A certificate of deposit locks your cash for a fixed term in exchange for a fixed APY. The tradeoff is liquidity: break the CD early and you pay an early-withdrawal penalty.
Rate note (October 10, 2026): We read every 12-month APY on this page at the bank's own site on October 10, 2026: Bread Savings 4.45%, Marcus 4.40%, Synchrony 4.20%, Ally 4.15%, Capital One 4.00%, CIT Bank 4.00%. Bread Savings, Marcus, Synchrony, Ally and Capital One date their rates October 10, 2026; CIT Bank dates its rates July 1, 2026. For context, the FDIC's national average for a 12-month CD was 1.73% as of September 21, 2026 (fdic.gov/national-rates-and-rate-caps). CD rates change often, and a CD's rate is fixed only once you open and fund it, so verify the current rate at each bank before opening. All banks listed are FDIC-insured — verify at fdic.gov.
How the picks are ordered: by the 12-month APY each bank published, highest first. Ties are listed alphabetically. Discover is last because it no longer opens CDs for new customers. Minimum deposit, penalty and no-penalty options are shown on each pick so you can weigh them yourself; they do not change the order.
How to pick a CD
Three questions sharpen the choice:
How long can you lock the money? If you may need access before the term ends, a savings account or a no-penalty CD is a better fit than a standard CD.
Do you want rate-lock certainty or rate-bump flexibility? Standard CDs fix your APY for the full term. If you think rates might rise, Ally's Raise Your Rate CD lets you increase the rate once on a 2-year term or twice on a 4-year term, and Synchrony describes a Bump-Up CD with one increase — compare the starting APY with the standard CD first.
How much are you depositing? Bread Savings requires $1,500; CIT Bank requires $1,000; Marcus requires $500. Synchrony, Ally and Capital One require $0.
CD laddering basics
If you have a larger lump sum (say $20,000), splitting it across 4–5 CDs at different maturity dates (1-year, 2-year, 3-year, 4-year, 5-year) creates a rolling ladder. Each CD matures on a different schedule, giving you regular access to a portion while the rest stays locked. Banks with no minimums (Synchrony, Ally and Capital One) make laddering accessible at any savings level.
No-penalty CDs: the safety valve
If liquidity is a concern but you want a fixed rate, a no-penalty CD is worth the tradeoff. When we checked on October 10, 2026, the 11-month no-penalty CDs paid: Marcus (11-month, 4.00%), CIT Bank (11-month, 3.90%) and Ally (11-month, 2.80%). Each lets you withdraw the full balance after a short waiting period (6–7 days) without a penalty. Compare that rate with the same bank's 12-month standard CD — at Marcus the gap was 0.40 percentage points, at Ally 1.35.
Related ClearValue Lending content
- Best high-yield savings accounts 2026 — if you need full liquidity, HYSA is the better fit
- Best money market accounts 2026 — FDIC-insured, variable-rate, often with check-writing access
- Best checking accounts 2026 — the transactional layer to pair with your CD or savings account
- Why traditional savings accounts cost you money 2026 — the math on big-bank savings vs. online alternatives
Disclosure
APYs and CD terms were read at each bank's own site on October 10, 2026. CD APYs are fixed at the time of opening — rates shown here may no longer be available when you read this. Confirm current rates at the bank before opening.
ClearValue Lending is not the issuer of any CD listed here. Each is operated by its respective bank — Goldman Sachs Bank USA (Marcus); Synchrony Bank; Ally Bank; Capital One Bank, N.A.; Discover Bank; First-Citizens Bank & Trust Company (CIT Bank); Comenity Capital Bank (Bread Savings). APYs, terms, penalties, eligibility, and FDIC coverage are determined solely by the issuing bank.
When bank affiliate programs are wired, application links may pay ClearValue Lending a referral commission at no cost to you. Editorial selection and ranking is independent of any commission — banks are ordered by the 12-month APY rule above, not by who pays.
All FDIC coverage is provided through the issuing bank up to the standard $250,000 per depositor per ownership category. ClearValue Lending is a financial education and comparison platform — not a bank, financial advisor, or deposit broker.