Thanks to inflation and the Federal Reserve's moves against it, interest rates are high. For consumers with savings and certificate of deposit accounts (CDs), that has meant abnormally high APYs — and interest earnings — for much of the last two years. The trend has impacted all CD terms, but short-term CDs, in particular, have seen rates skyrocket. In fact, short-term CD rates have actually been higher than those on long-term ones — the opposite of how CDs traditionally work. This won't last forever, though. And with the Fed indicating rate cuts could be coming soon, the days of sky-high short-term CD rates may be numbered as well. That's why it's important to know what experts have to say about short-term CD rates. Are you considering opening a CD now? See what short-term rate you could lock in here today.
Thanks to inflation and the Federal Reserve 's moves against it, interest rates are high. For consumers with savings and certificate of deposit accounts , that has meant abnormally high APYs — and interest earnings — for much of the last two years.The trend has impacted all CD terms, but short-term CDs, in particular, have seen rates skyrocket. In fact, short-term CD rates have actually been higher than those on long-term ones — the opposite of how CDs traditionally work.
Short-term CD rates could drop by summerMost likely, experts say, short-term CD rates will hold steady around their current range and then start dropping by late summer. 'CD and other deposit account rates typically move up or down with changes to the Fed funds rate,' says Chris Cucci, senior vice president of Climate First Bank.
Short-Term CD Rates Experts Inflation Federal Reserve Interest Rates Savings Certificate Of Deposit Accounts Apys Rate Cuts
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why do short-term CDs have higher rates than long-term ones right now?In a historic reversal, short-term CDs often have higher interest rates than long-term ones right now. Here's why.
Read more »
Vinyl records outsold CDs for the second year runningAndrew Paul is Popular Science‘s staff writer covering tech news. Previously, he was a regular contributor to The A.V. Club and Input, and has had recent work featured by Rolling Stone, Fangoria, GQ, Slate, NBC, as well as McSweeney’s Internet Tendency. He lives outside Indianapolis.
Read more »
Vinyl records outsell CDs for the second year runningThe RIAA’s latest music revenue report shows that vinyl outsold CDs by more than 2 to 1, with physical media accounting for 11 percent of overall music revenue in 2023.
Read more »
I’m Washing My Oily Hair Less Frequently Thanks to This Scalp TreatmentThe $45 René Furterer Head Spa Purifying Scrub exfoliates, soothes, and deeply cleanses the scalp, absorbing excess oil, leaving the skin feeling fresh, and extending time between shampoos.
Read more »
No Place For Bad Actors, ThanksAbby Zimet has written CD's Further column since 2008. A longtime, award-winning journalist, she moved to the Maine woods in the early 70s, where she spent a dozen years building a house, hauling water and writing before moving to Portland.
Read more »
Maine fishermen caught more fish in 2023, thanks to a hunger relief program and COVID fundsMaine fishermen bucked yearslong, industrywide trends and caught more fish in 2023. Regulators and industry members said this data shows the impact of COVID-19 relief funds. The New England groundfishing industry has been in decline for decades due in part to past overfishing of key species and difficulty rebuilding those stocks.
Read more »