Optimizing CD Rates for SEO: Lock in a Top Rate for the Full Term

In the current high-interest rate environment, one of the most attractive features of a certificate of deposit (CD) is the ability to secure a top rate for the full CD term. Right now, you have the opportunity to guarantee a rate of 6.50% APY until next summer or potentially 6.00% APY until 2025. Financial Partners Credit Union continues to offer a market-leading rate of 6.50% APY on an 8-month CD (with a maximum deposit limit of $5,000). If you’re looking to secure a top rate for a longer term, Credit Human’s pick-your-term option allows you to lock in a rate of 6.00% APY for 12 to 17 months.

Key Takeaways: Nationwide CD Rates

• Top Rate: Financial Partners Credit Union offers 6.50% APY on an 8-month CD (with a $5,000 maximum deposit).
• Larger Deposits: For larger deposits, you can earn a top rate of 6.00% APY on a term of your choice ranging from 12 to 17 months.
• Total CDs Paying 5.75% or Better: The number of CDs paying 5.75% or better has increased from nine to 15 since the start of October.
• Regional CD Rates: Shoppers in five lucky states can earn a competitive rate of 6.25% APY with a top regional CD.

The Federal Reserve is expected to maintain steady interest rates in next week’s meeting, with the possibility of another rate hike in December or January. If you’re looking for longer-term options, the top 2-year CD is paying 5.60% APY, and you can secure rates of 5.37% APY for 30 months or 5.25% APY for 36 or 40 months. Jumbo deposits of at least $100,000 can further increase your rates to 5.68% APY for a 2-year term or 5.52% APY for 30 months.

According to a recent survey of Investopedia readers, CDs are the top choice for investing an unexpected $10,000 windfall, chosen by 18% of respondents. CDs are even more popular than stocks, money market funds, and index funds.

To view the top 15–20 nationwide rates for any term, click on the desired term length in the left column. Remember, besides nationwide CDs, there are also banks and credit unions that offer leading rates in select regions. While these regions may be limited in size, you can find one particularly competitive CD with a rate of 6.25% APY available to residents of five states.

Take note that jumbo CDs don’t always offer higher returns than standard certificates. In some cases, you can find standard CDs that provide equal or better rates. Currently, this is true for six out of eight terms, so it’s recommended to evaluate both certificate types before making a final decision.

How High Will CD Rates Go This Year?

The Federal Reserve has been actively combating high inflation rates by increasing the federal funds rate. With the most recent hike in July, there have been 11 increases in 13 meetings, resulting in a cumulative increase of 5.25%. These rate conditions have provided favorable options for CD shoppers and those holding cash in high-yield savings or money market accounts.

In the upcoming meeting on November 1, the financial markets anticipate that the Fed will maintain steady interest rates. While some Fed members have indicated that the rate-hike campaign has reached its end, Chairman Jerome Powell reiterated the central bank’s commitment to bringing inflation back down to its target of 2%, leaving the door open to a future rate increase.

The CME Group’s FedWatch Tool shows that markets currently predict a 25-35% chance of an additional rate hike in December or January. However, predictions for future Fed rates should be taken with caution, as economic conditions may change. Only time will tell if CD rates have peaked or if there’s potential for further increases.

It’s important to note that the “top rates” mentioned in this article are the highest rates available nationwide. The national average rates, which encompass all banks offering CDs, often pale in comparison to these top rates. By shopping around, you can often find rates that are five, ten, or even fifteen times higher.

Investopedia collects rate data from over 200 banks and credit unions nationwide to determine daily rankings of the top-paying CDs in various terms. To be included in these rankings, institutions must be federally insured, have a minimum deposit requirement not exceeding $25,000, and be available in at least 40 states.

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