The Federal Reserve's recent rate cut is expected to impact savings rates, potentially leading to a decline in CD (Certificate of Deposit) interest rates. CDs typically offer fixed interest rates for a set period, with penalties for early withdrawals. According to CNET's review, some of the best 5-year CD rates currently range from 2.50% to 4.75%. It is essential to understand the terms and conditions before investing in a CD.

Source: https://www.cnet.com/personal-finance/best-cd-rates/#ftag=CAD590a51e