"Maximize Your Savings: Earn 5.5% Interest with Top Accounts in January 2024"

With the Federal Reserve expected to cut its benchmark interest rate, now may be a good time to consider locking into a certificate of deposit (CD) with guaranteed interest rates as high as 5.5%. While CDs offer higher interest rates than most savings accounts, they come with penalties for early withdrawals and are best suited for cash goals one to three years out. With less than 11% of Gen Zers and millennials using CDs, it's important to weigh the benefits and drawbacks before deciding if a CD is right for you.