The Federal Reserve has raised the federal funds rate numerous times in 2023 to combat inflation.ĬD rates are influenced by changes in the federal funds rate and can go up and down over time. Why have CD rates gone up in 2023?ĬD rates have gone up in 2023 because savings account rates have been impacted by the Federal Reserve's decisions. Will CD rates go up in 2024, too? We'll go over why CD rates have gone up this year, what could likely occur in 2024, and how to decide if you should open a CD now or wait. However, if you've been paying attention to the best CD rates, you've likely noticed that these bank accounts have gotten increasingly more competitive over the last year. If you have money available and a clear purpose for a CD, experts say it's better to get a CD now instead of waiting for potential rate increases.ĬD rates vary widely across financial institutions.CD rates are expected to fall in 2024 when the Federal Reserve starts cutting rates.CD rates have gone up this year as the Federal Reserve has raised rates several times in 2023.
