Overview

• BMO Alto leads with a new 5-year CD rate of 4.80% APY, reflecting a broader trend of rising long-term deposit rates.
• Digital banks are offering savings rates significantly above the national average, with some reaching up to 5.55% APY.
• Despite a cooling inflation rate, the Federal Reserve maintains its benchmark rate, influencing stable high returns on deposits.
• Financial experts recommend locking in current CD rates to hedge against potential future rate decreases.
• Access to high-yield savings accounts is enhanced by digital banking platforms, providing flexible and lucrative options for savers.