Certificates Of Deposit 2024 Interest Rate. Fed decisions about the federal funds rate have a direct impact on the interest that banks and credit unions are willing to pay for savings, money market, and certificate of deposit. It pays a fixed interest rate for a set period of time.

The word cd stands for certificate of deposit — and is just that: Fed decisions about the federal funds rate have a direct impact on the interest that banks and credit unions are willing to pay for savings, money market, and certificate of deposit.