Overview
- High-yield savings accounts and short-term CDs are currently offering some of the highest interest rates in years, making them attractive options for savers.
- Interest rates on these accounts could drop in 2024, so it's advisable to lock in the current high rates now.
- West Town Bank & Trust offers the highest 6-month CD rate at 5.88% APY, with a $10,000 minimum opening deposit requirement.
- High-yield savings accounts are offering rates of 4.5% or higher, with some online banks offering even higher rates.
- While it's beneficial to keep a significant amount in high-yield savings, diversification into other investment vehicles is recommended once a substantial amount has been saved.