Overview

• Inflation has driven up interest rates on savings accounts and CDs to over 5% APY at some banks.
• Experts say high rates will remain steady through 2023 before slowly dropping in 2024 if the economy declines.
• Consumers are advised to shop around, compare accounts, and consider options like CDs to maximize returns.
• Opening high-yield savings accounts and CDs can help consumers earn well above average rates and fight inflation.
• Savers should take advantage of elevated rates now before they start to fall in the coming years.