Best CD rates today, Thursday, August 20, 2026: Lock in up to 4.30% APY with a 16-month CD

On Thursday, August 20, 2026, Synchrony Bank is offering the highest CD rate at 4.30% APY for its 16-month CD. CD rates have been on the decline since last year when the Federal Reserve started cutting its target rate three times in late 2024. However, a rate increase is becoming more likely before the year's end. While CD rates may not directly reflect the federal funds rate, they are correlated.

The process for opening a CD account involves researching rates, selecting an account that meets your needs, preparing necessary documents, completing the application, and funding the account. Experts believe that CD rates are expected to go up at some point this year, but the timing is uncertain.