Top Savings and CD Rates Decline Following Fed Rate Cut

Despite the recent Federal Reserve rate cut, high-yield savings accounts and CDs still offer competitive returns, but rates are expected to continue falling.

• The leading CD rate has dropped to 5.20%, with additional declines anticipated as the Federal Reserve plans further rate cuts in 2024 and 2025.
• High-yield savings accounts currently offer up to 5.50% APY, but these rates are also expected to decrease due to the Fed's actions.
• Top CDs for longer terms still provide competitive returns, with rates ranging from 4.16% to 4.78% for terms of 19 months to 5 years.
• Jumbo CDs continue to offer higher rates compared to standard CDs, leading in five out of eight tracked terms.
• Savers are advised to lock in current rates now, as future rates are predicted to be significantly lower.

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