Current CD rates are affected by the length of time until maturity Although it’s not an exact science, you can expect that as the Fed raises its rates, banks and credit unions will likely follow suit. The higher the interest rate, the more banks are typically willing to pay on deposits.

If you’re wondering when CD rates will go up in 2023, you’ve got to consider the interest rate environment. You might wonder when will CD rates go up in 2023? First, it’s important to understand the factors that typically influence how CD rates are determined: Current CD rates are affected by the interest rate environment

You agree to deposit your money for a fixed amount of time and, in return, the bank guarantees you a specific CD interest rate. A CD is essentially an agreement between you and your bank. So, what are the current CD rates? And when will CD rates go up?īefore answering those questions, you might need a quick review of CDs. And because many CDs offer fixed rates, savers have the opportunity to lock in favorable CD rates. While it’s gotten more expensive to borrow money, there is a silver lining: Certificates of Deposit (CDs) now have more attractive rates.Īs the Fed has raised rates, many financial institutions have also raised rates on their CDs.

According to BankRate, this trend has continued in 2023. That was a common refrain in 2022, with the Fed raising interest rates several times to rein in inflation.

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