Sink Your Teeth Into the Best Savings Rates

A burger made of money on a picnic table in spring - a symbol of the best savings rates available before big changes come.

This past year has seen some of the best interest rates for certificates in some time. So, what’s ahead here in 2024? How can you take advantage of the best savings rates available, and what should you anticipate if you’re considering a certificate soon?

As a quick refresher, certificates – sometimes called certificates of deposit or CDs  – are savings accounts that generally have a better APY (annual percentage yield) but require you to deposit your money for a certain term. Term length determines what your return rate will be, and the “sweet spot” on those terms can fluctuate. If you need a deeper dive to get back up to speed, check our recent posts about changing circumstances and nuances affecting certificates.



Springtime is a time of change, right? And this spring is no exception. With signs in the market that inflation is finally starting to ease up, the Federal Reserve Bank has been feeling the pressure to deflate interest rates. While this is great news for those looking for a loan, the downside is that the best savings rates will likely start to decline as well. While nothing in the economy is ever certain, the current projections expect that the Federal Reserve will be lowering interest rates several times in 2024, with rates holding steady as they are stepped down in between these drops.

It’s important to remember that rates haven’t started dropping yet. The most recent word from the Federal Reserve is that they want to see a little more data on the state of inflation before making the first steps to ease off interest rates. Still, signs are looking like lower interest rates (and by relation, lower certificate rates) are on the horizon.



Right now, the term lengths of a share certificate can be a huge benefit. While it’s true that money placed in a certificate is less flexible, they offer the advantage of locking in a higher APY for a significant amount of time. This lets you earn interest at a high rate for many months or even years, regardless of what future economic changes take place in the short term.

The steady rise in certificate rates that we experienced over the last year will likely come to an end sooner rather than later – if they haven’t hit their heights already!



All that said…here’s how to make your money work for you here at FFCCU (rates are as of 3/8/2024):

Our 12-month certificates provide the best savings rates, with 5.00% APY*. One year gives you ample time to enjoy this great rate without any worries about anticipated drops in certificate earnings overall. After a mere 12 months, control of your cash returns to you, so you can reinvest it in the next certificate or allocate those funds for another purpose if a need emerges. And if a year is still too much of a commitment, our 6-month certificate is a strong 4.50% APY*.

What if you have money that you are ready to stash aside for even longer? consider a certificate up to 60 months. While those rates are a touch lower than our 6 or 12 month options, you’ll guarantee a rate that may not even be available by the end of the year.

NOW is your chance to crave the save and take a bite out of your financial goals while rates are still supersized. Call, text, live chat, head into a branch, or set up your share certificate from the comfort of your own device through FFCCU digital banking. If you know what term and amount you are ready to invest, you can get set up in less than a minute! We walk you through the process in our certificates tutorial video. See! No excuse not to sink your teeth into savings today.


*APY = Annual percentage yield. Terms and conditions apply. Visit for full details. Rates are current as of 3/8/2024 and subject to change.