Summary: Federal Reserve cuts interest rates, impacting deposit account rates, but best CD rates today are still competitive

From Yahoo Finance: 2025-04-21 06:00:00

The Federal Reserve has cut interest rates three times in 2024, impacting deposit account rates. Now is a good time to secure high rates with a certificate of deposit (CD). Current CD rates are competitive, with the highest at 4.40% APY from Marcus by Goldman Sachs. Online banks and credit unions typically offer better rates.

Average CD rates are at 1.82% for a 1-year term, the highest in nearly two decades. Thanks to the Federal Reserve’s efforts, today’s rates are among the best seen recently. When opening a CD, choose one with a high APY and suitable term length. Shopping around and considering online banks can help find the best rates.

To find the best CD rates, compare offers from various financial institutions and be mindful of minimum deposit requirements. Review terms and conditions, including early withdrawal penalties and auto-renewal policies. Some CDs, like no-penalty CDs, offer flexibility with no fees for early withdrawals before maturity.



Read more at Yahoo Finance: Best CD rates today, April 21, 2025 (Lock in up to 4.40% APY)