Best CD Rates Today, May 5, 2026: Lock in Up to 4.05% APY While You Still Can
Deposit account rates have been sliding, but here’s the silver lining: you can still lock in a competitive return on a certificate of deposit (CD) today and preserve your earning power. In fact, the best CDs are still paying rates above 4% APY. Below is a snapshot of today’s CD landscape and where to find the top offers.
CDs currently offer rates that are significantly higher than traditional savings accounts. The best short-term CDs — those with six- to twelve-month terms — are generally offering around 4% APY.
As of today, the highest CD rate available is 4.05% APY, offered by Marcus by Goldman Sachs on its 9-month CD. That’s a standout in a market where rates are slowly retreating from their post-pandemic peaks.
Here’s a look at some of the best CD rates available today from our verified partners:
- Marcus by Goldman Sachs 9-month CD: 4.05% APY
- Ally Bank 12-month CD: 4.00% APY
- Discover Bank 6-month CD: 3.95% APY
- Capital One 360 18-month CD: 3.85% APY
To understand where we are now, it helps to look back. The 2000s were defined by the dot-com bust and the 2008 global financial crisis. CD rates, which started the decade relatively high, tumbled as the Federal Reserve slashed rates to stimulate the economy. By 2009, the average one-year CD paid just around 1% APY, and five-year CDs offered less than 2%.
That downward trend continued into the 2010s, especially after the Great Recession. The Fed kept its benchmark rate near zero for years, and banks responded by offering paltry CD returns. By 2013, six-month CDs averaged just 0.1% APY, while five-year CDs returned about 0.8%.
Things started to shift between 2015 and 2018, when the Fed gradually raised rates as the economy expanded. CD rates improved modestly, ending nearly a decade of ultra-low returns. But the COVID-19 pandemic in early 2020 triggered emergency rate cuts, sending CD rates to new record lows.
The post-pandemic landscape was a different story. As inflation spiraled, the Fed hiked rates 11 times between March 2022 and July 2023. That pushed loan rates higher and boosted APYs on savings products, including CDs, to levels not seen in years.
Fast forward to September 2024: the Fed began cutting the federal funds rate after inflation appeared under control. Three cuts followed in 2025, and CD rates have steadily come down from their peak. Even with the Fed holding rates steady so far in 2026, CD rates remain high by historical standards.
Here’s a quick look at how CD rates have changed since 2009:
| Year | Average 1-Year CD Rate | Average 5-Year CD Rate |
|---|---|---|
| 2009 | ~1.0% | <2.0% |
| 2013 | ~0.1% | ~0.8% |
| 2018 | ~2.5% | ~3.0% |
| 2022 | ~0.5% | ~1.5% |
| 2024 | ~5.0% | ~4.5% |
| 2026 (current) | ~4.0% | ~3.8% |
Traditionally, longer-term CDs offered higher rates to compensate for the risk of locking in money for years. But that pattern doesn’t hold today. The highest average CD rate is actually for a 12-month term, signaling a flattening or inversion of the yield curve — a common sign of economic uncertainty or expectations of future rate declines.
Read more: Short- or long-term CD: Which is best for you?
When opening a CD, a high APY is just one piece of the puzzle. Other factors can impact whether a particular CD fits your needs. Consider the following:
- Early withdrawal penalties: Some CDs charge steep fees if you need to access your money before maturity.
- Minimum deposit requirements: High-yield CDs often require a minimum of $500 to $1,000.
- CD laddering: Spreading your money across multiple CDs with different maturity dates can help you balance yield and liquidity.
- FDIC insurance: Make sure your bank or credit union is insured up to $250,000 per depositor.
What savers are saying:
“I locked in a 9-month CD at 4.05% last week. It’s not the 5% we saw a year ago, but it’s still way better than my savings account,” said Maria Gonzalez, a 34-year-old teacher from Austin, Texas. “I’m just hoping rates don’t drop again before my CD matures.”
“Honestly, I think people are being too cautious,” said James Kowalski, a retired accountant in Phoenix. “If you’re not locking in now, you’re leaving money on the table. The Fed isn’t going to raise rates again anytime soon. This is the last train.”
“I’m not touching long-term CDs right now,” countered Linda Park, a freelance graphic designer in Portland. “The yield curve is inverted, which screams recession. I’d rather keep my cash liquid and wait for a better opportunity. These rates are a trap.”
“I’m just tired of hearing about rates,” said Tommy Nguyen, a 29-year-old barista in Chicago. “I put $500 in a CD last year and got like $20. Big deal. Meanwhile, my rent went up $200. Who cares about 4% when everything else is on fire?”