SEATTLE – In November, the top 10% APY benchmarks on all standard term CDs dropped by approximately five basis points from October, according to CD Valet APY checkpoint.
The 12-month CD remained a strong option for shorter-term, higher-yield products, with top 10% APY at 3.92%, according to the company.
“As expected, there was a mild reduction in CD rates across standard terms, likely in response to the FOMC’s second rate cut of the fall announced last month,” Mary Grace Roske, head of marketing & communications at CD Valet, said in a statement. “However, savers should take note that the 12-month CD is still the most competitive short-term offer, with the top 10% of yields getting close to 4.00% APY. Savers earning less than the 3.92% APY benchmark should consider shopping around for stronger options.”
To create the monthly APY Checkpoint, CD Valet said it now analyzes its digital marketplace, which now tracks over 40,000 rates from more than 5,000 banks and credit unions nationwide.
“It’s worth noting that the 24-month term was the only median APY benchmark to remain unchanged when compared to October’s rates, while the 36- and 48-month term CD rates slightly declined in near lockstep,” Roske added.
