Posted 12/19/2023, 4:52:21 PM
Top CD Rates Now Over 5.50% APY as Banks Compete for Deposits
- Several CDs are currently offering interest rates of 5.50% or higher, with some as high as 5.88% APY
- High rates are available on CD terms ranging from 3 months to 1 year
- Minimum deposit amounts range from $200 to $25,000
- Early withdrawal penalties vary but can equal loss of several months' worth of interest
- In uncertain rate environments, CDs with fixed rates can protect earnings from drops during the CD's term