With APYs climbing as high as 4.00% as of April 21, 2026, CD accounts at the country’s biggest banks—per FDIC rankings—come in terms ranging from four months to 14 months.
If the idea of opening a CD at a lesser-known online bank gives you pause, a major institution might be the better fit. Here’s what the big names are offering right now.
Rates accurate as of April 21, 2026.
What’s the benefit of opening a CD with a big bank?
Banks like Chase and Citi are names people know and feel comfortable with. That kind of trust goes a long way to attract patrons. And the perks of opening a CD at one of these institutions go beyond just peace of mind. For instance:
- Keep all your banking in one place. If your financial life is already centered at one big bank—checking, savings, loans, or otherwise—a CD there keeps things unified and easier to manage.
- Oftentimes more CD options available. Large banks typically stock a wider range of CD terms and types, though the selection can vary.
- Get relationship rate bumps. Already a customer? Some banks will reward you with a more attractive APY on a CD. Whether that beats a leaner, online-only bank’s going rate depends on the specifics—those banks tend to pass savings from low overhead on to customers. Notably, banks operating primarily online like American Express are recognizable brands and also are often among the leaders in CD rates.
What is a CD?
A certificate of deposit (CD) sits somewhere between a high-yield savings account and a more aggressive investment. It’s more restrictive than a savings account, but the tradeoff is usually a more appealing interest rate.
You put your money in and commit to not withdrawing it for an agreed-upon term. Take it out early and you’re subject to early withdrawal penalties. What you get in return is a guaranteed interest rate that stays constant through your entire term—no surprises from shifting market conditions.
When your CD reaches maturity, you get back your deposit along with the interest earned. You can then move those funds wherever you’d like or open a fresh CD. Auto-renewal is the norm at most banks, though you’ll typically have a grace period to weigh your options.
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How to choose the best CD type for you
While the standard fixed-rate CD is the most common, banks have developed a range of specialty CDs to address different financial needs. Depending on what your goals are, you might want to consider one of the following CD types instead.
- No-penalty: Gives you freedom to withdraw funds before the term is up with no fee, though with the tradeoff of an often inferior APY.
- Bump-up: Lets you claim a rate increase if the bank raises your CD product’s APY during your term.
- Jumbo: A designation for high-minimum-deposit CDs, which can come with a slightly better rate.
- IRA: Blends a CD’s stability with the tax advantages of an IRA. You can use current IRA balances or make new deposits within the annual IRA contribution limit ($7,000 if under 50; $8,000 for those 50 and over).
- Business: A low-risk way to put business funds to work. Available in multiple variations.
How to choose the best CD term for you
Getting your account term right may matter more than almost anything else when you open a CD. It’s what determines the time before you can access your money penalty-free.
Locking in a long term safeguards your APY for an extended period. It’s ideal if today’s rates are attractive and you want protection from future declines. The downside is that if rates rise while your money is committed, you’re earning less than you could be if you had that money to reinvest.
Two key questions to guide your decision:
- For how long can you truly afford to leave your money untouched?
- What APY does the term come with? Rates aren’t consistent across term lengths, after all.
For those who want to balance return and access, CD laddering is a tried-and-true approach.
What is CD laddering?
A CD ladder divides your money across several CDs with staggered maturity dates. Instead of committing everything to a single term, you create a rotation that gives you periodic access to portions of your funds.
Suppose you have $5,000 to work with:
- $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, one CD matures and $1,250 plus interest is released. You can use it, save it elsewhere, or roll it into a new 24-month CD to sustain the ladder.
The takeaway
Big banks bring the most extensive selection of CD terms and account types to the table, along with the weight of an established reputation. Their rates don’t always lead the market, though, so comparison shopping is key. Explore our post on the best certificates of deposit to find the top deals currently 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 safe regardless of the bank’s size. 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 matures (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 will sometimes issue a handful of CDs with APYs that rival the best rates on the market.
