CD and Savings Rates Continue to Outpace Inflation in 2024

Despite a stable federal funds rate, financial institutions offer attractive returns on CDs and high-yield savings accounts.

MutualOne Bank offers the highest CD rate at 5.65% APY for a 3-month term, while Newtek Bank leads with a 6-month CD at 5.55% APY.
High-yield savings accounts are thriving, with top rates reaching up to 5.55% APY, significantly above the national average.
Inflation remains sticky around 3.5%, prompting savers to seek out higher returns to preserve purchasing power.
Digital banks and online-only institutions are key players, providing competitive rates that far exceed those of traditional banks.
The Federal Reserve maintains the federal funds rate at 5.25% to 5.50%, influencing savings and CD rates indirectly.