"January 2024: Seize High CD Rates and Understand Tax Implications Before Jan. 31"
TL;DR Summary
As of January 2024, certificates of deposit (CDs) are offering significantly high annual percentage yields (APYs), with the best rate at 6.5% from Financial Partners Credit Union. This surge in CD rates is a result of consecutive interest rate hikes by the Federal Reserve since 2022. Experts advise consumers to consider federally insured CDs and to be aware of potential restrictions and penalties for early withdrawal. The top CDs come with various membership or regional requirements, but there are also accessible options with competitive rates for those without specific affiliations.
- Best CD rates of January 2024 (up to 6.5%) MarketWatch
- Now May Be the Time to Lock In High Interest Rates on Your Savings The New York Times
- Why you should open a CD this January CBS News
- Paying taxes on CD interest? 1099-INT forms coming by Jan. 31 Detroit Free Press
- Top CD rates today: Jan. 2, 2024 — APYs remain high in the New Year Yahoo Finance
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