Best CD rates today, Saturday, August 22, 2026: Best CD account earns 4.35% APY

Today, Saturday, August 22, 2026, the highest CD rate available is 4.35% APY, offered by Sallie Mae on their 3-year CD. CD rates can vary significantly between financial institutions, making it crucial to compare options for the best return on your savings. The annual percentage yield (APY) represents the total earnings on a CD after one year, accounting for both the base interest rate and how often interest compounds—typically daily or monthly.

For example, a $1,000 investment in a one-year CD with a 4% APY would grow to $1,040.74, generating $40.74 in interest. If you invest $10,000 at the same rate, you'd earn $407.42 in interest over the year. When selecting a CD, consider factors beyond just the interest rate, such as the type of CD, fees, and any penalties for early withdrawal.

Types of CDs include bump-up CDs (allowing a rate increase if the bank's rates rise), no-penalty CDs (permitting early withdrawals without penalties), jumbo CDs (requiring larger initial deposits for higher rates), brokered CDs (purchased through a brokerage, potentially offering higher rates but with increased risk), and various term CDs (6-month, 1-year, 18-month, and 2-year).

Shorter-term CDs generally offer lower rates but more flexibility, while longer-term CDs provide higher rates and guaranteed returns for the full term.