High Interest Rates Favor Savers: Long-Term CDs Offer Attractive Returns

Despite cooling inflation, CDs remain a worthwhile investment as they lock in high rates for an extended period.

Interest rates have been high this year, making it a great time for opening savings products like certificates of deposit (CDs), with some banks offering rates over 6%.
Long-term CDs, typically those with terms of three, four, five or 10 years, allow savers to lock in these high rates for an extended period.
Despite inflation cooling, CDs can still be worth opening as the rates are still high and can be locked in for the long term.
Online banks often offer higher savings rates than traditional institutions due to lower overhead costs.
Savers are advised to stay informed about economic trends, compare rates regularly and explore different types of savings accounts to find the option that best aligns with their financial goals.