As the Fed hiked rates over the past 20 months to tamp down soaring prices for consumer goods, CDs became an attractive place to place short-term savings.
Interest rates that banks pay on certificates of deposit are closely tied to short-term interest rates set by the Federal Reserve. But thanks to current economic conditions-including an easing of inflation-experts say those high rates likely won’t last and that now’s the time to lock them in. Savers have been enjoying the best rates on CDs in years.
