Another Fed Rate Cut Could Happen on Nov. 7. Lock in These 7 CD Rates While There's Still Time

If you've taken a look at the best certificate of deposit (CD) rates lately, you've probably noticed a pretty big drop from a month ago. That's because the Federal Reserve slashed the federal funds rate by half a percentage point on Sept. 18, signaling the beginning of what many expect will be a long rate-cutting cycle.

The next rate cut will likely be Nov. 7. It's only expected to be a quarter-of-a-percentage-point cut, so its effect on new CD rates won't be as severe, but it will reduce rates again. If you've been comparing CD offers, like some of our seven favorite ones below, now's the time to act.

1. Barclays 6-month CD (4.00% APY)

Barclays is one of the few banks still offering CDs over 4.50% APY, and even then, this higher APY is only available on its short-term products. Give the 6-month CD a closer look if you want to lock in this sky-high rate before it disappears.

This is a good option if you want to snag a high interest rate but you're not comfortable locking up your money for long periods. There's no minimum deposit requirement, so it's open to anyone. You'll earn $22.99 in interest over the 6-month period if you make a $1,000 initial deposit. That's a lot more than you'll earn with even a high-yield savings account over the same period.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of December 28, 2024. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of December 28, 2024. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

2. Prime Alliance Bank 12-month CD (4.50% APY)

Prime Alliance Bank isn't as well-known as some of the other banks on this list, but it's getting attention thanks to its competitive rates, especially on short-term CDs right now. Its 1-year CD rate is among the highest we've found, enough to earn you $45 in interest with a $1,000 initial deposit.

You'll need a deposit of at least $500 or more to open one of these CDs, but this is pretty reasonable compared to what some other banks require. Learn more about its 12-month CD term to see how it could help you grow your wealth.

3. LendingClub 18-month CD (3.75% APY)

LendingClub is currently offering a 3.75% APY on its 18-month CD. It's one of the best rates you'll find on medium-term CDs right now. But you'll need at least a $2,500 minimum deposit to open one of these accounts.

If you can manage it, you'll earn $166.80 on its $2,500 minimum deposit. And if you're not sure whether it's right for you, you'll be happy to know LendingClub gives you a 10-day grace period to change your mind without penalty after opening a CD. Learn more about how this works and whether this 18-month CD is the right fit for you.

4. Prime Alliance Bank 2-year CD (4.15% APY)

Prime Alliance Bank also offers strong rates on medium-term loans, with its 2-year CD being its best option in this range. It could earn you $84.72 on a $1,000 initial deposit, and the $500 minimum deposit makes it more accessible than a bank like LendingClub.

Locking up your cash for two years is a big commitment, but it could be the right move if you're confident you won't need your cash before then. Opt for a short-term CD now, and you won't find anything close to these rates when your first term is up. So consider Prime Alliance Bank if you're looking for a middle ground.

5. LendingClub 3-year CD (3.50% APY)

LendingClub is one of the few banks still offering a 3.50% APY on 3-year CDs. The thing that might keep some savers away is its $2,500 minimum deposit requirement. Those with less money to save will need to consider another bank.

If you can manage it, you'll earn $312.16 in interest on the minimum deposit over the three-year term. Again, you'll have that 10-day grace period option, but you probably won't need to use it as long as you take some time to understand how the LendingClub CD works and what it can offer you.

6. Marcus by Goldman Sachs 4-year CD (3.60% APY)

Marcus by Goldman Sachs is the place to turn to if you want to lock in the best rates on long-term CDs right now. Its 4-year CD boasts an impressive 3.60% APY, enough to earn you $163.12 on a $1,000 deposit. 

Many see long-term CDs like these as their best option for maximizing their interest when rates are falling. Give the 4-year CD a closer inspection if you want a competitive CD with a low $500 deposit requirement.

7. Marcus by Goldman Sachs 5-year CD (3.60% APY)

The Marcus by Goldman Sachs 5-year CD is another strong choice for those hoping to maximize their CD interest over the next five years. You'll earn $205 on a $1,000 deposit without lifting a finger. If you want to lock in high CD rates for as long as possible, check out the 5-year CD with its $500 minimum deposit requirement.

That said, you're locking up your money for a long time with one of these CDs. Make sure you're comfortable with that decision before moving forward.

No matter which CD you choose, keep in mind that these rates won't be around for long. If you wait more than a few weeks, you'll probably have to settle for less than what's shown here.