Synchrony Bank offers the highest 14-month CD rate at 4.15% APY amid a broader decline in deposit account yields.
Synchrony Bank is offering a 14-month certificate of deposit with a 4.15% annual percentage yield, the highest available rate as deposit account yields continue to fall. Short-term CDs, typically ranging from six to 12 months, currently average around 4% APY, outpacing traditional savings accounts.
Historically, CD rates have fluctuated with economic conditions. Following the 2008 financial crisis, rates plummeted, with one-year CDs averaging about 1% APY by 2009. The Federal Reserve’s near-zero benchmark interest rate policies in the 2010s further suppressed yields, pushing six-month CD rates to as low as 0.1% APY by 2013.
Despite the recent decline in broader deposit rates, select banks are maintaining competitive CD yields, providing savers with an opportunity to lock in higher returns.