You May Have Only Days To Lock In Today’s CD Rates—Here’s Why Savers Are Moving Fast

Core Insights - The Federal Reserve is expected to implement its third rate cut of the year, with nearly 90% probability of a quarter-point reduction, which will likely lead to lower yields on savings accounts and CDs [1] - Many savers are rushing to secure current high CD rates, which are historically high, with top nationwide CDs offering returns in the lower to mid-4% range [2][4] - The best nationwide CDs currently offer rates between 4.18% and 4.50% for terms ranging from 4 to 24 months, providing options for savers to lock in high yields [3] Summary by Sections Current CD Rates and Trends - CDs are available with yields between 4.05% and 4.50%, but a potential Fed rate cut could lead to these yields disappearing soon [4][8] - Locking in a CD now allows savers to secure higher returns for the full term, unlike savings accounts which may not guarantee such rates [8] Earnings Potential - The earnings from a CD depend on the rate, maturity term, and deposit amount, with shorter terms offering flexibility and longer terms providing guaranteed yields [5] - For a $10,000 deposit, potential earnings vary by term, with a 3-month CD at 4.50% yielding $111 and a 5-year CD at 4.07% yielding $2,208 [6][9] Deposit Amount Variations - Earnings also change based on the deposit amount, with a $5,000 deposit earning $55 in a 3-month CD at 4.50% and a $25,000 deposit earning $277 [10]