In a Nov. 9 release, CD Valet reported a 3.35% median across its U.S. CD listings, with increases accounting for 88% of recent rate changes.
CD Valet said more than 1,600 rates rose among 41,241 certificates in its tracker. It counted 8,170 offers paying at least 4% annual percentage yield (APY).
Median rates for six-, 12- and 24-month CDs were 3.50%, 3.40% and 3.19%, respectively. The top 1% of offers for those terms paid 4.40%, 4.50% and 4.50% APY. Those top rates rose by 8, 8 and 5 basis points, respectively, over 30 days.
CD Valet described its overall median as having stalled at 3.25% for months. In a Nov. 4 update based on data as of Nov. 1, it reported a 3.30% median, with 93.9% of existing rate changes moving up. The releases cover different and incompletely specified periods, so their rate-change shares are not directly comparable.
Promotional CDs accounted for 46% of listings, the company said. Its Nov. 9 release listed a 9-month Southland Credit Union offer at 9% and a 60-month Toyota Financial Savings Bank offer at 5.25% as the highest rates in those categories. It advised savers to check minimum deposits, balance caps and membership requirements.
“The market has turned, and savers who shop are the first to benefit,” said Mary Grace Roske, head of communications at CD Valet. The company also said savers keeping money in low-yield accounts while waiting for a possible Federal Reserve move earn less during that period. CD Valet has said higher Federal Reserve rates generally put upward pressure on APYs offered on new CDs.
The Federal Open Market Committee held its federal funds target range at 3.75% to 4.00% on Oct. 28. The 10-2 vote included dissents from Lisa D. Cook and Beth M. Hammack, who favored a quarter-point increase. The committee's next meeting is scheduled for Dec. 8-9.
