Are there 7% CD Rates Today?
Historically, 7% CD rates were common, but currently, there are no 7% rates available. CDs require you to lock your funds until maturity. Early withdrawals may incur penalties, making it crucial to choose terms carefully.
The following table displays the highest interest rates from 454 banks and credit unions. Sort by rate or filter by term.
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As of November 2026, we recommend any of the banks and credit unions at Raisin because most of the accounts on their platform only require $1 to open an account which allows you to spread your risk among several financial institutions rather than having all your eggs in one basket.
Why You’re Here
You’ve seen CD offers claiming 7% returns—but most are gimmicks. Others require jumping through hoops or locking your money up longer than you’d like. As a national insurance and annuity brokerage, we cut through the noise and connect you with real, reliable CD and annuity products offering the highest rates—sometimes as high as 7% for the right term and funding source.
Scenario: You Want a Safe 7% Yield Without the Risk of Stocks
A 7% CD rate sounds incredible—but how do you find one that’s real, safe, and FDIC– or carrier-guaranteed? You could waste time hunting through dozens of banks or trying to decode teaser rates. Or you can speak with us, and we’ll show you every available option across 50+ banks and insurance companies.
Options That Can Pay Up to 7% (And What You Should Know)
Fixed Indexed Annuity With 8% Income Benefit Growth
Annual Growth Rate: Up to 8% (on income base)
This isn’t a bank CD—it’s a fixed indexed annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB). The income base grows at a guaranteed rate (often 8%), giving you the option to turn it into lifetime income later. Many people use this as a tax-deferred alternative to CDs when planning retirement income.
✔ Contractual growth guarantees
✔ No market losses
✔ Converts to lifetime income if desired
✘ Not liquid in the first years
✘ Income base growth ≠ cash value growth
Who Needs It: Pre-retirees, retirees, or conservative investors seeking guaranteed income later
Who Doesn’t: Short-term savers who need penalty-free liquidity
Also Consider: Rolling over IRAs, Roth IRAs, or 401(k)s to maximize growth tax-deferred
Short-Term Fixed Annuities (CD-Type Annuities)
Annual Rate: Up to 6% (depending on the term and insurer)
While true 7% CD rates are rare, some Multi-Year Guaranteed Annuities (MYGAs) come close—especially during peak interest rate windows. These work just like bank CDs but are backed by insurance companies and often offer higher yields.
✔ Fixed guaranteed interest for 2–10 years
✔ Tax-deferred growth
✔ No fees or market risk
✘ Early withdrawal penalties
✘ Rates change frequently—act fast when rates peak
Who Needs It: Retirees, conservative investors, IRA rollovers
Who Doesn’t: People who need liquidity or anticipate rate increases
Fund With: Cash, IRA, Roth IRA, or old 401(k) balances
Promotional Bank CDs Offering 7% (Usually Short-Term or Capped)
Effective Yield: Often < 7% after conditions are met
You may find a bank offering 7% for 3 months on $1,000—but with monthly caps, balance limits, or checking account requirements. These are often short-lived and not suitable for serious investors or retirement planning.
✔ FDIC-insured
✔ Good for small balances
✘ Usually capped at low dollar amounts
✘ Requires active account maintenance
✘ Hard to ladder or scale
Who Needs It: Short-term savers with small balances
Who Doesn’t: Retirement-focused investors or those with larger savings
Better Alternative: Use a MYGA or indexed annuity for stronger yields and simpler terms
Reasons to Compare CD Rates
- Maximize Returns: Higher interest rates mean more growth for your savings. The Annuity Expert compares rates from top banks and credit unions to ensure you get the best deal.
- Flexible Options: If you’re age 60 or saving for retirement, consider a MYGA (Multi-Year Guaranteed Annuity) as an alternative for higher interest rates and better liquidity.
- No Obligation: We aim to provide a no-obligation online comparison, connecting you with the best options. Working with brokers and advisors is worth it to make informed decisions before you buy.
- Security and Stability: CDs are a safe investment, but it’s essential to shop around for the best rates and terms that suit your financial goals.
Explore all options to grow your savings efficiently and securely. Visit The Annuity Expert to find the highest interest rates in the United States.
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