Key Takeaways
There’s still time to maximize your earning potential with ahigh-yield certificate of deposit.
Don’t wait too long.
Today’sbest CDsstill offer annual percentage yields up to 4.75%.
That’s more than twice thenational averagefor some terms.
APYs have been dropping since theFederal Reserve cut interest ratesat its last two meetings.
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Why are CD rates falling?
The Fed’s actions play a big part in where banks set their CD rates.
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 November meeting, many experts expected a third cut in December.
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. 25, 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. 18, 2024, to Nov. 25, 2024.
