Fed Rate Cut Triggers Drop in CD and Savings Rates

Despite the decline, some high-yield accounts and CDs still offer competitive returns.

Last week's Federal Reserve rate cut has led to a decrease in many CD and savings rates.
The top CD rate of 5.20% for a 6-month term remains available from ableBanking.
High-yield savings accounts are still offering rates up to 5.33% APY from digital banks like Peak Bank and Lending Club.
Economists predict further rate cuts in 2024 and 2025, which may lead to additional declines in interest rates.
The Federal Reserve's decision aims to balance inflation control with economic growth, following a period of aggressive rate hikes.