HORIZON CREDIT UNION MISSOURI FULL
Offers a locked rate for 6 months: Unlike a savings or money market account, whose rate can be reduced at any time, a 6-month CD is guaranteed to pay the agreed upon APY for the full six months.If rates drop, you may regret not opening a longer CD If rates rise, you'll be locked at a lower APY Colorado Federal Savings Bank – 5.25% APY.Great River Federal Credit Union – 5.33% APY.Mountain America Credit Union – 5.50% APY.Superior Choice Credit Union – 5.65% APY.Then, if there's still a tie, the institutions are listed alphabetically. In cases where more than one institution pays the same top rate, we've prioritized CDs by the shortest term, then the CD requiring a smaller minimum deposit. Those requiring a minimum deposit of up to $25,000 are eligible for our list. We've ranked the highest-paying CDs with approximately 6-month terms (includes terms ranging from 5 to 9 months) by drawing on the most current rate data from about 200 banks and credit unions that offer certificate products nationwide. But as soon as the Fed appears ready to end its rate-hike campaign, it will mean CD rates have reached their peak. If the Fed does opt to raise rates further, CD yields will most likely rise, too. So far, the Fed has increased the federal funds rate 10 times, and though it held rates steady at its June 14 meeting, the central bank suggested more hikes are likely in 2023, as inflation is still stubbornly sitting above the Fed’s target level.
Today’s CD rates are higher than we’ve seen in more than 15 years, pushed to record levels by the Federal Reserve’s aggressive rate-hike campaign that began in March 2022 and aimed at taming decades-high inflation.
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