This 12-Month CD Offers a 6% APY — But You’ll Want to Lock in Rates Soon

CD rates won't stay this high forever, so lock in rates while you can.

CD rates are exceptionally high — but they won’t stay this way forever. Rates on savings vehicles like CDs and high-yield savings accounts have skyrocketed since 2022, with many of the top accounts offering rates of return of over 4% to 5%. If you wait too long to lock in rates, however, you could miss out on these high rates of savings.  

The Federal Reserve has been raising interest rates over the last 18 months in an effort to fight high inflation, lifting the federal funds rate a total of 11 times. The fed funds rate, a key overnight bank lending rate that impacts all kinds of other rates, is currently set at a target range of 5.25% to 5.5%, which is the highest its been in 22 years. The bright side, however, is that when interest rates rise, savings rates typically do as well.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up
Credit Human  12-Month CD

Credit Human 12-Month CD

  • APY: 6%
  • Minimum Balance Requirement: $500
  • No monthly service fee

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

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.