It all boils down to when you’ll need the money and your goal for the funds. With short-term CDs over 5.00% and variable savings rates steadily increasing, choosing between the two savings vehicles may not be easy.
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How to decide whether CDs or high-yield savings are best for you Most banks are reserving their highest rates for CD terms of two years or less. More CDs pushed rates past 5.00% this week, including MYSB Direct and Quontic Bank - but only for six-month and one-year CDs. Right now, long-term CD rates aren’t nearly as high as short-term CD rates - which are over 5.00% APY for many banks. Read more: Earn 5% APY (or Close to It) With These High-Yield Savings Accounts Additionally, the highest APYs are usually offered at online-only banks, which means you’ll need to be comfortable managing your account and other banking services online. Note: To earn this high an APY, you may have to meet certain requirement deposits or may only earn the highest APY on a portion of your balance. Here are a few high-yield savings accounts offering APYs at 5.00% or close to it: Whether you’re looking for a new savings account or CD to park your money for a future savings goal, here are some of the banks offering the best return on your savings right now. Banks offering 5.00% APY or more on high-yield savings accounts and CDs The increase helped boost the average high-yield savings rate for banks we track at CNET from 4.45% to 4.51% APY. However, My Banking Direct stands out for pushing its savings account up to 5.00% APY. Most banks that we track kept high-yield savings rates the same this week.
Savings accounts remained the same, but some topped 5.00% APY However, Barclays Bank lowered its CD rates for one- and two-year terms - 4.80% and 4.40%, respectively.
MYSB Direct was one of the few that increased rates last week, bringing its six-month and one-year CDs up to 5.10% and 5.20%, respectively. However, some banks are currently offering rates over 5.00%, such as Bask Bank’s six-month CD at 5.10% APY. Many CD rates remained the same this week across banks we track at CNET - with many short-term CDs staying around 5.00%. Many short-term CDs reached 5.00% APY and beyond Rates could even start to slowly dip in the coming months - so there may not be much time left to take advantage of rates this high.įor now, here are some of the best CD and savings rates this week, and banks offering over 5.00% APY this week. And with experts predicting that the Fed won’t raise rates at its next meeting this month, this may be as good as savings and CD rates get. But with short-term CDs tipping over 5.00% APY and savings accounts inching closer, the best place for your savings boils down to your goals.Įither way, with rates this high, if you aren’t earning interest on your savings, now’s the time to start. The high interest rates are a win-win for savers since CDs and high-yield savings accounts are good low-risk options backed by FDIC or NCUA insurance.
Some banks are pushing rates past 5.00% APY, giving you a bigger return on your hard-earned cash. Rates for certificate of deposits (CDs) and savings accounts are still reaping the benefits of multiple Federal Reserve rate hikes.
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