Despite the FOMC forecasting three rate cuts in 2024, the Federal Reserve Committee predicts rates as high as 5% sticking around for longer due to the slower-than-expected drop in inflation rates.
Higher interest rates have been the Federal Reserve’s strategy to lower inflation. However, despite the most recent report showing April’s inflation rates dropping to 3.36%, it’s still not enough to reach the Fed target of 2%.
But if rates continue holding steady, now is the time for savers to opening a CD as we continue to see more high-rate, short-term CDs. Check out our Ratewatcher 6-Month Rate Picks of the Week for the top cd rates:
Credit Unions Banks
| 6.13% APY 6 Month $1,000 minimum deposit IBEW 76 Federal Credit Union Insured by NCUA | 5.50% APY 6 Month Bump Up $500 minimum deposit First Bank of Central Ohio Member FDIC |
| 5.75% APY 6 Month $1,000 minimum deposit Tee-Pak Credit Union Member FDIC | 5.50% APY 6 Month $500 minimum deposit DR Bank Member FDIC |
| 5.65% APY 6 Month $25,000 minimum deposit Instep Credit Union Insured by NCUA | 5.50% APY 6 Month $500 minimum deposit Legacy Bank & Trust Company Member FDIC |
| 5.65% APY 6 Month $1,000 minimum deposit Kings Peak Credit Union Insured by NCUA | 5.50% APY 6 Month $500 minimum deposit Ohio State Bank Member FDIC |
| 5.51% APY 6 Month $500 minimum deposit San Juan Credit Union Insured by NCUA | 5.50% APY 6 Month $2,500 minimum deposit Vast Bank N.A. Member FDIC |
| 5.50% APY 6 Month $200 minimum deposit Inova Federal Credit Union Insured by NCUA | 5.50% APY 6 Month $1,000 minimum deposit Mountain View Bank of Commerce Member FDIC |
| 5.50% APY 6 Month $100,000 minimum deposit Pittsburgh City Hall Employees Federal Credit Union Insured by NCUA | 5.49% APY 6 Month $1,000 minimum deposit Washita State Bank Member FDIC |
| 5.50% APY 6 Month $500 minimum deposit Utica Gas & Electric Employees Federal Credit Union Insured by NCUA | 5.47% APY 6 Month $1,000 minimum deposit Charles Schwab Bank SSB Member FDIC |
*Annual percentage yields (APY) not offered by CD Valet but based on data from various institutions as of 5/24/24 and subject to change. Early withdrawal penalty and additional restrictions may apply.
