Top CD rates fall but remain near 4% APY as Fed cuts pressure deposit yields

The highest available certificate of deposit rate was 4% APY on May 13, 2026, as deposit yields continued to decline from recent peaks following Federal Reserve rate cuts. Marcus by Goldman Sachs offered the top cited rate on a 9-month CD. Short-term CDs, typically six to 12 months, are still offering some of the strongest yields, generally around 4% to 4.5% APY among competitive products. The current rate structure reflects a flatter or inverted yield curve, with 12-month CDs offering the highest average returns versus longer maturities. CD rates rose sharply after the Fed raised rates 11 times between March 2022 and July 2023 to combat inflation. The trend reversed after the central bank began cutting rates in September 2024 and followed with three additional cuts in 2025. Even after the decline, CD yields remain elevated by historical standards compared with the near-zero-rate period after the 2008 financial crisis and the COVID-19-era emergency cuts.