CD accounts from the biggest banks (as determined by FDIC numbers) offer APYs up to 4.00% as of March 9, 2026. Terms range from three months to 14 months.
When you want to keep your savings with an institution that’s a household name—rather than shopping around among smaller online banks—one of these CDs might be exactly what you need.
Rates accurate as of March 9, 2026.
What’s the benefit of opening a CD with a big bank?
Name recognition may be your main driver to bank with financial institutions like Chase and Bank of America; you may not want to trust your money with some obscure brand you’ve never heard of. But there are additional benefits to opening a CD with a big bank:
- Keep all your banking in one place: You may already have a checking and savings account—even an auto loan and mortgage—with one bank. The convenience of keeping all your money under one roof can be reason enough to open a CD with a big bank.
- Often more CD options available: Big banks generally (thought not always) offer a wider selection of CD terms and types.
- Get relationship rate bumps: Some banks will give you an improved APY if you’ve got an existing relationship with them (checking, credit card, etc.). These rates may or may not be better than a standard APY with a smaller fully-digital bank, as those institutions can often offer better rates because of the low overhead and minimal operational costs—though you’ll notice that some fully- or mostly-online banks, such as American Express, are recognizable brands and also offer some of the best CD rates around.
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What is a CD?
A certificate of deposit (CD) similar in some ways to a high-yield savings account. It’s considerably more restrictive than a traditional savings account—but often with the benefit of a better return rate.
When you open a CD, you must not withdraw it for an agreed-upon amount of time. Breaking this agreement will result in considerable fees called early withdrawal penalties. The benefit is that your interest rate will remain the same during that period of time, no matter what twists and turns the market takes.
After your CD reaches maturity, you can withdraw your money (plus the interest you’ve earned) and move it to another account or reinvest it into another CD. Generally, your CD is automatically renewed upon maturity. You’ll often be granted a short grace period to choose what you want to do with your money before a new CD is created.
How to choose the best CD type for you
In addition to a standard fixed-rate CD, you’ll find a long list of specialty CDs that cater to specific financial goals. To choose the best CD type for you, here’s a quick rundown of the most popular options:
- No-penalty: You can withdraw your money before the account terms without paying a penalty. The tradeoff is typically an inferior APY.
- Bump-up: You reserve the right to claim an improved APY if during your account term the financial institution raises rates on your specific CD.
- Jumbo: Some financial institutions label high-balance CDs as “jumbo,” occasionally offering improved return rates.
- IRA: You can invest in your retirement with an IRA CD. You can either invest your current IRA funds or deposit new money into an IRA CD. Just note that you can only invest new money up to the current annual IRA contribution (currently $7,000 for those below age 50 and $8,000 for everyone else).
- Business: These are meant to serve as a low-risk investment for business funds. Similar to an IRA CD, they can come in different flavors.
How to choose the best CD term for you
Again, choosing the right CD term is perhaps the most critical detail of your new account. It dictates the amount of time you must keep from accessing your money in order to avoid penalties.
You may assume that the longer the CD term, the better. After all, your APY will be guaranteed throughout the life of your account. If a juicy CD rate presents itself, locking it in for many years will protect your money in the event of a negative market shift. But also consider that you won’t be able to move your money to a more impressive CD if interest rates increase before your term ends (unless you’re willing to pay that hefty fee).
There are two things to consider when choosing your CD term:
- How long are you comfortable keeping your money untouched?
- What APY will you earn? Different terms come with different earning rates.
A great way to maximize your CD strategy is with a technique called CD laddering.
What is CD laddering?
A CD ladder is a way to invest your money into CDs long-term without completely losing the use of your funds. You achieve this by opening multiple CDs of varying term lengths—giving you incremental access as each CD reaches term.
As a quick example, let’s say you want to invest $5,000 in a CD. You could deposit:
- $1,250 into a 6-month CD
- $1,250 into a 12-month CD
- $1,250 into a 18-month CD
- $1,250 into a 24-month CD
Every six months, $1,250 of your investment (plus the interest earned) would become available. You could then withdraw that money or reinvest it into another 24-month CD to keep the ladder going.
The takeaway
Big banks tend to issue the most comprehensive selection of CD terms and account types while offering the comfort and reliability of an established brand name. Just note that they may not offer the best returns on the market—so it’s worth rate shopping. Read our post on the best certificates of deposit to keep abreast of the top deals available.
Frequently asked questions
Are CDs at large banks safer than CDs at smaller banks?
CDs at large banks are not really safer than CDs at smaller banks. As long as the bank is insured by the FDIC, your money is generally as safe at a small bank. If it’s a credit union, check that they’re insured by the NCUA.
How often do big-name banks change their CD rates?
Big-name banks change their CD rates regularly. You may find that some CD terms change every couple weeks—exhibiting the value of opening a long-term CD. If you see a rate that you like, best to jump on it.
Can I lose money with a CD from a big bank?
You can’t lose money with a CD from a big bank, or any bank really, in the same way that you could with a riskier investment like the stock market. That said, you might effectively “lose” money if the interest you earn is lower than the inflation rate. You won’t be able to access and reinvest your money into something more profitable until your account terms (or unless you pay fees).
Should I keep all my CDs at the same large bank or spread them around?
It’s OK to keep all your money at the same large bank as long as your deposits are covered by the FDIC. This covers up to $250,000 per account holder per ownership category. If you’ve got more than that, it’s worth spreading the money around to other banks to ensure the FDIC covers it all.
Are CD rates at big banks always lower than at smaller online banks?
CD rates at big banks are not always lower than at smaller online banks. It’s true that online banks tend to offer more consistently impressive returns than big banks due to their lack of overhead and lower operational costs. But big banks often issue a handful of APYs that rival the best rates on the market.
