This Week’s CD Rates Increased Across the Board

This week's CD rate changes were numerous because banks and credit unions increased interest rates across the board. The high number of CD rate changes this past week is a result of the Federal Reserve increasing the fed funds rate. The recent fed funds rate increase of 25 basis points put the fed funds rate in a range of 1.50 percent to 1.75 percent.

Since that increase, we have new highs on 3 month, 6 month and 1 year CD rates. The best 3 month CD rate increased to 1.56 percent, up from 1.45 percent. The best 6 month CD rates are now at 2.00 percent, up from 1.85 percent.

It's nice to write about CD rates making new highs, especially after writing for years about rates making new lows. Just over a month ago we were writing about 1 year CD rates hitting two percent. Now 6 month CD rates at two percent. Hopefully, by the end of the year, 3 month rates will reach 2.00 percent.

1 year CD rates also hit a new high for 2018 at 2.20 percent. Before the rate hike 1 year rates were at 2.10 percent. In late February 1 year rates were at 2.00 percent. Listed below are the recent CD rate changes from banks and credit unions over the past week.

CD Rate Changes Since Fed Funds Rate Hike