Overview

• Banks and credit unions are currently offering high interest rates for savings accounts and CDs, with some rates reaching up to 5.75%.
• Experts advise that now is a good time to lock in rates as CD rates are not expected to rise in 2024.
• High-yield savings accounts and CDs are considered safe investment options for short-term and long-term savings goals.
• The Federal Reserve's future decisions on rate cuts could impact the attractiveness of current high-yield savings and CD rates.
• Investing tax refunds into high-yield savings accounts or CDs can significantly increase the return on these funds.