CD and Savings

Finding the Best High Yield CD Rates

When searching for the best high yield CD rates, consider your financial goals and risk tolerance. Online banks often offer competitive rates on CDs, as they have lower overhead costs than traditional brick-and-mortar banks. Compare rates from different institutions, including credit unions, to find the best fit for your needs. Remember to factor in the CD's term length, as longer terms generally come with higher interest rates.

Understanding the Impact of Federal Reserve Rates

The Federal Reserve's interest rate decisions directly influence the rates offered on high yield CDs and savings accounts. When the Federal Reserve increases interest rates, banks and credit unions typically follow suit, leading to higher rates on these products. Conversely, when interest rates decrease, you might see lower yields on your savings. Stay informed about Federal Reserve actions to make informed decisions about your savings strategy.