Current CD and Savings Account Rates
The highest CD rates today reach up to 5.39% for a 3-month term, while high-yield savings accounts offer rates up to 5.25%. Experts anticipate potential rate cuts by the Federal Reserve in the near future.
Sources (92)
Open Article9/11/2024
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| Score | Value |
|---|---|
Scale | 6 |
Novelty | 4 |
Positivity | 7 |
Reliability | 8 |
Actionability | 8 |
Society | 5 |
Journalism | 3 |
Highlights
- Today's highest CD rate is 5.39% for a 3-month CD.
- CD rates from online banks are commonly twice as high as the national average rates.
- The highest interest rate currently being offered on a one-year CD is 5.37%.
- The best rate on today's jumbo CDs is 5.32% for a 6-month term.
- Experts predict the Federal Reserve could begin cutting rates as early as September.
Perspectives
- Some experts express concern that as the Federal Reserve is expected to cut rates, the current high yields on savings accounts and CDs may decrease, impacting savers' returns. [63][66]
- The current competitive CD rates provide an opportunity for savers to earn significantly higher interest compared to traditional savings accounts, making them an attractive option for those who can lock in their funds. [65][66]