Those CD terms are often the sweet spot for earning the highest yields, though banks can sometimes offer higher rates on shorter or long-term CDs.

Some of the best CD rates are available with nine- and 12-month CDs. With rate cuts expected to come in 2024, now may be an ideal time to consider opening one or more CD accounts to cash in on impressive yields. The Federal Reserve has raised the federal funds rate 11 times since March of 2022, pushing CD rates to highs that haven't been seen in years.

A savings account offers a secure way to grow your money, but the current interest rate environment is making CDs an attractive choice.