The Vanishing Act of High Yield CDs and What It Means for Savers The Federal Reserve's rate cutting spree has had a devastating impact on high yield Certificates of Deposit (CDs).
Just two years ago, banks were offering rates as high as 5% on short term deposits. Now, with the national average CD rate plummeting to 1.
68%, many savers are feeling the pinch – and being insulted by renewal offers that seem more like afterthoughts than genuine attempts to retain customers.