The good news is that your bank deposits are FDIC-insured up to $250,000 per depositor, per account ownership type and per financial institution.
Recent bank failures have many consumers worried about whether funds kept in CDs are as safe as claimed. As the federal funds rate increases, you can expect CD rates at many banks to follow suit. In both September and November FOMC meetings, however, the Fed decided to maintain the current target range for the federal funds rate while actively monitoring inflation to determine whether another rate increase might be needed.īanks generally use the federal funds rate as a guide when setting rates on savings and lending products. In July 2023, the Federal Open Market Committee (FOMC) again raised the federal funds rate, this time to a range spanning from 5.25% to 5.50%. Are CD Rates Going Up?ĬD rates may be flattening out. Please click here to see your rate before applying. Up to 4.30% Annual Percentage Yield (APY) for 19 months.Up to 4.80% Annual Percentage Yield (APY) for 13 months.Up to 4.20% Annual Percentage Yield (APY) for 7 months.
