SEATTLE— Certificate of deposit yields had already been slipping ahead of the Federal Reserve’s quarter-point rate cut, but thousands of high-yield options remain available to savers, according to new data released by CD Valet..
The company said that over the past 30 days, about 10% of the more than 40,000 CDs it monitors saw rate declines averaging 23 basis points. The pullback came as markets anticipated the Federal Open Market Committee’s 0.25 percentage point reduction in interest rates announced this week.
Even so, CD Valet said more than 2,500 CD offerings continue to pay above 4.00% APY, and yields on longer-term products have begun to trend upward.
Rates North of 4%
“Leading up to the Federal Reserve’s third rate cut this year, CD rates continued to move downward as expected,” said Mary Grace Roske, the company’s head of marketing and communications. “However, for those willing to put in a little time to shop and compare, there are still chances to secure strong rates north of 4.00% APY. Savvy savers will also take notice that there are growing opportunities to be rewarded for longer-term offers.”
Over the past six months, the median yield on 60-month CDs has slipped just six basis points, CD Valet reported. By comparison, median yields fell 28 basis points for 12-month CDs and 20 basis points for 36-month terms.
