High-yield savings and CD rates hit multi-year highs; experts recommend opening accounts to earn more interest
- Interest rates on savings accounts and CDs have risen significantly due to Federal Reserve rate hikes.
- Many accounts now offer over 5% APY, presenting a good opportunity for savers.
- Experts recommend opening or switching to high-yield savings accounts to maximize interest earnings.
- CDs allow savers to lock in a high, fixed interest rate for a set period of time.
- Consumers are advised to shop around, as online banks tend to offer the most competitive rates.
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