Key takeaways
Time is of the essence if you want tomaximize your savingswith a certificate of deposit.
But the sooner you act, the better.
You may not be able to find APYs this high tomorrow.
Earnings are based on APYs and assume interest is compounded annually.
The Fed regularly adjusts the federal funds rate to keep the US economy in check.
This rate determines how much it costs banks to borrow and lend money to each other.
When it lowers this rate, banks lower their APYs, too.
As inflation continued to cool and banks anticipated a Fed rate cut, they started dropping APYs across terms.
APYs fell slowly at first, but the pace has picked upsince the Fed’s September rate cut.
Based on the banks we track at CNET.
Weekly percentage increase/decrease from Oct. 7, 2024, to Oct. 14, 2024.
All signs point to the downward trend continuing.
“With these declines in interest rates, CD and money market rates will also continue to fall.”
Experts recommend comparing rates before opening a CD account to get the best APY possible.
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So be sure to choose a term that fits your savings timeline.
How much money you have to set aside can help you narrow down your options.
Fees:Maintenance and other fees can eat into your earnings.
Manyonline banksdon’t charge fees because they have lower overhead costs than banks with physical branches.
Still, read the fine print for any account you’re evaluating.
Customer ratings and reviews:Visit sites like Trustpilot to see what customers are saying about the bank.
You want a bank that’s responsive, professional and easy to work with.
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.
