Today's Certificate of Deposit (CD) Rates
Interest rates on CDs are at their highest in over a decade, offering a competitive return on savings. However, with the Federal Reserve recently cutting its target rate, time is running out to secure the best rates.
Overview of Current CD Rates
Typically, longer-term CDs come with higher rates. However, in today's market, shorter-term CDs are offering more competitive returns.
Top CD Rates Today
The highest CD rate today is 4.30% APY, offered by Marcus by Goldman Sachs for its 9-month CD. Other top rates include:
* [Insert other top rates here]
Earning Interest with a CD
The amount of interest earned on a CD is determined by the annual percentage yield (APY). The APY includes both the base interest rate and the frequency of compounding (typically daily or monthly).
Types of CDs
Consider the following types of CDs for different benefits:
* Bump-up CD: Request a higher rate if the bank's rates increase during the term.
* No-penalty CD: Withdraw funds before maturity without a penalty.
* Jumbo CD: Requires a higher minimum deposit ($100,000+) but may offer enhanced rates.
* Brokered CD: Purchased through a brokerage, potentially offering higher rates or more flexible terms.
Additional Resources:
* [Link to savings account interest rates page]
* [Link to money market account rates page]