Best CD rates on Jan. 23, 2026: Earn up to 4.18% APY if you lock in now

With the Federal Reserve having made three federal funds rate reductions in 2025 and some banks decreasing their CD and savings account APYs accordingly, securing a CD while rates are still relatively favorable is probably a wise thing to do.

The most generous CD on our current list is the 3-month CD issued by Citibank, earning 4.18%. But, some savers may prefer to look to the 6-month CD from Northern Bank Direct with its 4.15% APY, as the rates Citi offers on its CDs can vary based on your location.

Below you’ll find a list of CDs ranging in term from 1 month through 10 years, created by Fortune in partnership with financial data company Curinos, to help you find the right investment for your particular needs.

Best CD rates on January 23, 2026

Here are the highest CD rates as of Jan. 23, 2026:

The best CD rates on January 23, 2026 by term

What the Fortune/Curinos partnership means for your CD strategy

Fortune maintains a partnership with Curinos, a firm that brings extensive experience in the financial data and analytics space to the table. We review daily reports Curinos showcasing CD rates from a wide variety of banks. From this information, we organize our list of highest-yielding CDs, to bring our readers the best options for a variety of terms.

Pro tip

Looking for the best CD to fit your investment needs? See rates from top institutions:
–Wells Fargo
–Capital One
–Chase
–Bank of America
–Discover Bank
–Northern Bank Direct
–Ally Bank
–Newtek Bank
–Popular Direct
–Citibank
–Sallie Mae Bank

How much interest could you earn with a CD?

The amount of interest your CD will accrue depends on several variables, including: your opening balance, the term you choose, the APY your account offers, and the compounding schedule. 

To make clear why it’s worth searching for a high APY, we’ve run a few estimates below. These assume a $5,000 initial deposit and monthly interest compounding.

Term	APY	Estimated Interest
1 year	1.64%	$82.62
1 year	4.00%	$203.71
5 years	1.34%	$346.28
5 years	3.80%	$1,044.43

1 year
APY	1.64%
Estimated Interest	$82.62
1 year
APY	4.00%
Estimated Interest	$203.71
5 years
APY	1.34%
Estimated Interest	$346.28
5 years
APY	3.80%
Estimated Interest	$1,044.43

It’s pretty clear from the examples above that hunting for competitive CD rates for your preferred term is a smart move. The difference could literally be hundreds of dollars more earned in interest, compared to if you had accepted a low-rate CD just because it was offered by a brick-and-mortar bank you may already use for your checking and savings.

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Historical CD rates

During the 1980s, CD rates hit double-digit territory—substantially higher than what you’ll find in the current climate. In 2019, by contrast, five-year CDs stood at just above 3.00%.

During the early 2020s, CD rates surpassed 5.00% as the nation’s economy recovered from the Covid-19 crisis. Now, years later, we typically see high-yielding CDs max out somewhere in the 3.00%-4.00% range.

Here’s a look at how CD rates for various terms fluctuated over the course of 2025, according to FDIC numbers. Note that on our list, you’ll find typically rates much higher than the average yield for any given term.

Why the federal funds rate matters for CD yields

At present, the federal funds rate stands at 3.50%-3.75%. The Federal Open Market Committee (FOMC) comes together eight times annually, with the next meeting on the calendar for Jan. 27-28.

Those who have watched the market for a while know that CD interest rates will generally follow the Federal Reserve’s policy direction, particularly movements in the federal funds rate. This benchmark rate is what banks charge each other to borrow overnight.

The Fed cuts the federal funds rate when it wants to make borrowing cheaper to stimulate the economy and hikes the federal funds rate when it wants to make borrowing more expensive. For instance, during the coronavirus pandemic, the Fed slashed this rate to essentially zero to help prevent economic recession. Then, as inflation took center stage as the main economic challenge, the Fed responded with a series of rate increases.

How to choose the best CD for you

Your first step should be figuring out how long you can tie up your funds without hardship, as CDs typically impose charges for early withdrawals. You may be able to secure a superior APY through a relatively short CD—such as a six-month option—compared to an extended-term alternative like a 10-year CD. But, longer-term CDs protect you better in the event that the Fed cuts the federal funds rate again in the future and banks respond by decreasing CD yields.

While seeking the highest APY for your desired term, keep in mind that online banks can typically offer customers higher rates than those with physical branches. Because digital banks and online credit unions don’t have the overhead costs of maintaining physical branches, they can pass those savings on to customers through generous interest rates.

Important considerations when evaluating different CDs:

• The term. This should align with your savings goals and financial situation.
• APY. Even though conventional wisdom is that longer terms should reward you with higher rates, recent market conditions haven’t fully borne this out. 
• Minimum opening deposit. Pick a bank with a minimum that works for you, as some are fairly exorbitant.
• Early withdrawal fees. Know what penalties apply should you need to withdraw money before your term matures.
• Account insurance. Verify your deposits are protected through FDIC or NCUA insurance.

When to consider a high-yield savings account instead

If you’re willing to accept that savings account rates can fluctuate at your bank’s discretion, while CDs provide locked-in returns for their duration, high-yield savings accounts offer more flexibility than CDs. If you might need to access your money quickly, for example if you’re looking for an account to use as an emergency fund, a HYSA is the better choice.

And, some top savings accounts even earn rates matching or even beating the typical CD return. A few of the best high-yield savings accounts feature APYs between 4.00% and 5.00% as of this writing.

Typically, the strongest savings account rates will be available through online banks, for essentially the same reasons we outlined earlier why online institutions can offer higher CD rates than those with the expenses of keeping up physical branches.