Federal Reserve lowered interest rates in 2024, but CD rates remain competitive, with Marcus and LendingClub offering 4.50% APY.

From Yahoo Finance: 2025-03-24 06:00:00

The Federal Reserve lowered interest rates in 2024, impacting deposit account rates. CD rates remain competitive, with shorter terms offering around 4.00% APY and longer terms around 3.00%-4.00% APY. Marcus by Goldman Sachs and LendingClub offer the highest rates at 4.50% APY. Online banks and credit unions generally offer more competitive rates.

Average national CD rates for 1-year terms are at 1.82%, but current rates are some of the highest in nearly two decades due to the Federal Reserve’s efforts to combat inflation. When opening a CD, choose a high APY and term length that suits your financial goals. Shop around, consider online banks, check deposit requirements, and review account terms.

Read more: CD rates today, March 24, 2025 (Lock in up to 4.50% APY)