Will CD rates go up in 2023?

The early months of 2023 have been a boon for savers: The best interest rates on certificates of deposit (CDs) have topped 5%, the highest they’ve been in about 15 years. Since CDs require a commitment, however, that leaves many wondering: Will CD rates go up even more in 2023? Or have they hit their peak? The answer depends on where the economy goes as well as what happens in the banking system.