CD Rates Poised to Climb Higher in November if Fed Raises Interest Rates Again

CD rates could increase in November depending on the Federal Reserve's upcoming meeting and decision on interest rates.

Higher interest rates from the Fed over the past year have already resulted in higher CD rates.

As of September 2022, the average 1-year CD rate was 1.89%, much higher than 0.14% in January 2022.

If the Fed raises rates at their late October meeting, CD rates will likely also increase. If rates stay the same, CD rates may not change much.

Now is a good time to lock in a CD and take advantage of relatively high interest rates, but don't deposit money you may need access to since CDs have penalties for early withdrawal.