CD rates are surging—topping 4.15% APY right now, with short-term options hitting 4-4.5%. After years of near-zero returns post-2008 and pandemic lows, the Fed’s rate hikes since 2022 have revived yields, even as cuts since 2024 bring them down from peaks. Surprisingly, 12-month CDs now offer the best deals, hinting at future rate drops or economic uncertainty. Don’t just chase the highest APY—check term lengths, compare banks (especially online ones), and read penalty terms. And remember: inflation still eats into your returns over time.
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