With another possible rate cut on the horizon for December, CD rates could dip even lower.
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Will CD rates drop in December?
All eyes are on the Fed to see where interest rates will go next.
The Fed could make another interest rate cut in December, which would see CD dip even lower.
The Fed doesn’t directly impact CD rates, but it does control the federal funds rate.
The federal funds rate is the overnight lending rate banks charge one another to borrow funds.
When the federal funds rate goes down, rates on consumer products like CDs andsavings account ratestend to follow.
What do current CD rates mean for you?
If you’re working on growing your savings, there’s still time to earn a high APY.
Even with another rate cut looming, CD rates will likely drop, but they won’t plummet overnight.
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. 2, 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 Nov. 29, 2024, to Dec. 2, 2024.
