Unlike savings account rates, which are variable, CD rates are fixed when you launch the account.
So, opening a CD while rates are high can help you maximize your returns.
Today’sbest CDsoffer up to 4.65% annual percentage yield, or APY.
But APYs have been falling for months, and we’re likely to see them fall further.
That makes now the ideal time to lock in your APY and protect your earnings.
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APYs have been falling for months following a series ofFederal Reserve rate cuts.
The Fed doesn’t directly set CD rates, but banks tend to move in lockstep with its decisions.
When the Fed cuts rates, banks cut APYs on products like CDs andsavings accounts.
“Just don’t expect the returns you might have seen a year ago.”
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 Jan. 16, 2025, based on the banks we track at CNET.
Earnings are based on APYs and assume interest is compounded annually.
