Soar to New Heights: Highest CD Rates Now Offering 9% APY and Above From Select Credit Unions
As interest rate cuts loom, there’s still time to lock in eye-popping yields on certificates of deposit, or CDs.
High-Yielding CDs Available Now
Three credit unions on the West Coast are offering rates north of 6%, two of which offer APYs (annual percentage yields) of 9% or higher. These rates are available only to folks who meet the credit unions’ membership requirements — so you might not qualify, unfortunately.
Why You Should Invest in a CD Sooner Rather Than Later
There are plenty of other CDs with historically high APYs that are available now to anyone, however. And because the consensus holds that rates are bound to fall in the near future, it could be wise to invest in a CD sooner than later.
CDs with the Highest Interest Rates
As of Wednesday, the California-based Financial Partners Credit Union is offering an eight-month CD special with a 6.5% APY. The minimum deposit for this offer is $1,000, with a maximum of $5,000. To become a member of FPCU, you must live, work or go to school in or around Los Angeles or San Francisco.
Where Else to Find a Good CD Rate
The majority of Americans won’t qualify for the sky-high promotional rates mentioned above. And while the national average rate for CDs is below 2%, there are still plenty of banks across the country with CDs that have yields far above that number.
Where to Invest for the Best CD Rates
Many of the best CD rates at national banks or credit unions are in the 4% to 5% range.
In Conclusion
In anticipation of the Federal Reserve cutting benchmark rates in September (or perhaps even sooner) interest rates across the board from savings accounts to mortgage rates are beginning to edge downward.
