Maximizing Your Savings: Navigating High Interest Rates and CD Rates Today

With the Federal Reserve raising interest rates to cool inflation, consumers can benefit from higher returns on savings accounts. While basic savings accounts at local branches offer low annual percentage yields, online banks offer higher-yielding products. The highest-yield savings account on the market is currently being offered by CIT Bank, which yields 4.75% a year. Many certificate of deposit products offer even higher interest rates in exchange for holding money in an account for a fixed period of time. Consumers should take advantage of the current market for high-yield savings accounts to grow their emergency funds.