Western Alliance Bank CD Rates 2024 | The Motley Fool (2024)

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Western Alliance Bank CD Rates 2024 | The Motley Fool? ›

CD Rates Forecast 2024

The CME FedWatch Tool, which measures market expectations for federal funds rate changes, shows that most experts expect rates to sit between 4.50% and 5.25% by December 2024.

CD Rates Forecast 2024

The CME FedWatch Tool, which measures market expectations for federal funds rate changes, shows that most experts expect rates to sit between 4.50% and 5.25% by December 2024.

The deposit insurance coverage for accounts at Western Alliance Bank is the standard FDIC insurance limit of up to $250,000 per depositor for each account ownership category regardless of the Western Alliance division holding the account.

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

In its July Mortgage Finance Forecast, the Mortgage Bankers Association predicts that mortgage rates will fall from 6.8% in the third quarter of 2024 to 6.6% by the fourth quarter. The industry group expects rates will fall to 6% at the end of 2025 and will average 5.8% in 2026.

In quarter two of 2023, Western Alliance has already seen approximately 1,000 new accounts with $3.5 billion in deposit growth (as of June 30, 2023 vs. December 31, 2022.) “What we have experienced in quarter two and beyond just reaffirms the strength and stability of the bank going forward,” Lisa said.

Western Alliance Bancorporation is a regional bank holding company headquartered in Phoenix. It is on the list of largest banks in the United States and is ranked 97th on the Forbes list of America's Best Banks.

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Being able to withdraw money as frequently as you want sets it apart from other banks that might limit you to 6 withdrawals per month for their savings accounts. And Western Alliance Bank is FDIC-insured, which means your money is safe up to $250,000 per depositor, per account type, in the case of a bank failure.

Bridge Bank is part of Western Alliance Bancorporation, which has more than $80 billion in assets.

Western Alliance Bank is a member of the FDIC. Deposits in Western Alliance Bank are insured by the FDIC up to the limits of federal law.

Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.

Right now, there aren't any financial institutions offering 7% interest on a CD. However, California Coast Credit Union is offering a 5-month Celebration Certificate with a 9.50% APY. The credit union's membership eligibility requirements are limited to people who live or work in San Diego or Riverside counties.

“It's a good time to buy a CD and lock in the extra yield. Sometimes it can make sense to lock in a long-term CD at a rate lower than a short-term CD. As of today, the Fed's Summary of Economic Projections estimates rates will decrease by about 1% in 2025 and another 1% in 2026.

At present, markets are pricing in one further rate cut in 2024. If forecasts are correct, this could mean base rate will fall to 4.75 per cent by the end of 2024.

Money market account rates are expected to drop in 2024, similar to savings and CD rates.

While it depends on your goals, financial needs and other factors, this could be the right time to lock in a long-term CD rate, experts say. Many short-term CDs currently offer higher interest rates than long-term CDs, but longer-term CDs could pay more in the long run — especially if rates drop soon.