Fully predictable earnings and date of withdrawal: Since a CD’s rate and term are fixed, you know exactly when you’ll be able to withdraw the funds and exactly how much interest you’ll have earned by that date.Higher APY than liquid accounts: Banks and credit unions are willing to pay higher rates on CDs, where they know the money will stay put, than on savings, money market, and checking accounts, where you can withdraw funds more often.This is a big advantage if rates are predicted to fall. Fixed interest rate for a full year: Once you open a CD, you lock in the rate you’ll receive for the full term, no matter what the Federal Reserve does or how other interest rates move.If rates drop, you may wish you’d chosen a longer CD If rates rise, you may miss out on a higher rate Interior Federal Credit Union – 5.69% APYĮarly withdrawal of the funds will incur a penalty.Langley Federal Credit Union – 5.70% APY.In cases where more than one institution pays the same rate, we've prioritized CDs by the shortest term, then the CD requiring a smaller minimum deposit, and if still a tie, alphabetically by institution name. You can find our ranking of the top-paying CDs with terms of 10-14 months below. CD rates closely follow the fed funds rate, so if the Fed implements a further increase, that could nudge CD rates higher still. 1-after 11 hikes in the previous 12 meetings-it has indicated that an additional increase is still on the table. Though the Fed held its benchmark rate steady for a second consecutive meeting on Nov. Today’s CD rates are higher than we’ve seen in more than 20 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame decades-high inflation.

Best local cd interest rates