CD and Savings Rates Reach Historic Highs Amid Competitive Market

With CD rates exceeding 5% APY and experts not anticipating increases in 2024, now is an opportune time for savers to lock in rates.

Banks and online platforms are currently offering competitive CD and savings rates, with some CD terms exceeding 5% APY.
Experts predict CD rates will not increase in 2024, making now an opportune time to lock in high rates.
High-yield savings accounts and CDs are both insured up to $250,000, providing a safe and stable way to save.
The Federal Reserve's decision to maintain the federal target interest rate influences CD rates, which are currently at historic highs.
Choosing between a high-yield savings account and a CD depends on individual financial goals and the need for access to funds.