Act Now: Lock In Your CD Rates Before They Fall Further

Expert advice: Get ahead of the recent dip in CD rates by acting now to secure the best nationwide CD rates, currently ranging from 5.20% to 6.00%. This surge in CD rates, driven by the Fed’s rate-hike campaign, has brought historic highs. However, the latest two weeks have seen a slip in the best nationwide CD rates, potentially signaling a peak. CD rates began climbing early in 2022 when the Federal Reserve initiated a rate-hike campaign to combat post-pandemic inflation. Its first hike in March 2022 was followed by 11 more over the next 12 rate-setting meetings, raising the benchmark rate to its highest level since 2001. This pushed CD rates to the highest levels in over 20 years. While the Fed’s most recent rate increase was implemented in July, further hikes remain a possibility. Despite recent softening in CD rates, a bright spot is the recent unveiling of a new record high rate CD, bringing the top nationwide APY to 6.00%. In choosing a CD term, the best option depends on your individual savings horizon. The way to earn the highest APY is currently to choose the new 6-month term leader, paying 6.00%. However, choosing a longer term may provide a more extended APY guarantee. While predicting CD rates moving forward is imprecise, capturing a CD at its historically high rates now is certainly advisable. Our daily rate analysis tracks more than 200 banks and credit unions offering CDs, ensuring we provide the best rates.

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