How to find the highest CD interest rate this June
Summary
Savers looking for the highest interest rates on certificates of deposit (CDs) this June can benefit from the Federal Reserve’s decision to keep interest rates steady. Long-term CDs generally offer better rates than short-term ones, and online banks usually provide higher rates than local banks. Using online marketplaces can help compare different CD rate options easily.Key Facts
- The Federal Reserve is keeping interest rates on pause, maintaining current rates for savers.
- Some CDs have offered rates as high as 6% or 7% recently, though those offers have decreased.
- Long-term CDs (18 months or more) usually pay higher interest rates than short-term CDs (under a year).
- Current rates for short-term CDs are about 3.95% to 4.15%, while long-term CDs range from 4.15% to 4.20%.
- Local banks often pay lower CD rates because of higher operating costs.
- Online banks provide better CD rates due to lower expenses.
- Online marketplaces make it easier to compare CD rates, terms, and fees from different lenders.
- Savers do not need to rush to lock in rates but should look for the highest available before committing funds.
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