Summary: Federal Reserve lowers rates, but some banks offer high CD rates, shop around for best options.

From Yahoo Finance: 2025-04-14 06:00:00

The Federal Reserve has lowered interest rates, impacting deposit account rates. Now may be the best time to secure high CD rates. Marcus by Goldman Sachs offers a 4.50% APY on a 14-month CD with a $500 minimum deposit. Online banks and credit unions typically offer more competitive rates.

Today’s average CD rates are some of the highest in two decades due to the Federal Reserve’s actions against inflation. The national average interest rate for a 1-year CD is 1.82%. It’s crucial to choose a CD with a high APY and suitable term length to match your financial goals.

To find the best CD rates, shop around and compare options from various financial institutions. Consider online banks for competitive rates due to lower overhead costs. Be mindful of minimum deposit requirements and review account terms, including early withdrawal penalties and auto-renewal policies.

Read more: Best CD rates today, April 14, 2025 (Lock in up to 4.50% APY)