Rising interest rates have given a lift to CD rates, making these higher-yielding savings accounts appealing to investors. At its last policy meeting in July, the Federal Reserve raised the target for the federal funds rate, a key overnight bank lending rate, to a range of 5.25% to 5.50%. It was the 11th rate hike since March 2022 as part of the central bank's campaign to reduce inflation to 2%. While this makes borrowing money more expensive, it also increases the annual percentage yield (APY)
Here are some of the top earning CD rates for a range of term lengths. In an attempt to slow high inflation, the Federal Reserve has been continually raising interest rates since last year. In fact, at their latest meeting, the Fed decided to once again raise rates by a quarter of a percentage point. This is the 11th interest rate hike since March 2022 and brings the federal funds rate, a key overnight bank lending rate, to a target range of 5.25% to 5.5%, the highest it's been since 2001. Offic