But APYs have been falling since the Federal Reserve cut rates at its last two meetings.
The longer you wait, the lower your earning potential could be.
Earnings are based on APYs and assume interest is compounded annually.
The federal funds rate determines how much it costs banks to borrow and lend money to each other.
When it cuts this rate, banks tend to cut their APYs.
At one point, APYs for the CDs we track at CNET reached 5.65%.
As inflation showed signs of cooling, the Fed began pausing rates starting in September 2023.
CD rates plateaued and then began to dip slightly as banks anticipated a rate cut later this year.
Based on the banks we track at CNET.
*Weekly percentage increase/decrease from Nov. 11, 2024, to Nov. 18, 2024.
After the Fed’s rate cuts at its last two meetings, experts expected a third cut in December.
That means the Fed may elect to pause rates at its next meeting.
This is good news for savers who want to take advantage of high APYs while they’re still around.
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.
