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As of Oct. 1, 2024, the Federal Reserve Bank of St. Louis has measured 12-month certificates of deposit average interest rates at 4.38%, 24-month rates at 3.91%, and 60-month rates at 3.71%.
The shorter-term CDs give you access to some of your cash sooner so you can take advantage of higher rates in the future. The longer-term CD lets you earn the higher yields that are being offered now.
A no-penalty certificate of deposit (CD) allows you to withdraw your money before the term ends. This is a feature that standard certificates of deposit lack, making this a more flexible product.
High-yield savings account. Certificate of deposit. Pros • Today’s rates are competitive with CDs • Withdraw your money without penalty • Add to your account when you wish
With the same deposit, you earn $20.20 after one year. While these are still relatively small earnings, your money can grow faster just by choosing a different savings account.
It’s easy to calculate how much you’ll earn with a CD because you lock in a fixed interest rate for the term of the deposit. This predictability can be especially helpful when saving for short ...
A variable-rate CD — also called a flex CD — is a type of certificate of deposit with an interest rate that can fluctuate periodically over the term of the CD based on market conditions.
Pros. Up to 4.75% with $250+ monthly deposit; ... Cons. 0.25% APY on daily balances below $5,000 ... A CD guarantees a high fixed rate of return on a principal deposit at the end of an agreed-on term.
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