Since the Fed opted to pause rate hikes at its last two meetings, CD rates have largely remained high - but they’ve begun wavering recently. When the federal funds rate goes up, banks tend to raise their savings and CD rates to attract more customers and increase their cash reserves. This rate determines how much it costs banks to borrow and lend money.
Savers have enjoyed high CD rates since March 2022 as the Federal Reserve has regularly raised the federal funds rate to fight inflation. Earnings are based on APYs and assume interest is compounded annually.
27, 2023, based on the banks we track at CNET. Here’s a look at some of the top CD rates available right now and how much you could earn if you deposited $5,000 today.
