'Our forecast at the moment is that rates will stay relatively flat throughout 2024, and we will not begin to see interest rates decline.' What will CD rates look like for the end of 2024? 'My crystal ball is not working at the moment, so based on my views, I would not expect rates to drop much unless we see the economy begin to stall out-which would not be a great thing-which would spur the Fed to begin to decrease rates,' says Sprung. Sprung maintains that 2024 CD rates will depend on several factors, including the Fed's interest rate actions and how the fixed-income markets play out. Start by exploring some top CD rates here to see how much more you could be earning on your money. We spoke with a few experts to get their take.

Now, the top-of-mind question is where CD interest rates are headed from here. According to the Federal Deposit Insurance Corporation (FDIC), rates range from 5.52% for a one-month term to 4.23% for a 60-month CD. By the beginning of 2023, CD rates were at 4.50%. Rates fell even further in 2021, with 5-year CD yields of 0.26% before rising in 2022.

Near the end of 2020, the average five-year CD earned a paltry 0.39% annual percentage yield (APY). This figure presents a stark contrast from rates just a few years ago. For example, the average rates for top certificates of deposit (CDs) available online are around 5.50% for CDs ranging from six months to five years. While high interest rates raise the cost of borrowing on loans and credit cards, it's been a boon for deposit savings accounts. The range for the federal funds rate now sits at 5.25% to 5.50%. The Federal Reserve's campaign to curb high inflation has led to interest rates hitting their highest mark in 22 years. CD interest rates could stay elevated into 2024, according to some experts.

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