When considering your savings account options, the timing behind opening an account is key. If you had acted in 2020 or 2021, for example, when interest rates had plummeted, the returns on most savings accounts were barely existent. But as the pandemic faded and inflation surged, interest rates rose in tandem. That's resulted in rates on high-yield savings and certificates of deposit accounts growing exponentially.
13 after three months6-month CD at 5.50%$1,000: $27.13 for a total of $1,027.13 after six months$5,000: $135.66 for a total of $5,135.66 after six months$15,000: $406.98 for a total of $15,406.98 after six monthsSee how much you could make with a 6-month CD here now.12-month CD at 5.38%$1,000: $53.80 for a total of $1,053.80 after 12 months$5,000: $269.00 for a total of $5,269.00 after 12 months$15,000: $807.00 for a total of $15,807.00 after 12 months18-month CD at 5.30%$1,000: $80.
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How Long Will High CD Rates Last?Inflation has been high for years now, and while it's decreased quite a bit from its peak of 9.1% in June 2022, it's still below the Federal Reserve's target goal of 2%. To move the needle and curb spending further, the Fed has kept interest rates paused at a 23-year high at its last three meetings. While that's bad for consumers using credit cards, mortgages and loans, as higher rates mean paying more in interest on the money borrowed, it's a boon for savers, resulting in hefty interest rates on savings accounts and certificates of deposit (CDs). What goes up must come down, though, and at some point, the Fed is likely to make rate cuts once inflation is under control. While the Fed rate doesn't directly impact the rates on savings accounts and CDs, the two generally move in the same direction. So the question remains: How long will these high CD rates last? And if the Fed does cut rates, how far will CD rates have to fall? Find out the best CD options available to you today
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