As of April 23, 2026, CD accounts at the nation’s biggest banks (based on FDIC figures) are paying APYs up to 4.00%. Terms currently available range from four months to 14 months.
If sticking with a well-known financial institution matters more to you than chasing rates at unfamiliar online-only banks, these CDs are worth a look.
Rates accurate as of April 23, 2026.
What’s the benefit of opening a CD with a big bank?
For many, the appeal of banking with Chase, Wells Fargo, or a similar household name is simply trust; you know who they are, and that counts for something. But name recognition isn’t the only reason to consider a CD at a major bank.
- Keep all your banking in one place: If you’ve already got a checking account, savings account, or even a mortgage at one institution, opening a CD there keeps your finances centralized and easy to track.
- Possibly more CD options available: Major banks typically provide a wider variety of CD terms and product types than their smaller competitors.
- Get relationship rate bumps: Some big banks sweeten the deal for loyal customers by offering a better APY if you hold other accounts with them. Whether that bumped-up rate actually tops what a digital-only bank offers varies. After all, online banks tend to have lower costs and often pass those savings along as higher rates. Still, you’ll find that some online-focused banks like American Express are recognizable names that also consistently deliver top-tier CD rates.
What is a CD?
A certificate of deposit (CD) has a lot in common with a high-yield savings account, though it requires a stricter commitment. You’ll face more limitations on accessing your money—but the payoff is often a stronger interest rate.
Here’s how it works: You deposit your money and agree to leave it untouched for a specific amount of time. If you withdraw before the account terms, you’ll be hit with early withdrawal penalties. The upside is that your interest rate is fixed for the entire term, shielding you from market fluctuations.
When your CD matures, you can collect your original deposit plus the interest it earned. From there, you can transfer the funds elsewhere or roll them into a new CD. CDs often auto-renew at maturity, but you’ll typically get a short grace period to make your decision before a new term kicks in.
How to choose the best CD type for you
A standard fixed-rate CD is just the starting point. Banks offer a variety of specialty CDs tailored to different goals. Here’s a look at the most widely available types:
- No-penalty. You’re free to withdraw before your term ends without facing a fee—but expect a lower APY in exchange.
- Bump-up. If the bank increases rates on your CD product mid-term, you can request the new, higher APY.
- Jumbo. Banks sometimes use this label for CDs that require a hefty minimum deposit, and they may come with a slightly better rate.
- IRA. A way to use a CD as a retirement savings vehicle. You can fund it with existing IRA assets or new contributions, though new deposits are capped at the annual IRA contribution limit ($7,000 for those under 50; $8,000 for those 50 and up).
- Business. Built for companies looking to earn a safe return on idle cash. These come in several varieties, similar to IRA CDs.
How to choose the best CD term for you
Your CD term might be the most consequential choice you make when opening an account. It sets the clock on how long your money needs to stay put to avoid penalties.
Longer terms can seem attractive since your APY is guaranteed the whole way through. Locking in a strong rate for years provides a buffer against falling interest rates. But there’s a flip side: If rates go up during your term, you’re stuck earning less unless you’re willing to absorb the early withdrawal penalty.
When deciding on a term, weigh these two factors:
- How long can you afford to keep your money tied up?
- What APY does the term offer?
If you want to balance access with earning potential, consider a strategy known as CD laddering.
What is CD laddering?
A CD ladder is a technique that lets you invest in CDs for the long term while still maintaining periodic access to your funds. You do this by opening multiple CDs with different maturity dates, so a portion of your money becomes available at regular intervals.
For instance, imagine you’ve got $5,000 to put into CDs. You could divide it like this:
- $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 you get $1,250 back (plus earned interest). You can then use that money however you’d like—or reinvest it in another 24-month CD to maintain the ladder.
The takeaway
Major banks usually offer the largest selection of CD terms and product types, backed by the stability of an established brand. Keep in mind, though, that their rates may lag behind what smaller or online-only banks can offer. It pays to compare. Take a look at our post on the best certificates of deposit to see where the strongest deals are right now.
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 almost 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 can rival the best rates on the market.
