Key Takeaways
Want to maximize your returns with a certificate of deposit?
Now’s the time to act.
you could earn up to 4.70% annual percentage yield, or APY, with today’stop CDs.
The sooner you open a CD, the higher the APY you may be able to lock in.
slide in your information below to get CNET’s partners' best rate for your area.
What’s in store for CD rates?
The Fed doesn’t directly set 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 accountstend to follow.
The Fedcut rates in September, its first rate cut since March 2020.
Since then, CD and savings rates have fallen faster.
This week, it’s 4.14%.
“Rates are still high on a historical basis.”
HYSAs are better suited for things like youremergency fundbecause you could take out cash at any time without penalty.
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. 12, 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.
