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7mo ago

Federal Reserve Set to Cut Rates Next Week as CD and Savings Rates Remain High

With the Fed's first rate cut since 2020 imminent, now is the time to lock in high-yield CDs and savings accounts.

Overview

  • The Federal Reserve is expected to announce a rate cut next week, marking the first reduction since 2020.
  • Currently, the best Certificate of Deposit (CD) rates are holding at 5.25% APY, with 15 options available for terms ranging from 3 months to 1 year.
  • High-yield savings accounts are offering up to 5.50% APY, significantly higher than the national average of 0.46%.
  • Longer-term CD rates have slightly decreased but still offer attractive returns, with the best 2-year rate at 4.78% APY.
  • Economists predict additional rate cuts in 2024 and 2025, making it a strategic time to secure high-yield accounts before rates drop further.