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All articles tagged with #cdrates

finance2 years ago

"January 2024: Top CD Rates Peak with 10-Year Highs and 6% APY Offers"

The article lists the 11 best 10-year CD rates for January 2024, highlighting the benefits of locking in a rate for a decade to protect against future rate fluctuations. The top options include Equitable Savings and Loan at 4.07% APY and Apple Federal Credit Union at 4.00% APY, with various minimum deposits and early withdrawal penalties. The piece emphasizes the advantage of consistent returns in an uncertain rate environment and encourages readers to consider these long-term investment opportunities for substantial interest earnings.

via CBS News|
##cdrates#finance
finance2 years ago

"January 2024 Guide: Maximizing Savings with Top CD Rates and Tax Tips"

The article highlights the top 20 three-year Certificate of Deposit (CD) rates available in January 2024, emphasizing the benefits of choosing CDs over regular savings accounts due to their higher interest rates and fixed returns amidst inflation. The best rates range from 5.23% APY offered by U.S. Senate Federal Credit Union to 4.30% APY by Barclays, with various minimum deposit requirements and early withdrawal penalties. CDs are presented as a reliable investment to earn consistent returns over a three-year term, outperforming the average savings account rates significantly.

via CBS News|
##cdrates#creditunions
finance2 years ago

"January 2024: Seize High CD Rates and Understand Tax Implications Before Jan. 31"

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.

via MarketWatch|
##apy#banking
finance2 years ago

"Maximizing Returns: Strategies for Choosing CD Terms and Rates in 2024"

In 2023, savers enjoyed high CD rates, with some securing interest rates around 5% or higher, the highest in 15 years. However, as tax season approaches, they must prepare for the tax implications of their earned interest. Interest from CDs and high-yield savings accounts is taxable and must be reported on 2023 federal income tax returns. Financial institutions will issue a 1099-INT form for interest earned, which is taxable even if the CD has not been cashed, except for U.S. savings bonds and tax-deferred accounts like IRAs. With the Federal Reserve's rate hikes in 2023, interest rates increased significantly, but the Fed is expected to cut rates in 2024 as inflation drops. Savers need to be aware of potential tax liabilities from their higher interest earnings during the upcoming tax season.

via Detroit Free Press|
##cdrates#federalreserve
finance2 years ago

"Is January the Perfect Moment to Secure a CD with Rates Over 5%?"

While securing a 6% APY on a 1-year CD is currently challenging, banks like CIBC Bank USA and others are offering close rates, such as 5.66% and 5.55% APY. To maximize returns, it's recommended to compare options, consider online banks and credit unions, and use CD investment strategies like laddering or the CD bullet strategy. Short-term CDs may be more advantageous in the current interest rate environment, making CDs an attractive option for safe and strong returns despite not reaching the 6% APY mark.

via CBS News|
##cdrates#finance
finance2 years ago

"Maximizing Savings in 2024: Strategies for Securing Top CD Rates and High Yields"

The start of 2024 sees a rise in 1-year CD rates, influenced by the Federal Reserve's rate hikes in the past two years. Financial institutions like CIBC Bank USA, Lending Club, and Popular Direct are offering competitive APYs, with rates as high as 5.66%. These CDs come with various minimum deposit requirements and early withdrawal penalties. With interest rates at a high, it's an opportune time for savers to lock in these rates for a short-term commitment, ensuring consistent returns for the year.

via CBS News|
##cdrates#finance