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Kiplinger
Kiplinger
Business
John Waggoner

Callable CDs Have High Rates: We Still Don't Recommend You Get Them

Greg McBride Interest Rates Bankrate JPMorgan Chase Ken Tumin US Federal Reserve
Illustration of a bank building offering money to a customer.

Interest rates on bank certificates of deposit are much higher than they were at the start of this decade. Even though the Federal Reserve has hiked its short-term federal funds rate 11 times since 2022, the average one-year CD yields 2%, according to Bankrate.com.

Woo-hoo. Sure, 2% is much more than 0.76%, the average CD rate in January 2020. Nevertheless, at current rates, it would take 36 years to double your money, and that doesn’t even take inflation into account.

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