Key Takeaways
There’s still time to lock in a great rate on a certificate of deposit.
The sooner you act, the more interest you could earn.
Today’sbest CDsoffer up to 4.75% annual percentage yield.
That means APYs are likely to continue their downward trend.
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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.
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.
*APYs as of Nov. 21, 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. 11, 2024, to Nov. 18, 2024.
