The best CD rates we found in October 2026 top out at 5.00% APY for 5 years (Popular Direct, $10,000 minimum) and 4.75% APY for 12 to 18 months (E*TRADE and Bread Savings). For most savers, pick the term that matches when you need the money, then compare APY, minimum deposit and the early withdrawal penalty. Every bank here is FDIC insured up to $250,000 per depositor, per bank, per ownership category.
This guide is for savers with cash they will not need for a set period who want a guaranteed rate that beats a regular savings account. The FDIC's national average for a 12 month CD was 1.73% in September 2026, while the banks here pay more than 4.00% on many terms.
The rate is only part of the decision. The term should match when you need the money, the minimum deposit has to fit your balance, and the early withdrawal penalty decides what it costs to change your mind.
Below you will find the top rate for each term, what a $10,000 deposit earns, how to build a CD ladder, and how FDIC insurance works when two bank brands share one charter.
Company reviews
- Top APY
- 4.65%
- Minimum deposit
- $1,000
- Terms
- 3 to 120 months
Why we picked it. It is one of the few banks offering terms out to 10 years, and its longest CD carries the highest rate on its sheet. The same rates apply to IRA and HSA CDs, according to the bank.
More details, pros and cons
Other APYs: 4.30% (12 months), 4.50% (60 months), 4.35% (9 month special)
Pros
- Terms up to 120 months
- Same rates on Traditional, Roth IRA and HSA CDs
- Low $1,000 minimum
Cons
- Early withdrawal penalty not shown on the rates page
- Short term rates (3 to 6 months) trail online rivals
- Locking up money for 10 years is a big commitment
Skip it if: You may need the money within a few years. A 12 to 24 month CD keeps you more flexible.
More about First National Bank of America
First National Bank of America specializes in maximizing deposit returns with excellent rates. It is an ideal fit for dedicated savers looking for secure, federal insurance-backed growth over fixed terms.
- Top APY
- 4.60%
- Minimum deposit
- $500
- Terms
- 6 months
Why we picked it. Happen Bank (formerly LendingClub, according to its site) posts a strong 2 year rate with a low $500 opening deposit. Its 11 month CD is also competitive for short goals.
More details, pros and cons
Other APYs: 4.40% (11 months), 4.30% (6 months), 3.50% (1 year), 3.40% (5 years)
Pros
- 4.60% APY on a 2 year CD
- Low $500 opening deposit
- 6 and 11 month options both pay 4.30% or more
Cons
- 1 year and 5 year rates are much lower
- Penalty amount not listed on the CD page
- Brand recently changed, so older reviews use the LendingClub name
Skip it if: You want a 5 year CD. Its 5 year rate is among the lowest on this list.
More about Happen Bank
LendingClub provides a robust online banking suite that includes competitive savings and fixed-rate products. Its user-friendly platform makes it easy to lock in strong yields while enjoying excellent digital tools.
- Top APY
- 4.40%
- Minimum deposit
- $0
- Terms
- 6 to 60 months
Why we picked it. There is no minimum to open, the penalty is clearly stated, and you can manage the CD alongside Capital One checking and savings. The 11 month special is its best rate.
More details, pros and cons
Pros
- No minimum deposit
- Clear early withdrawal penalty
- Large national bank with branches and cafes
Cons
- Rates outside the 11 month special are mid-pack
- Special rate is limited time
- Former Discover CD customers should check their own disclosures
Skip it if: You want the highest multi-year rate. Popular Direct and Sallie Mae pay more on 3 to 5 year terms.
More about Capital One Bank
Capital One delivers a seamless digital banking experience combined with an accessible entry point. It offers an impressive array of financial products without the burden of minimum deposits or maintenance fees.
Show all 5 picks2 more, ranked 4 to 5
- Top APY
- 4.25%
- Minimum deposit
- $5,000
- Terms
- 3 to 60 months
Why we picked it. It publishes every term's rate and penalty in one table and offers an 11 month no-penalty CD you can withdraw from after 7 days. That suits savers who want a fixed rate without a lockup.
More details, pros and cons
Pros
- No-penalty CD available
- Penalties clearly listed by term
- Strong 6 and 12 month rates
Cons
- $5,000 minimum
- Rate sheet was dated September 8, 2026 when we checked
- Long terms pay less than short ones
Skip it if: You have less than $5,000 to deposit.
More about Colorado Federal Savings Bank
Colorado Federal Savings Bank specializes in high-yield direct-to-consumer deposit products. By operating without physical branches, the bank consistently offers highly competitive rates to dedicated savers.
Best for a 12 month promo rate with no minimum: E*TRADE
- Top APY
- 4.75%
- Minimum deposit
- $0
- Terms
- 6 months
Why we picked it. Its 12 month bank CD, at 4.75% APY, posted the highest one year rate we found, with no minimum deposit and a 10 day rate guarantee. It is especially convenient if you already invest at E*TRADE.
More details, pros and cons
Pros
- 4.75% on 12 months (limited time)
- No minimum deposit
- 10 day rate guarantee
- Daily compounding
Cons
- Promo rate was listed as ending October 19, 2026
- Only a 7 day grace period at maturity
- Penalty details not on the main page
Skip it if: You want a long term above 4.40%. Popular Direct pays more on 3 to 5 years.
More about E*TRADE
E*TRADE provides a broad secondary market, allowing clients to purchase brokered certificates from hundreds of banks. It perfectly integrates traditional banking features with robust brokerage and investment tools.
Best CD rates by term (October 2026)
Here is the highest APY we found for each common term among our picks, as listed on each bank’s site in early October 2026. Rates change often, so confirm before you open.
| Term |
Top APY |
Bank |
Minimum |
| 6 months |
4.35% |
Popular Direct |
$10,000 |
| 9 months |
4.40% |
E*TRADE, Bread Savings |
$0, $1,500 |
| 11 months |
4.40% |
Capital One, Happen Bank |
$0, $500 |
| 12 months |
4.75% |
E*TRADE (offer ends Oct. 19) |
$0 |
| 18 months |
4.75% |
Bread Savings |
$1,500 |
| 24 months |
4.70% |
Popular Direct |
$10,000 |
| 36 months |
4.85% |
Popular Direct |
$10,000 |
| 60 months |
5.00% |
Popular Direct |
$10,000 |
| 120 months |
4.65% |
First National Bank of America |
$1,000 |
For context, the FDIC’s national average was 1.73% for a 12 month CD and 1.38% for a 60 month CD (published September 21, 2026).
How much a CD earns
APY already includes compounding, so a quick estimate for one year is deposit times APY.
| Deposit |
APY |
Term |
Approximate interest |
| $10,000 |
1.73% (FDIC national average) |
12 months |
$173 |
| $10,000 |
4.40% |
12 months |
$440 |
| $10,000 |
4.75% |
12 months |
$475 |
| $10,000 |
5.00% |
60 months |
About $2,763 |
Interest on CDs is taxable as ordinary income in the year it is credited, even if you leave it in the CD.
How to choose a CD
- Match the term to when you need the money. Breaking a CD early usually costs 3 to 6 months of interest at these banks, and the penalty can reach principal.
- Compare the penalty, not just the rate. Capital One, Colorado Federal, Sallie Mae and Bask publish exact penalties. Several others do not show them on their rate pages.
- Check the minimum. Minimums here range from $0 (Capital One, E*TRADE) to $10,000 (Popular Direct).
- Watch promo expirations and renewals. Most CDs auto renew at maturity at whatever rate applies then. Grace periods run 7 to 10 days.
- Consider a no-penalty CD if you might need the money early. Colorado Federal and Marcus offer them, usually at a lower rate.
Build a CD ladder
A ladder splits your money across several terms so part of it matures every year. Example with $10,000: put $2,000 each into 1, 2, 3, 4 and 5 year CDs. Each year, when one matures, roll it into a new 5 year CD. Most of your money earns long-term rates, and some cash comes free every year.
Is your CD insured?
CDs at FDIC-insured banks are covered up to $250,000 per depositor, per insured bank, for each account ownership category. Check a bank on the FDIC’s BankFind tool before you deposit.
Watch for brands that share a charter. Bask Bank deposits are combined with Texas Capital Bank for the limit, and Limelight Bank’s site now redirects to Accordia Bank, a division of Quill Bank. If you hold money at both names, it counts toward one limit.
Alternatives to CDs
- High-yield savings: variable rate, no lockup. Good for emergency funds.
- No-penalty CDs: fixed rate with free early withdrawal after a short waiting period.
- Treasury bills and brokered CDs: available through brokerages. Brokered CDs can be sold before maturity but the price can fall if rates rise.
Terms to know
- APY
- Annual percentage yield: the yearly return including compounding.
- Term
- How long your money stays in the CD before it matures.
- Early withdrawal penalty
- Interest you forfeit if you take money out before maturity.
- Grace period
- Days after maturity when you can withdraw or change terms without penalty.
- No-penalty CD
- A CD that allows full withdrawal without a penalty after a short waiting period.
- CD ladder
- Splitting savings across CDs with staggered maturity dates.
- FDIC insurance
- Federal protection of deposits up to $250,000 per depositor, per bank, per ownership category.
