Last week, for example, BMO Alto raised rates on all its CD terms, but Rising Bank lowered its one-year CD rate. That said, many experts anticipate high CD rates won’t last for too much longer. Average rates for six-month CDs went up by 0.20%, and average rates for long-term CDs went up by a larger percentage - 0.23% for three-year and 0.49% for five-year terms, respectively. In general, rates increased slightly from Nov. Here’s how rates for the top CDs we track at CNET currently compare to average national rates: Term And while the central bank has chosen to pause rate hikes during its last two meetings, CD rates remain high. The Fed has steadily raised rates since March 2022 to combat persistently high inflation, and CD rates have risen as a result. ![]() When the Federal Reserve periodically adjusts this rate to stimulate the economy, banks tend to adjust their rates accordingly. The federal funds rate, which determines how much banks charge to lend and borrow money, influences CD and savings account rates. ![]() Earnings are based on APYs and assume interest is compounded annually. 14, 2023, based on the banks we track at CNET. Here are some of the best CD rates available right now and how much you could earn if you deposited $5,000 today.
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