CD Rates in Washington for October 2024
Updated October 1, 2024
Washington residents looking to park their money in exchange for a robust annual percentage yield (APYs) should consider opening a certificate of deposit (CD). Interest rates on this deposit product have skyrocketed in recent years, with some banks offering CD terms with yields that are outpacing inflation. If you're a Washington resident looking to open a CD, here's what you need to know.
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.