Highest CD rates reach 4.75% annual percentage yield in September 2026, according to financial comparison platforms tracking certificates of deposit across major banks and credit unions. This represents the top rate available to savers locking in funds for fixed terms, though it remains well below the 5.49% peak that CD rates hit in late 2023.
The 4.75% rate marks a modest recovery from earlier in 2026, when CD rates had declined significantly. A national average 12-month CD yielded just 1.68% as of July 2026, according to Bankrate, reflecting the broader downward trend in deposit rates that began in September 2024.
CD rates are closely tied to the Federal Reserve’s policy decisions. The Fed has held its benchmark federal funds rate steady at 3.50% to 3.75% since late July 2026, after cutting rates three times in late 2025 from 4.25%. Banks adjust their CD offerings based on the Fed’s stance and their own funding needs, so when the central bank pauses rate cuts, deposit yields tend to stabilize or rise modestly.
The gap between the current highest CD rates and the 2023 peak illustrates how dramatically the savings landscape has shifted. In late 2023, when the Federal Reserve was at the tail end of an aggressive rate-hiking campaign, CD rates skyrocketed to historic highs. Financial experts anticipated further declines through 2026, yet recent data suggests CD rates may be finding a floor as the Fed maintains its current stance.
For savers, the current environment presents a trade-off. The highest available CD rates of 4.75% still exceed the national average, offering a locked-in return that appeals to conservative investors. However, those rates remain significantly lower than the peak rates of three years ago, making the decision to lock in funds now versus waiting a strategic one for many households.
Sources
- Forbes — Reported highest CD rates reaching 4.75% APY as of August 31, 2026
- Investopedia — Documented historical CD rate peak of 5.49% in late 2023
- Bankrate — Provided national average 12-month CD rate of 1.68% as of July 2026 and noted Federal Reserve rate cuts in late 2025
- NerdWallet — Confirmed Federal Reserve held rates at 3.50% to 3.75% as of July 29, 2026
- Experian — Reported CD rates declining since September 2024 with expectations for further declines in 2026
