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What will CD rate forecasts look like in 2024?

However, with the Federal Reserve cutting the federal funds rate by a half-point in September 2024, CD rate forecasts may look a bit different toward the end of 2024 and into 2025. We’ve rounded up the top banks and credit unions where you can find the highest APYs on CDs of various terms.

What is the National CD rate in 2023?

The national rate for a 12-month CD jumped to 1.86% as of December 18, 2023, according to the latest data from the Federal Deposit Insurance Corp. That rate is the highest for all of 2023 and for every year dating back to 2009, based on the FDIC’s oldest data available online. Should I Lock In a CD Rate Now?

What is the average CD yield in 2024?

The average annual percentage yield as of Sept. 16, 2024 on a one-year CD is 1.88%, according to the Federal Deposit Insurance Corporation (FDIC), while a five-year CD was 1.42%. While those rates aren’t robust, they’re well above historical levels.

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