That’s more than twice thenational averagefor some terms.
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The Fed’s actions play a key part in where banks set their CD andsavings accountAPYs.
When the Fed raises the federal funds rate, banks tend to raise APYs on these accounts.
When it cuts the federal funds rate, banks cut their APYs.
Since the Fed started cutting its benchmark interest rate in the fall, savings rates have come down considerably.
Locking in a high APY now can protect your earnings from additional fluctuations among banks.
Today’s top APY of 4.70% is still more than double thenational averagefor some terms.
We evaluated CD rates from more than 50 banks, credit unions and financial companies.
We evaluate CDs based on APYs, product offerings, accessibility and customer service.
*APYs as of Dec. 24, 2024, based on the banks we track at CNET.
Earnings are based on APYs and assume interest is compounded annually.
**Weekly percentage increase/decrease from Dec. 16, 2024, to Dec. 23, 2024.
