The Fed Paused Rates Again. Here's What That Means for CD and Savings Account APYs

Rates remain elevated, but don't wait too long to snag a good one. Skyhobo/Getty Images Key takeaways The Federal Reserve paused rates at its May meeting. Banks tend to follow the Fed's lead when setting their deposit account rates. Today's best CDs and savings accounts earn up to 5% APY. To no one's great surprise, the Federal Reserve paused interest rates again today, keeping them at a target range of 4.25% to 4.5%. It's the third time the Fed has paused rates this year. In its postmeeting statement, the Fed noted that, "Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace." Holding rates steady allows the Fed to continue monitoring the economy before making adjustments to its monetary policy. That means you still have time to score an attractive rate on a certificate of deposit or savings account. Top CDs and savings accounts continue to offer annual percentage yields as high as 5%. But i ... Read full article.