High CD Rates Offer Savers Opportunity Amid Inflation

Savers urged to lock in high rates before potential drop in 2024.

Certificates of deposit (CDs) currently offer high interest rates of 4% to 5%, and some savers may qualify for rates as high as 7%.
The high rates are due to the Federal Reserve's efforts to combat inflation, but rates may drop in 2024 if the target inflation rate of 2% is achieved.
CDs offer a more beneficial savings option compared to high-yield and regular savings accounts due to their fixed rates and higher returns.
Opening a CD in December 2023 allows savers to lock in the high rates before potential drops in 2024.
There are several 5-year CDs available with high rates, including Workers Credit Union (5.25% APY), The Federal Savings Bank (5.12% APY), and Farmers Insurance Federal Credit Union (5.00% APY).