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The Federal Reserve made three rate cuts in the last four months of both 2024 and 2025 – a total of 100 bp and 75 bp, respectively. Because the timing was similar, we took a look to compare how the market reacted each time, using Curinos Consumer Standard Rate Data. Our finding: the market was slightly slower to drop top posted CD rates in 2025 compared with 2024.
Since the 2025 cuts, 74% of financial institutions have decreased their top posted CD rates, compared with 80% for a comparable period after the 2024 cuts. What hasn’t changed: the passthrough on savings and MMA, which ended each year almost identical, with ~50% of FIs choosing to hold rates flat and ~40% lowering rates (see chart).
Top Posted Rate Trends | CD & Savings/MMA | Traditional FIs | 2024 vs 2025
Source(s): Curinos Consumer Deposit Analyzer, Curinos Analysis, Standard Rate Data | Note(s): Includes Traditional Banks and Credit Unions. Top posted rates are the highest available CD or Savings/MMA rate at an FI for a given date. FIs with no CD or Savings/MMA above 100bps excluded. All CD terms included. Consumer products only. Private client products, Business products, IRA products and Health products excluded.
With 21% of FIs holding CD rates competitive for longer, up from 16% in 2024, CDs have become a key lever for both offense and defense. On offense, FIs that lag the market in lowering their CD rates are making a play to capture maturing CD holders from competitors who are shopping for the best offer when rates are falling. On defense, delaying rate reductions mitigates internal attrition by allowing FIs to direct their own rate-sensitive customers to their competitive CDs when needed, without losing the whole customer relationship as savings rates continue to fall.
