Savers Enjoy High Returns, But Fed Rate Cut Looms
Savers have enjoyed a period of high returns on their money over the past year. This has been a welcome relief amidst inflation and other economic challenges. However, with inflation showing signs of cooling, the Federal Reserve is expected to cut interest rates in September. This could lead to lower returns on savings accounts and certificates of deposit (CDs).
If you want to lock in a high rate on your money, now is the time to act. One way to do this is to open a long-term CD. By doing so, you can guarantee that your money earns today's high rate of interest until the account matures, regardless of how market rates fluctuate.
EagleBank: 5.39% APY
5.25% APY
5.25% APY
5.30% APY
5.15% APY
These CDs offer some of the best rates available, so it makes sense to consider them if you want to maximize your returns. However, it is important to note that withdrawing your money from the account before it matures could result in an early withdrawal penalty.
With a Fed rate cut on the horizon, the opportunity to capitalize on these high-yield CDs is fleeting. So, if you want to maximize the returns on your money, it would be smart to find the best long-term CD option for your situation now. That way, you can lock a top CD rate before the returns begin their expected decline.