There are some pros and cons to locking in a CD rate right now. Here's what savers should know.
Timing is everything and, lately, the timing has been very good for savers. Thanks to significantly elevated interest rates, the returns savers can earn with certificates of deposit and high-yield savings accounts have skyrocketed this year. Considering the paltry 0.45% currently being offered on regular savings accounts, you're essentially losing money by not depositing some or all of your funds into one of these account types .
While long-term CDs historically offered better interest rates, due to the volatility of the current rate environment, savers can get some of the best rates on CDs with terms of 12 months or less.
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