"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.