Best CD rates today, Friday, August 28, 2026: Up to 4.30% APY return available

CDs, or certificates of deposit, can be an excellent way to store savings safely and earn a higher interest rate than traditional accounts. However, CD rates fluctuate, so it's essential to stay informed about the current best rates. As of August 28, 2026, the highest CD rate available is 4.30% APY. This rate is currently offered by Synchrony Bank on its 16-month CD and Marcus by Goldman Sachs on its 18-month CD. Compared to the national average, these CD rates stand out as competitive.

Online banks and neobanks, which operate solely online, often provide higher CD rates due to their lower overhead costs. Credit unions, as not-for-profit financial cooperatives, also offer competitive CD rates while returning profits to their members. However, CDs come with certain drawbacks, such as early withdrawal penalties for accessing funds before the term ends.

Additionally, while CD rates are currently high, they don't match the growth potential of investing in the market, especially for long-term goals like retirement.

When deciding whether a CD is a suitable investment, consider your timeline and goals. Shorter-term CDs (6-month to 1-year) offer flexibility but lower returns, while longer-term CDs (2-year or more) provide stability and higher yields. Ultimately, the decision to invest in a CD depends on your individual financial situation and objectives.