Did you know banks offer special savings accounts called CDs (Certificates of Deposit)? They're like piggy banks that give you extra money! The Federal Reserve, which controls money in the US, recently changed some interest rates, impacting how much money your CD can earn.
- CDs offer higher interest rates than regular savings accounts.
- Banks are offering various CD options with different interest rates.
- Interest rates are higher now than they have been in many years.
| CD Term | Interest Rate (APY) |
|---|---|
| 1-year | Up to 4.40% (highest offer) |
| 3+ years | Around 3.00%-4.00% |
| National Average (1-year) | 1.82% |
