CD Rates Unexpectedly Jump to 4.60%, Despite Expected Fed Rate Cut

A leading nationwide CD rate has jumped to 4.60% from 4.51%, available with a 7-month rate guarantee. This surprising increase comes despite the Fed's expected interest rate cut next month. The best CD rates can change quickly, so it's essential to act fast to secure a great offer.

In a surprising turn of events, a leading nationwide CD rate has jumped to 4.60% from 4.51%, with a 7-month rate guarantee. This unexpected increase comes despite the Federal Reserve's expected interest rate cut next month. The best CD rates can change rapidly, making it crucial for investors to act quickly to secure the most favorable offers.

Morgan Stanley Private Bank, one of the top providers of CDs, has seen this rate increase. The bank offers a range of CD terms from six months to five years, with no minimum deposit requirement. However, it's essential to note that Morgan Stanley Private Bank has high early withdrawal penalties for longer-term CDs, which may not be suitable for all investors [1].

LimelightBank, another notable player in the CD market, also offers competitive rates. Their CDs range from six months to three years, with a minimum deposit requirement of $1,000. LimelightBank's rates are competitive, but they lack the flexibility of longer-term CDs [2].

Marcus by Goldman Sachs, an online-only bank, provides a variety of CD terms from six months to six years. The bank's minimum deposit requirement is $500, making it accessible to a broader range of investors. Marcus also offers specialty CDs such as no-penalty and bump-rate CDs, providing more flexibility to investors [3].

Rising Bank, an online division of Midwest BankCentre, offers CDs with terms between six months and three years. Their shorter-term CDs offer highly competitive rates, and they provide specialty CDs like bump-up CDs. However, their rates for longer-term CDs are not as competitive [4].

Investors should act quickly to secure these high rates, as they can change rapidly. It's also important to consider the early withdrawal penalties and the bank's reputation when choosing a CD. Each bank has its unique features, so it's crucial to find the one that best fits your investment needs.

References:
[1] https://www.bankrate.com/banking/cds/cd-rates/
[2] https://www.bankrate.com/banking/cds/cd-rates/
[3] https://www.bankrate.com/banking/cds/cd-rates/
[4] https://www.bankrate.com/banking/cds/cd-rates/