Savings and CD Rates Today, Friday, November 14: Steady For Now

High-yield savings account and one-year CD rates were unchanged from yesterday. Top accounts remain competitive.

• Average high yield savings APY is 3.89% (unchanged from yesterday).

• The average 1-year high-yield CD APY is 3.79% (unchanged from yesterday).

are the national average rates 0.40% For savings accounts and more 1.68% For one year CDs.

Banks can adjust deposit rates on savings accounts and newly issued CDS at any time, but broader shifts in the entire savings landscape are gradual. If you’re shopping around for a better yield, compare savings accounts side by side and consider locking up some funds in a CD if you want to secure today’s rate for a set period of time.

Federal Reserve Cut Federal funds rate In September and October. This encouraged banks and credit unions to lower their rates on high-yield savings accounts and CDs. These drops are likely to continue at a gradual pace as different institutions change production at different times due to the need to attract reserves at different times.

The last Fed rate announcement of the year is December 10. Any rate cut will result in further rate cuts for savers.

• Average high yield savings APY is 3.89% (unchanged from yesterday).

Higher productivity savings rates have declined, but they remain relatively high. Money that you will need immediate access to, such as a Contingency fundshould be kept in a high yield account.

• Note that rates may change at any time. No one can predict what your rate will be next year. There is no guarantee that you will be earning today’s high rates.

• Aim for high-interest accounts today. Although rates can change at any time, the best savings accounts consistently provide stronger returns than those earning below the national average, no matter if rates are rising or falling.

Generally, a savings account is your go-to account for everyday savings. You can add or withdraw money at any time. These accounts are best for short-term needs, savings goals and unexpected expenses. Consider a savings account if:

• You want a higher rate on short-term savings. If you already have a savings account, but you’re earning less than, say, 3.00% APY, consider shopping around.

• Instant access to your cash. You can get higher rates in other accounts, such as CDS, but if you want to access your money at any time, a savings account is usually a better option.

• The average 6-month high-yield CD APY is 4.00% (-0.03 percentage points from total).

• The average 1-year high-yield CD APY is 3.79% (unchanged from yesterday).

• The average 3-year high-yield CD APY is 3.70% (unchanged from yesterday).

• The average 5-year high-yield CD APY is 3.73% (unchanged from yesterday).

The relative stability of CD rates may end during the first eight months of 2025. Mid-4% CD rates have fallen to near or below 4%, which means there’s no better time to lock in CDs if you’ve been eyeing them.

• Lock in rates around 4% while they last. We are in a slow but steadily falling rate environment.

• Use the CD ladder to avoid hedging bets. Open multiple CDs of varying duration lengths to take advantage of the widest spectrum of today’s rates. Learn more about CD ladder.

CDs are temporary accounts designed to grow savings for fixed periods, often ranging from three months to five years. You may decide to acquire multiple CDs over time, depending on your savings goals. Only use CDS for cash that you won’t need to access, as CDS usually have early withdrawal penalties that can wipe out some of your earnings or interest. Consider a CD if you intend to:

• Lock up savings earmarked for a large, near-term purchasesuch as a payment on a car or a house you’ll need within five years.

• Keep some savings out of reach for a whileespecially a windfall-like inheritance. A CD doesn’t let you sink into money before it’s ready.

• Protect wealth from stock market risk. CDs are not meant for long-term growth. They become a tool for those nearing or in retirement, or who otherwise need to keep cash safely.