Key takeaways
The Federal Reserve meets in a little over one week.
That means you could see rates onsavingsandcertificates of depositdip again going into the new year.
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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.
The Fedcut rates in September, its first rate cut since March 2020.
Since then, CD and savings rates have rapidly fallen.
Last week, it was down to 4.15%.
CD rates could drop further if the Fed makes a rate cut on Dec. 18.
Even with another rate cut looming, a handful of CDs on our list increased rates this week.
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. 9, 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. 2, 2024, to Dec. 9, 2024.
