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    • CD prices mostly held firm this week, but best nationwide deal expected to end soon
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    CD prices mostly held firm this week, but best nationwide deal expected to end soon

    Pabio Posted on

    Key takeaways

    • THE best CD rates nationwide held firm for all but one term this week. The top 3-month rate rose from 5.00% to 4.85% on Tuesday.
    • Overall, the highest rate nationwide remains 5.50% on an 8-month CD starting at Nuvision Credit Union. But the fine print says this deal will expire on November 30, meaning you only have one week left to snag it while you can.
    • In second place are five CDs paying 5.00%, with terms of 6 months to 1 year. The longest of them, Apple Federal Credit Unionwould allow you to guarantee a return of 5% up to following Thanksgiving.
    • Or consider a multi-year CD to extend your rate lock through 2026, 2027, or even the end of 2029.
    • With the Fed expected to make further rate cuts next year – and perhaps one in December, CD rates will almost certainly fall. So, the sooner you grab an offer you like, the better.

    The full article continues these offers from our partners below.

    The best CD rates held or even increased

    While the Federal Reserve’s latest rate cut is now two weeks behind us, the best CD rates nationwide have mostly held their own. That means you can still earn 5.00% with the best one-year CD, or at least that rate with five additional CDs ranging from 3 to 8 months. This includes the national rates leader, Nuvision Credit Unionwith its certificate 5.50% 8 months. If you open this CD this weekend, your Annual Percentage Yield (APY) will be guaranteed until the end of July.

    But you better act fast, because Nuvision’s website says in the fine print that its 8-month promotional CD will only be available through November 30, 2024. Since that’s over Thanksgiving weekend, it would be wise to lock this CD into the next one. a few days if you are interested.

    To view the top 15-20 national rates for any term, click on the term you want in the left column above.

    Every business day we follow the certificate of deposit Rates available from more than 200 banks and credit unions that offer certificates nationwide. With the Federal Reserve After lowering interest rates by half a percentage point in September and now by another quarter point this week, CD rates are falling. But it’s not too late to secure a guaranteed return that remains exceptional and will pay dividends for months or years to come.

    What about Jumbo CDs?

    In theory, you can earn more by opening a jumbo CD (which typically requires a deposit of at least $50,000) than with a standard CD. But this is not always true. One reason is that many more banks and credit unions offer standard CDs, so rate competition in that market is much tougher.

    Currently you can earn more with the best giant certificates in only one of the mandates we follow, the 2-year mandate. For all other CD durations, you can open a conventional certificate and earn more. Simply place your jumbo-sized deposit into one of these popular standard CDs.

    Where are CD prices going?

    It is still true that a CD offer can be withdrawn at any time. And as further interest rate cuts are expected from the Federal Reserve, it’s likely that the 5% CD rates we’ve been enjoying will start to disappear. Currently, the majority of interest rate traders predict that the Fed will lower the interest rate. federal funds rate by an additional 0.25 percentage point at its meeting in December or January. Additional cuts are planned for 2025. This will put additional downward pressure on CD rates, as well as savings account rates.

    This means it’s wise to act quickly on a CD available now, as you may not have another chance to secure this rate. Additionally, consider the longest CD term you can manage, because any CD rate you lock in now is yours until it is reached. matures. For example, opening a 2-year CD can guarantee that you’ll earn a high rate through November 2026. And 3, 4, and 5-year CDs will guarantee your stellar return even longer.

    Advice

    With online banking, you can apply for any of these CDs on the weekend, which can be easier than trying to fit it in during the week. Although your application likely won’t be processed over the weekend, the bank or credit union will receive it Monday morning and you won’t have to worry about applying during busy work or school hours.

    Daily ranking of the best CDs and savings accounts

    Note that the “highest rates” cited here are the highest nationally available rates that Investopedia has identified in its daily research of rates for hundreds of banks and credit unions. This is very different from the national average, which includes all banks offering a CD with this term, including many large banks that pay paltry interest. So, national averages are still quite low, while the best prices you can find while shopping are often 5, 10, or even 15 times higher.

    How We Find the Best Savings and CD Rates

    Every business day, Investopedia tracks rate data from more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines the daily rankings of the highest-paying accounts. To be eligible for our lists, the establishment must be federally insured (FDIC for banks, NCUA for credit unions), and the minimum initial account deposit must not exceed $25,000. It also cannot specify a maximum deposit amount less than $5,000.

    Banks must be available in at least 40 states to be considered nationally available. And while some credit unions require you to make a donation to a specific charity or association to become a member if you don’t meet other eligibility criteria (for example, you don’t live within a certain region or do not work a certain type of job), we exclude credit unions with a required donation of $40 or more. To learn more about how we choose the best rates, read our full methodology.

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