty CD pays 4.75% APY and allows full early withdrawal after the first 6 days — no fee. This is the best combination of rate and flexibility available. The $0 minimum makes it accessible to any deposit size. FDIC insured. While the rate is slightly below fixed-term CDs, the zero-penalty structure provides optionality that has real monetary value in a shifting rate environment.

Rate: 4.75% APY | Term: 11 months | Minimum: $0 | Penalty: None (after 6 days)

Pros: No early withdrawal penalty. Best-in-class flexibility. No minimum deposit. Top-rated online bank. FDIC insured.

Cons: Rate is slightly lower than fixed-term top picks. 11-month term is non-standard.

Who this is best for: Savers who want near-CD rates with full liquidity optionality — ideal if you think better rates may emerge mid-year.

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8. Discover Bank — 4.80% APY (12-Month)

Discover Bank offers 4.80% APY on its 12-month CD with a $2,500 minimum deposit. Discover is among the most consumer-friendly banks in the country — U.S.-based customer service, no hidden fees, and a highly rated mobile app. FDIC insured. Early withdrawal penalty is 6 months of simple interest. Discover also offers CDs in 3-month to 10-year terms, making it a strong choice for CD laddering.

Rate: 4.80% APY | Term: 12 months | Minimum: $2,500 | Penalty: 6 months interest

Pros: Excellent customer service ratings. FDIC insured. Great mobile app. Wide term selection for laddering.

Cons: $2,500 minimum is higher than some competitors. Rate is not the absolute top.

Who this is best for: Savers who prioritize customer experience and plan to ladder CDs across multiple terms.

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9. TAB Bank — 4.80% APY (12-Month)

TAB Bank offers 4.80% APY on its 12-month CD with a $1,000 minimum deposit. Based in Utah and FDIC insured, TAB Bank consistently ranks in the top tier for savings rates. Its early withdrawal penalty is 90 days of interest — one of the most lenient in this comparison at this rate level.

Rate: 4.80% APY | Term: 12 months | Minimum: $1,000 | Penalty: 90 days interest

Pros: Competitive rate with low penalty structure. FDIC insured. Clean, straightforward account opening.

Cons: Less brand recognition than Ally, Discover, or Marcus. Limited product ecosystem.

Who this is best for: Savers who want near-top rates with a lenient penalty in case plans change, without needing a full financial institution relationship.

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CD Rate Comparison Table (2026)

Bank	APY	Term	Minimum	Early Withdrawal Penalty
CIBC Bank USA	5.10%	12 months	$1,000	90 days interest
Bread Savings	5.00%	12 months	$1,500	180 days interest
First National Bank of America	4.95%	24 months	$1,000	365 days interest
Synchrony Bank	4.90%	12 months	$0	90 days interest
CIT Bank	4.85%	13 months	$1,000	1 penalty-free withdrawal
Marcus by Goldman Sachs	4.80%	12 months	$500	270 days interest
Discover Bank	4.80%	12 months	$2,500	180 days interest
TAB Bank	4.80%	12 months	$1,000	90 days interest
Ally Bank (No-Penalty)	4.75%	11 months	$0	None

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Methodology

MoneySimple researched CD rates from FDIC-insured banks and NCUA-insured credit unions offering nationally available products as of April 30, 2026. Rates were sourced from bank websites and cross-referenced with Bankrate's national CD rate survey and DepositAccounts.com. Ranking criteria weighted APY most heavily (40%), followed by FDIC/NCUA protection status (25%), early withdrawal penalty structure (20%), and minimum deposit accessibility (15%). Accounts were included only if they are available online to U.S. residents in most or all states.

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Frequently Asked Questions

What is the best CD rate available in 2026?
As of April 30, 2026, CIBC Bank USA offers the highest nationally available 12-month CD rate at 5.10% APY with a $1,000 minimum deposit. Rates change frequently — verify current rates at the bank's website before opening an account.

Are CDs still worth it in 2026?
Yes — high-yield CDs at online banks still pay 4.75%–5.10% APY, significantly more than national bank average rates of approximately 1.80% APY. For funds you do not need for 12–24 months, CDs offer FDIC-insured returns that outperform most savings accounts.

What happens to CD rates if the Fed cuts rates?
When the Federal Reserve lowers the federal funds rate, CD rates typically decline within weeks to months. Locking in a high CD rate now protects against future rate cuts. This is why the 24-month CD at 4.95% APY may be especially attractive for savers expecting further Fed cuts.

Is my money safe in a CD?
Yes, provided the bank is FDIC insured (or the credit union is NCUA insured). FDIC insurance covers up to $250,000 per depositor, per bank, per ownership category. All accounts in this list are from FDIC-insured institutions.

What is the early withdrawal penalty on a CD?
Early withdrawal penalties vary by bank and CD term, but typically range from 60 to 365 days of interest. Breaking a 12-month CD at a bank with a 180-day penalty would cost you half a year of interest. Ally Bank's no-penalty CD is the exception — no fee after the first 6 days.

What is a CD ladder and should I use one?
A CD ladder splits your deposit across multiple CDs with staggered maturity dates — for example, 3-month, 6-month, 12-month, and 24-month CDs. As each one matures, you reinvest at current rates. This strategy balances yield with liquidity and protects against rate changes in either direction. Discover Bank and Synchrony Bank offer the widest term selection for ladder construction.

What is the minimum deposit for a CD?
Minimums vary widely: Synchrony and Ally both offer $0 minimums, while Discover requires $2,500. Most online banks fall in the $500–$1,500 range. Minimum deposit should not be your primary decision criterion — APY and penalty structure matter more for large deposits.

How is CD interest taxed?
CD interest is taxed as ordinary income in the year it is credited to your account (or the year the CD matures for shorter terms). You will receive a 1099-INT from the bank if interest exceeds $10. CD interest cannot be sheltered in a traditional brokerage account — consider holding CDs inside an IRA for tax advantages.

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Disclaimer: CD rates change frequently and may differ from rates shown. This article is for informational purposes only and does not constitute financial advice. MoneySimple is not a financial advisor. Consult a qualified financial professional before making savings or investment decisions. All rates verified as of April 30, 2026.

Last Updated: April 30, 2026. Updated monthly.

About the Author: The MoneySimple Banking and Savings Team tracks savings rates, CD yields, and banking products to help readers maximize their cash returns. Content is reviewed by Certified Financial Planners.