Interest Rates on Savings Accounts and CDs Reach Highs Not Seen in Years
- Short-term CD rates and high-yield savings accounts are offering interest rates over 5% APY currently due to competitive rates and an inverted yield curve.
- Choosing the right CD term or high-yield savings account depends on your financial needs and how soon you may need access to your funds.
- Online banks typically offer the highest interest rates with lower fees due to lower overhead costs compared to traditional banks.
- High-yield checking accounts that meet certain requirements can earn up to 5% APY on balances up to $15,000-$50,000 depending on the account.
- Maximizing your savings by keeping the majority of your cash in high-interest accounts is key to earning the most on your money and defending against inflation.
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