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What could happen to CD interest rates this October? Here’s what experts think.
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Certificates of deposits (CDs) have become a popular investment in the post-pandemic era and it’s easy to see why. CD rates soared as the Federal Reserve raised the benchmark interest rate to fight inflation. While high-yield savings account rates also climbed, many borrowers opted for CDs over savings accounts because savings account rates are variable while CD rates are locked in.
CDs may be losing their allure, though, as a recent Fed rate cut means there are now fewer options for CDs offering yields above 5.0%. For borrowers wondering whether to open a new CD or savings account before the Fed cuts rates again, it can be helpful to see where experts think rates will trend this October.
See how much more you could be earning on your money with a top CD here now.
What could happen to CD interest rates this October?
Here’s what some experts are predicting for the CD interest rate landscape this month:
CD rates are likely to decline this month
While lower inflation data may be good news for consumers as a whole, investors who jumped at the chance to buy FDIC-insured CDs at great rates are likely to be disappointed with how current economic trends are impacting CD yields in October and beyond.
“‘We believe CD rates are set to decline in October,” says Gary Quinzel, Vice President of Portfolio Consulting at Wealth Enhancement Group. “Three-month CDs move in virtual lockstep with the Fed Funds Rate, which was lowered by 0.50% in September, and markets have priced in as much as 0.75% in additional cuts through December.”
Jonathan Ernest, an economics professor at Case Western Reserve University agrees. “CD rates, especially for short durations of three months and one year tend to react quite quickly, and correlate quite closely, with changes in the federal funds rate,” Ernest says. “As consumers expect these lower rates, we may see an increase in demand as they try to lock in a relatively high return now, before yields fall. This increased demand should push rates of return lower.”
It’s not just short-term CDs likely to see rate declines either. While the Fed Funds rate has a bigger impact on short-term CDs, the outlook for long-term CDs also isn’t favorable.
“Yields for longer-term CDs are likely to come down from recent highs as well,” Ernest says. “The yield necessary to satisfy demand will depend on expectations of how the economy will perform, and whether the Fed will maintain its announced path of rate-cutting, over the coming years.”
Quinzel also believes there are reasons to expect long-term CD rates to fall beyond just the Fed’s actions.
“Longer term CD yields are also impacted by other factors such as the risk associated with a particular bank,” he explains. “Each bank has unique considerations such as their profitability, business model, geographic location, and client base– all of which can impact the yield on a CD. However overall financial conditions remain supportive, that is looser than average, which suggests that stress in the banking system should not contribute to higher CD yields in the immediate term.”
Signs of economic slowdown, including higher unemployment rates, could also create lower demand for loans which will create even less incentive for banks to offer attractive yields on short-term or long-term CDs, Quinzel says.
Lock in a high CD interest rate while you still can now.
Investors have a chance to lock in a rate before it falls further
While CD investors won’t be happy to say goodbye to the high rates they’ve enjoyed in the post-pandemic era, that doesn’t mean it’s time to give up just yet. In fact, October may present one of the last, best chances to lock in before rates decline further.
Quinzel predicts that rates are likely to “continue to fall through the end of the year, and probably well into 2025,” and Ariana Meiser, Market President at Merchants Bank agrees.
“CD rates are likely to keep going down mainly because the Federal Reserve has lowered its key interest rate,” Meiser says. “When the Fed cuts rates, banks usually follow by reducing the interest they offer on savings products like CDs. This happens because banks earn less interest on the loans they give out, so they need to lower the interest they pay on deposits to stay profitable.”
Today, there are still opportunities to open high-yield CDs with rates topping 4.00%. If you act now, those rates will be locked in for the duration of the CD term. With experts predicting ongoing declines in CD yields, those opportunities may not be available for long.
“Unless inflation data reverses substantially higher, which we do not anticipate, the Fed appears set to lower rates to around 3.25% or 3.5% by the end of 2025, which should be the benchmark of where CD rates are heading,” Quinzel predicts.
If you don’t want to miss the boat on CDs and lose your last chance to lock in at today’s higher yields for months or years to come, acting sooner rather than later and loading up on CDs now is likely your best move.
CBS News
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
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The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
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The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
CBS News
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
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The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.
Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the New England Patriots vs. Miami Dolphins game today
The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.
How and when to watch the New England Patriots vs. Miami Dolphins game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Patriots-Dolphins game on Amazon Prime Video.
Fubo: Watch the Patriots-Dolphins game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more