Top CD Rates Today

Top CD Rates Today: 6.50% for Smaller Deposits, or 6% for Larger Deposits
https://www.investopedia.com/top-cd-rates-today-6-50-for-smaller-deposits-or-6-for-larger-deposits-8383745?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral

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Summary

Top CD rates in October 2023:

3 months: 5.66% APY
6 months: 6.50% APY
1 year: 6.00% APY
18 months: 6.00% APY
2 years: 5.60% APY
3 years: 5.37% APY
4 years: 5.13% APY
5 years: 5.00% APY
Jumbo CD rates (for deposits of at least $100,000):

2 years: 5.68% APY
3 years: 5.52% APY
Regional CD rates:

6 months: 6.25% APY (available in five states)
Other key takeaways:

CD rates are at historic highs, thanks to the Federal Reserve's aggressive rate hikes in an effort to combat inflation.
The Fed is expected to hold interest rates steady at its next meeting on November 1, but another rate hike remains possible in December or January.
CD rates may have reached their peak, but it's too early to say for sure. Only time will tell whether a future rate hike is still on the horizon.
Advice for CD shoppers:

Shop around to find the best rates. The top rates are often offered by smaller banks and credit unions, so don't be afraid to look beyond the big names.
Make sure the institution is federally insured (FDIC for banks, NCUA for credit unions).
Read the fine print before opening a CD. Pay attention to the minimum initial deposit requirement, the term length, and any early withdrawal penalties.

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Comment

CD rates have also been affected by the rate hike, and I think we're seeing an era of 5%+ rates.

Regardless of whether we see another rate hike or not, it's clear from the forecasts that we're in for a long hike, so portfolio strategies for the next 1-3 years should be planned with this high interest rate outlook in mind.