"Maximize Your Savings: Lock in High CD Rates for 2024"

Certificate of deposit (CD) interest rates are currently at their highest in years, with the best one-year CDs offering 5.66% annual interest and the best six-month CDs topping out at 5.75%. While short-term CDs currently offer higher returns due to market forecasts of easing interest rates, investors should also consider longer terms as banks set CD rates based on their predictions of future interest rates. Opening a CD is relatively simple and can be done online, but investors must be willing to lock in their funds for the full term of the investment, and penalties apply for early withdrawals.