![]() Here is FDIC data showing average CD APYs, and below are the latest average rates on CDs, according to data from Bankrate released on February 22, which looks at overnight average rates from advertisers on its site. “The reason for the disparity is that most banks, especially bigger banks, have been dragging their feet about raising CD yields in a meaningful way but the most competitive banks and credit unions have kept pace as the Fed continually raised benchmark interest rates,” says McBride. That means that if you’re not shopping around, you may be looking at a yield that isn’t all that different from pre-pandemic levels. Some of the CDs you’ll find today have the best yields in nearly 15 years. ![]() That said, they’re a safer place to park money, which can be appealing especially in turbulent times like these. While earning that interest rate may sound appealing, it’s important to note that CDs effectively tie your money up for anywhere from a few months to several years, and withdrawing cash from one before it matures can result in a cumbersome penalty fee.
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