![]() The question, then, is what the Fed will do in terms of rates. "So long as the Fed keeps rates where they are, CD rates will likely remain where they are" says Erik Nero, a certified financial planner, in an e-mail. While it isn't possible to say exactly what will happen, there are general forecasts that can be made. Many savers are wondering what CD rates will look like as the calendar turns the page into 2024. ![]() Rates change all the time, though, and a favorable interest rate today does not guarantee that the same thing will be true six months from now. This makes saving with CD rates especially attractive right now. ![]() Right now, CD rates are very high, driven mostly by the elevated federal lending rates set by the Federal Reserve. The effectiveness of CDs for savers, though, depends largely on the interest rate you are offered by the bank or financial institution that you use to open a CD. CDs have virtually no risk, as the money is stored safely in a bank – and even if the bank fails, the FDIC insures CDs for up to $250,000. CD rates will likely remain high in 2024.Ĭertificates of deposit (CDs) are a popular way to save money – not only do they pay solid interest, they are extremely safe.
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