Visi Money
TLDR: Today’s best CD rates offer APYs of up to 5.55%. Some banks are slowly lowering rates for select terms, so savers need to act quickly if they plan to open a CD, especially for the long term. Rates for five-year CDs are already dipping below 4% for some financial institutions. It’s recommended for savers to compare rates before opening a CD account to get the best APY possible.
Key points:
- CD rates aren’t changing much at the moment, but rates have been dropping over the past month.
- Locking in a high APY is a benefit of opening a CD in a high-rate environment.
- When choosing a CD account, take into consideration the term length, minimum deposit requirement, fees, federal deposit insurance, and customer ratings.
If you’ve been considering opening a CD, you may want to act fast before your earning potential drops. Some banks are holding CD rates high, but that’s not the case everywhere. MarsBars / Getty Images You can still find top CDs with annual percentage yields, or APYs, of up to 5.55%. But some banks are slowly lowering rates for select terms — a clear sign that savers need to act quickly if they plan to open a CD, especially for the long term. Rates for five-year CDs are already dipping below 4% for some financial institutions. Your APY is locked-in when you open a CD, so your interest earnings won’t change even if CD rates continue to fall. Experts recommend comparing rates before opening a CD account, to get the best APY possible.
