bank rates

Poll: When Will You Stop Buying CDs?

woman holding a light purple piggy bank with polka dots in her armsOn Tuesday, contributor Charles Rechlin voiced the frustration many savers probably feel. That is, continuously chasing after nothing.

As the top banks and credit unions chip, chip, chip away at interest rates, many of us are left feeling unmotivated to find even the tiny leftover morsel.

We know this is happening because we can see money draining from CD accounts.

A couple of weeks ago we shared government data that showed the amount of money held in CDs is at its lowest level in more than three decades.

The situation is bound to get worse before it gets better.

Our survey of major banks and thrifts last week found all six terms we track fell or remained at record-low averages.

Here’s what the average CD pays today:

  • 3-month: 0.11% APY
  • 6-month: 0.16% APY
  • 12-month: 0.25% APY
  • 24-month: 0.39% APY
  • 36-month: 0.48% APY
  • 60-month: 0.79% APY

There are much better deals to be had on our CD Rates Leaderboard and our list of the highest CD rates at credit unions and local banks.

But are we reaching a breaking point? When will you stop buying CDs?

That’s the question we’re asking in our poll below. Let us know your thoughts.

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I'll stop buying certificates of deposit when...
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  1. A.Bundy said:
    on May 15th at 09:09 pm

    take all the money you have out of the bank and buy a rental property without a mortgage if you can. you return will be far far far FAR more fruitful than a CD. There’s really no point for getting a CD anymore. interest rates on checking accounts far outweigh CDs and savings rates.