Current CD Interest Rates and Where to Find the Best Offers
Are you looking to make the most of your savings in today’s economic climate? With certificate of deposit (CD) interest rates at some of the highest levels we’ve seen in over a decade, now is the perfect time to explore your options and find the best CD rates available.
CD rates can vary widely across financial institutions, so it’s important to do your research and shop around to ensure you’re getting the best rate possible. As of June 15, 2024, the highest CD rates can be found for shorter terms of around one year or less, with rates reaching about 5.00% APY and slightly higher. Even longer-term CDs of two years or more offer competitive rates, typically around 4% to 4.5% APY.
But how much interest can you actually earn with a CD? The amount of interest you earn depends on the annual percentage rate (APY) and how often interest compounds. By investing in a CD with a higher APY, you can significantly increase your earnings over time. For example, a one-year CD with a 5% APY could earn you over $500 in interest on a $10,000 deposit.
When choosing a CD, it’s not just about the interest rate. There are different types of CDs that offer various benefits, such as bump-up CDs that allow you to request a higher rate if rates go up, no-penalty CDs that let you withdraw funds early without penalty, jumbo CDs that require a higher minimum deposit for a potentially higher rate, and brokered CDs purchased through a brokerage.
With CD rates at their current levels, now is the perfect time to explore your options and make the most of your savings. Check out our picks for the best CD accounts available today and start maximizing your earnings with a certificate of deposit.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.