But APYs have been falling since the Federal Reserve cut interest rates at its last three meetings.
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APYs have been falling for months following a series ofFederal Reserve rate cuts.
The Fed doesn’t directly set CD rates, but banks tend to move in lockstep with its decisions.
When the Fed cut rates, banks cut APYs on products like CDs andsavings accountsand vice versa.
We evaluated CD rates from more than 50 banks, credit unions and financial companies.
We evaluate CDs based on APYs, product offerings, accessibility and customer service.
*APYs as of Jan. 15, 2025, based on the banks we track at CNET.
Earnings are based on APYs and assume interest is compounded annually.
