High CD and Savings Rates Continue as Banks Compete for Deposits

Experts advise locking in rates now, as CD rates are not expected to rise in 2024.

Banks and credit unions are competing for customer deposits with high CD and savings rates, offering a favorable environment for savers.
Experts predict CD rates will not increase in 2024, making it an opportune time to lock in current high rates.
The best CD rate available is 5.75% from Andrews Federal Credit Union for a 6-month term.
The Federal Reserve has signaled it may cut rates later this year, potentially leading to lower CD and savings rates in the future.
Savings and checking account bonuses, such as up to a $300 bonus from SoFi Checking and Savings, are also being offered to attract new customers.