In fact, the best CD rates offer around 4% to 5% annual percentage yield (APY) right now.
For example, you may prefer a high-yield savings account over a CD if you want to withdraw and deposit money at any time.
Once the Federal Reserve starts cutting interest rates, CD rates are likely to drop incrementally throughout 2024.
Sometimes, if you deposit more money into a CD, you'll be able to get a higher rate.
A few financial institutions may also impose limits for a maximum CD deposit amount.
Persons:
isn't, you'll, Banks, it's, Elizabeth, Patrina Dixon, Dixon
Organizations:
Dixon Consulting, Federal Reserve, FDIC, Federal Credit Union, Connexus Federal Credit Union, Consumers Federal Credit Union
Locations:
CFEI, Chevron, Connexus