Synchrony Bank offers the highest 14-month CD rate at 4.15% APY amid broader declines in deposit account yields.
Certificate of deposit rates remain elevated despite a broader decline in deposit account yields, with the top 14-month CD offering 4.15% APY. Synchrony Bank currently leads the market with this rate, outpacing traditional savings accounts by a significant margin.
Historically, CD rates have fluctuated with economic conditions, peaking in the early 2000s before plummeting during the 2008 financial crisis. By 2013, average 6-month CD rates fell to 0.1% APY as the Federal Reserve maintained near-zero benchmark interest rates to stimulate growth.
Short-term CDs, particularly those with six- to 12-month terms, continue to offer competitive yields around 4% APY, providing savers with a stable return option in a declining rate environment.