Whether you’re a novice saver or seasoned investor, here’s how to earn fall’s best possible returns on CDs
Ever since the Federal Reserve lowered interest rates in 2008 to lessen the blow of the Great Recession, it’s been hard to earn much on your savings.
Although the Fed is teetering on the edge of finally raising rates, that first increase won’t come until late October or December and future hikes will be rolled out slowly over the next several years.
So where should you put your hard-earned cash in the meantime?
With the typical savings account paying a pathetic 0.10% APY, it’s definitely worth your time to find higher-paying options, such as certificates of deposit.
Nationally available CDs are paying as much as 2.45% APY this fall, while credit unions and community banks are offering local deals that pay nearly 3% APY.
You can also find a number of special types of CDs, such as those that help you get started with a small investments or those that allow you to earn a higher return if rates go up while you own the CD.
Let’s begin with the banks offering the best nationally available deals on three of the most popular CD terms: 1 year, 2 years and 5 years.
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