While we track top banks to compile our CNET average, there are some banks offering even higher rates for less common CD terms. Promotional CD rates could boost your earnings Just last week, for example, Rising Bank lowered its one-year CD by 0.10%, and CFG Bank dropped the rates on its one-, three- and five-year CDs by 0.15% each. That makes now a great time to open a CD and lock in an APY while rates are still elevated. That said, many experts expect CD rates will begin falling mid-2024 - and potentially sooner depending on the Fed’s next move. Here’s how rates for the top CDs we track at CNET currently compare to average national rates: Term And while the central bank has chosen to pause rate hikes during its last two meetings, CD rates remain high. The Fed has regularly raised rates since March 2022 to combat persistently high inflation, and CD rates have steadily risen as a result. When the Federal Reserve periodically adjusts this rate to stimulate the economy, banks tend to adjust their rates accordingly. The federal funds rate, which determines how much banks charge to lend and borrow money, influences CD and savings account rates. Earnings are based on APYs and assume interest is compounded annually. 13, 2023, based on the banks we track at CNET. Here’s a look at some of the best CD rates available right now and how much you could earn if you deposited $5,000 today.
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