CD specials vs. standard CDs: what 481 banks and credit unions pay
An APY Ledger original data study of 9,855 CD quotes read from 491 U.S. bank and credit union websites. The best CD rate at most institutions is not on its standard ladder.
Key findings
- Specials beat standard terms. Of 226 institutions that publish both a promotional or special CD and standard CDs, 69% pay more on the special. The median premium is 0.50 percentage points over that institution’s best standard CD.
- The best rate is often at an odd term. At 37% of 481 institutions, the highest CD rate sits at a non-standard term such as 7, 11, 13 or 15 months rather than 3, 6, 9, 12, 18, 24, 36, 48 or 60 months.
- Longer is not better at half of institutions. Of 389 institutions quoting both a 1-year and a 5-year CD, 188 (48%) pay less for 5 years. Banks are inverted more often (55%) than credit unions (43%).
- Credit unions lead banks at every reported term. The gap is widest at long terms: the 5-year credit union median is 3.50% vs. 2.50% for banks (+1.00 pp), against +0.26 pp at 1 year.
- Jumbo tiers barely pay extra. Across 572 like-for-like product pairs, a $100,000-plus tier paid a median of only 0.10 pp more than the $10,000-or-lower tier; 37% paid nothing extra.
- Relationship bonuses are modest. Where an institution quotes the same CD with and without a checking or direct-deposit relationship (298 pairs), the median bonus is 0.25 pp.
- The gap between good and bad is wide. 316 of 481 institutions (66%) offer at least 4.00% on some CD, and 76 offer 4.50% or more. Yet 69 of 440 institutions with a 1-year CD pay less than the FDIC national 12-month rate (1.76%), and 39 pay under 1%.
- CDs still trail Treasuries. The 1-year median (3.55%) is 0.91 pp below the 1-year Treasury (4.46% APY-equivalent, Oct 22, 2026).
CD rates by term
| Term | Institutions | Median | Top 10% (P90) | Bank median | Credit union median | CU lead |
|---|---|---|---|---|---|---|
| 3 months | 254 | 2.79% | 3.80% | 2.75% | 2.88% | +0.13 pp |
| 6 months | 379 | 3.40% | 4.05% | 3.25% | 3.50% | +0.25 pp |
| 9 months | 156 | 3.59% | 4.25% | 3.50% | 3.75% | +0.25 pp |
| 1 year | 414 | 3.55% | 4.25% | 3.40% | 3.66% | +0.26 pp |
| 18 months | 332 | 3.50% | 4.30% | 3.35% | 3.56% | +0.21 pp |
| 2 years | 399 | 3.40% | 4.25% | 2.85% | 3.55% | +0.70 pp |
| 3 years | 375 | 3.15% | 4.18% | 2.55% | 3.50% | +0.95 pp |
| 4 years | 335 | 3.00% | 4.15% | 2.45% | 3.40% | +0.95 pp |
| 5 years | 369 | 3.15% | 4.28% | 2.50% | 3.50% | +1.00 pp |
For this week’s numbers, see the CD rate report, updated daily.
What this means for savers
- Check an institution’s special or promotional CDs before its standard ladder; the odd-term special is usually the best rate on the page. Many renew into a standard term at a lower rate.
- Do not assume a longer lock-up earns more. At about half of institutions it earns less.
- Shopping between institutions matters far more than deposit size: the jumbo premium is a tenth of a point, while the gap between a median and a top-10% 1-year CD is 0.70 pp.
- For 2- to 5-year terms, credit unions are usually worth the membership step.
Methodology
We read each institution’s CD rates from its own website, with two independent extractions, agreement checks and source-text validation (how we verify rates). The snapshot includes quotes verified within seven days of Oct 23, 2026. Promotional, special, standard and relationship labels follow how each institution presents the product.
Unless noted, each institution contributes its best non-relationship quote at a minimum deposit of $10,000 or less, and every institution counts once with equal weight. Special premiums compare an institution’s best special or promotional quote with its best standard quote. Jumbo pairs compare tiers of the same product, term and location. The term table uses the version-1 CD rate index, which requires at least 30 institutions per group.
This is a tracked sample of mostly larger banks and credit unions, not a census or deposit-weighted national average. Regional, membership and new-money conditions limit eligibility. This study is not financial advice.
Cite this study
The data is free to use under CC BY 4.0. Please credit APY Ledger with a link to this page. For custom cuts by state, term or institution type, email hello@apyledger.com.
Suggested citation
APY Ledger, “CD Specials vs. Standard CDs,” October 2026, https://apyledger.com/research/cd-specials-october-2026
HTML link
<a href="https://apyledger.com/research/cd-specials-october-2026">APY Ledger CD specials study</a>