CD laddering is a strategy where you invest in several CDs with different maturity dates. Create a CD ladderĪnother way to take advantage of high CD rates is to create a CD ladder. View current CD rates here to see how much you could be earning on your savings. If you think you might need it in the near future, consider investing in a shorter-term CD so your funds are available sooner. In this article, we'll explore how to make the most of this type of account.Ĭompare current CD rates online now to see how much more you could be earning! With rates especially high, now is a great time to open a CD. Plus, if you open a CD with an FDIC-insured bank, your money is protected by up to $250,000 per account if the bank fails (if you open a CD with a credit union, it's similarly protected if the credit union is NCUA-insured). CDs can offer higher interest rates than even high-yield savings accounts in exchange for agreeing to keep your money in the account for a set term. One way to capitalize on this is by opening a certificate of deposit (CD). Savings rates are tied to the federal funds rate, so the higher the Fed raises rates, the more interest you stand to earn on the money you deposit. One positive effect of the Fed's ongoing rate hikes is that you can earn more money on your savings. The highest CD rates are currently between 4.5% and 5%.
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