Over the last two weeks, Rising Bank, CFG Bank and LendingClub all dropped their one-year CD rates - with Rising Bank dropping them twice in the past month. On a more micro level, we’re beginning to see banks nudge rates downward, particularly for one-year CDs. But that’s just looking at the overall averages. 20, average APYs increased for six-month CD terms, and average one-year and three-year CD rates went down slightly. Here’s a look at how they’ve moved since last week: Term While the Fed opted to pause rate hikes at its last two meetings, CD rates have held high - for the most part. 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. Recent CD rate drops are expected to continue
Earnings are based on APYs and assume interest is compounded annually.
20, 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.
