Best CD rates today, January 22, 2026 (lock in up to 4% APY)

Looking for the best CD rates currently available? If you’re in the market for a secure place to grow your savings, a certificate of deposit (CD) might be the perfect option for you. Unlike traditional checking and savings accounts, CDs often offer higher interest rates, making them a popular choice among savers. However, it’s important to note that CD rates can vary significantly depending on the financial institution.

As of today, CD rates are relatively high compared to historical averages, but they have been on a downward trend since last year when the Federal Reserve started cutting its target rate. Despite this, there are still several banks offering competitive rates of 4% APY and above, particularly online banks. Currently, the highest CD rate available is 4% APY, offered by Marcus by Goldman Sachs on its 1-year CD.

The Federal Reserve has been reducing the federal funds rate in response to slowing inflation and an overall positive economic outlook. In late 2024, the Fed cut its target rate three times by a total of one percentage point. In December of 2025, the Fed announced its third rate cut, with potential for more cuts in 2026. While the federal funds rate doesn’t directly influence deposit interest rates, they are typically correlated. As the Fed lowers rates, financial institutions often follow suit, leading to a decrease in CD rates.

If you’re considering opening a CD account, there are some general steps to follow. Start by researching CD rates to find the most competitive offers. Compare rates online to ensure you’re getting the best deal. Additionally, consider other factors such as the CD’s term length, minimum deposit requirements, and any associated fees. Make sure the account aligns with your financial goals and needs.

When opening a CD, you’ll need to have certain documents ready, such as your Social Security number, address, and identification. The application process can usually be completed online, with some institutions requiring a branch visit. Once approved, you can fund your account by transferring money from another account or mailing a check.

In conclusion, now might be a good time to lock in a CD with today’s best rates before they potentially decrease further. By following these steps and staying informed about current CD rates, you can make a smart decision for your savings.