"Certificate of deposit rates were the first to fall earlier this year. A few online banks have now started to lower their online savings account rates," said Ken Tumin, founder of DepositAccounts.com.
"Due to this expectation, banks have been making slight cuts to their deposit rates since the start of the year. Thus, we are likely past the peak of deposit rates, and a slow deposit rate decline is likely as we get closer to the first Fed rate cut," Tumin said.
"Online savings accounts. The average yield as of April 1 was 4.43%. Peak came in January at 4.49% and has been dropping since. The highest yield offered by any bank is 5.55%."
"Five year online CD. Average yield as of April 1 was 3.83%: That's down from January's 3.95% and 4.04% in January 2023."
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