Whileopening a CD nowmay offer less liquidity, it also protects your earnings from fluctuations in interest rates.
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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.
Are CDs still a good place to put your money?
If you’re working on growing your savings, there’s still time to earn a high APY.
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. 6, 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.
