Historically High Deposit Rates Offered by Banks and Credit Unions

Savers encouraged to lock in high rates amidst predictions of a decrease in 2024.

Banks and credit unions are currently offering historically high rates on deposits, including savings accounts, CDs, and money market accounts, in response to the Federal Reserve's interest rate hikes.
High-yield savings accounts are providing up to 5.50% APY, with CDs and money market accounts offering competitive rates as well.
Consumers are encouraged to lock in high rates now, as experts predict a potential decrease in rates starting in 2024 due to expected Federal Reserve policy changes.
Online banks and credit unions, often offering the highest rates, are attracting customers with the promise of better returns on their savings.
The current high-rate environment is seen as a rare opportunity for savers to maximize returns on their cash reserves.