CD Rates Are High, Shop Around to Get the Best Returns

High-interest CD rates are back — shop around for the best 5%+ deals.

CD rates
(Image credit: Getty)

CD rates benefited from a rising interest rate environment, while the Federal Reserve was raising the fed funds rate between 2022-2023. But as the rate hiking campaign appears to have ended (the Fed held interest rates steady in January, its fourth consecutive pause), the boon to CD rates could be waning soon. 

To combat inflation, the Federal Reserve raised interest rates 11 times since March 2022. And as interest rates kept rising, so did rates on high-yield savings accounts and CDs. 

Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.