𓃲Rare Opportunity to Score Nation-Leading Rate🐼s From a Big Bank

Experienced CD shoppers know the best returns typically come from smaller banks and credit unions, often with unfamiliar names. But if you prefer to deposit your money in bigger, brand-name banks, you're in luck right now.

is currently paying the top nationwide rates on 澳洲幸运5开奖号码历史查询:4-year CDs, at 4.70% annual percentage yield (APY), and 澳洲幸运5开奖号码历史查询:5-year CDs, at 4.75% APY. That means you can lo🦂ck in a guaranteed return not far below 5% until the middle o🍒f 2028 or even 2029.

BMO (formerly BMO Harris) is the nation's 13th largest bank, ranked by total domestic deposits. While the Chicago-based bank operates about 1,000 branches located primarily in the Midwest, last year, it launched BMO Alto, an online-only portal serving customers who live anywhere in the country. BMO Alto offers 澳洲幸运5开奖号码历史查询:certificates of deposit (CDs) with terms ranging from 6 months to 5 years.

Need a Shꦑorter Term? You Have Lots of Great Options

If you want to put some of your savings in a CD, but not for such a long term, we've still got you covered. Our daily ranking of the 澳洲幸运5开奖号码历史查询:best CD rates provides abundant options to earn a top rate in any term, including a leading overall rate of 6.00% APY that's available for a 10-month term. You can also score up to 5.10% with 澳洲幸运5开奖号码历史查询:2-year CDs that guarantee your return until 2026.

Many of the CDs in our ranking of the country's best rates are from banks or 澳洲幸运5开奖号码历史查询:credit unions with less name recognition than the big banks. But it's easy to hold CDs at an institution other t꧙han your primary bank because CDs have a "park it and forget it" nature (you'll pr𒅌obably only interact with your CD account when you open it and again when the CD matures and you withdraw the cash).

If you prefer to stick with a large institution, is one of the more attractive options because it offers a reasonably ꦓcompetitive CD rate in every term starting with 6 months. Below you can see what BMO Alto is paying compared to the top 15 options in each of our CD term rankings.

How BMO Alto's Savings Account Compares

Also in the market for a high-yield savings account? We compile a daily ranking of the 澳洲幸运5开奖号码历史查询:best savings account rates to guide you to the highest returns. BMO Alto didn't make our latest list of the top 15 rates, which currently range from 5.21% to 5.50% APY. But with its current rate of 5.10% APY, BMO Alto does offer the highest savings account return among the 澳洲幸运5开奖号码历史查询:top 30 banks.

While it can be tempting to put your money in a savings account instead of committing it to a CD, be aware that the 澳洲幸运5开奖号码历史查询:annual percentage yield on a savings account can go down at any time. In contrast, the rate you lock in with a CD is yours to keep for the duration of the term—whether that's months, a year, or even many years down the roಌad.

Where Are CD Rates Headed?

CD rates are influenced by the 澳洲幸运5开奖号码历史查询:federal funds rate, and investors are betting that will start to come down in September. The 澳洲幸运5开奖号码历史查询:Federal Reserve aggressively hiked the fed funds rate between March 2022 and July 2023 to combat decades-high inflation, raising the benchmark rate to its highest level in 22 years.

As a result, rates on CDs rose to an October–November peak that was the highest we've seen in two decades, while 澳洲幸运5开奖号码历史查询:high-yield savings account rates reached a peak this past April.

However, the Fed has been in a holding pattern since its July 2023 rate hike. That's because 澳洲幸运5开奖号码历史查询:inflation has been cooling, allowing the Fed to stop raising interest rates and to start watching for the right time to begin reducing rates. In fact, last week's Consumer Price Index (CPI) release 澳洲幸运5开奖号码历史查询:provided encouraging evidence that inflation is coming further down.

As a result, investors have increased their bets that a first rate cut will come in September. While the 澳洲幸运5开奖号码历史查询:CME Group's FedWatch Tool shows more than 90% of traders expect another rate hold at the July 31 meeting, around 90% currently predict the Fed will have cut rates by 0.25 percentage points by the Sept. 18 meeting. After that, about two-thirds of investors predict we'll see a second rate decrease in November.

Investor predictions are far from foolproof, so there's no way of knowing if one or two rate cuts will come to pass this year. But the odds are strong enough—and CD rates still high enough—that it's smart to lock in one of today's stellar CD returns while you can, for as long as you can.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must no♔t exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, 澳洲幸运5开奖号码历史查询:read our full methodology.