. With that being understood, CD interest rates won't stay elevated forever and they're likely to level off soon., leaving the benchmark rate at a range of 5.25% to 5.50%. Although that's still significantly elevated, it's unlikely to tick up much further . And since the benchmark rate affects CD rates, it then makes sense to open an account now.before an eventual drop in the upcoming months, the fall could be one of your last chances to secure a high rate.
By opening a CD this fall, not only are you likely to secure a better rate than if you had waited, but you'll also enjoy the earning potential of that account for months to come. That's because CD rates are locked for the duration of the account's. So if rates are cut in 2024, as many are predicting, you'll still be earning interest at the higher rate you opened your account with.