An improved container lid comprising an integral lid retaining channel which is configured to accept and be press fit onto the circumferential rim of a container, such as, for instance, a coffee cup is disclosed in preferred and various alternate embodiments. The improved container lid of the invention may comprise any material suitable for container lids such as paper, waxed paper, plastic, or other materials known in the art. The improved container lid of the invention is adapted to be retained upon, for example, a lip of a beverage container while the beverage container is in use. Thus, the improved container lid of the invention prevents accidental loss of the container lid and may be used in an open or closed position.