Looking for the best CD rates? Several banks offer competitive rates of 4% APY and up, particularly online banks. The highest CD rate today is 4% APY from Marcus by Goldman Sachs on its 1-year CD. The Federal Reserve has cut its target rate three times in late 2024 by a total of one percentage point.

The federal funds rate doesn’t directly impact deposit interest rates, but they are correlated. When the Fed lowers rates, financial institutions typically follow suit. Now may be a good time to lock in today’s best CD rates. Opening a CD account involves researching rates, choosing an account that meets your needs, preparing necessary documents, completing the application, and funding the account.

Read more at Yahoo Finance: Best CD rates today, January 22, 2026 (lock in up to 4% APY)