Interest rates for checking and savings accounts remain high as Federal Reserve considers rate cut

Interest rates for bank accounts are changing as the Federal Reserve considers a potential rate cut. This could impact the high interest rates currently available for checking, savings, and CD accounts. As of December 16, 2024, some top rates include 4.00% APY on Quorum QBoost Checking for balances up to $5,000 and up to 4.41% APY on Upgrade Performance Savings. Online banks are generally offering the best rates due to lower overhead costs. Certificates of deposit (CDs) are also providing competitive rates, with 6-month CDs in the mid-5% range. No-penalty CDs are available, allowing early withdrawals without fees, while longer-term CDs offer fixed rates for those willing to lock in their money.