Federal Reserve rate cuts lead to changes in savings and CD rates

The Federal Reserve has cut interest rates in its last two meetings, leading to changes in deposit rates. Consumers are encouraged to secure high rates before they decline further. As of November 30, 2024, top savings accounts offer rates up to 4.85%, while certificates of deposit (CDs) reach up to 4.40%. High-yield checking accounts also provide competitive rates, with some offering up to 2.00% APY. Online banks continue to lead in offering higher rates due to lower operating costs. This trend highlights the importance of comparing options to find the best interest rates available.