Highest CD Rates This Week: Highest 6 Month Rate at 1.00%
Some banks and credit unions have been increasing their CD rates on both short term and long term certificates of deposit. The biggest increases have come on longer term certificates of deposit as banks are keen to lock in long term accounts at current low rates. The biggest increase comes from PenFed's 5 year rate, which was increased from 2.00 percent with 3.00 percent.
This bears repeating: Don't lock into long term certificates of deposit over the next few years. CD interest rates will be moving higher after 5 years of dismally low rates. You might be tempted by a rate over 3.00 percent on a 5 year CD but by the end of next year 1 year CD rates will be around 3.00 percent. Wait until this economic cycle peaks and interest rates peak before locking into a long term account.
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