CD Rates Reach 20-Year High, Expected to Fall in 2024

Federal Reserve's aggressive battle against inflation leads to surge in CD rates, with 13 options offering above 5.50%.

CD rates have reached their highest level in more than 20 years due to the Federal Reserve's aggressive battle against inflation.
13 options in the daily ranking of the best nationwide CDs are currently offering a rate above 5.50%, with the highest being 5.75%.
CD rates are expected to fall further in 2024, making now a good time to lock in a rate for months or years into the future.
CD rates are directly impacted by movement in the federal funds rate, so it's expected that CD rates will fall this year, and likely over the next two years.
The Federal Reserve embarked on an aggressive rate-hike campaign in a fight against decades-high inflation in March 2022, leading to a surge in CD rates in 2023.