All the boring old ways to save money made a comeback the past 18 months as the Federal Reserve increased interest rates to fight inflation. This would create a good opportunity for savers who may be worried they missed out to lock in higher CD rates that can pay off if rates drop in coming months and years, advisers said. CDs pay higher interest than savings accounts, but require savers to commit to locking up cash for a set period, typically six months or a year. His plan is to roll his money over into another competitive CD if rates remain above 3%, he said. Why a CDDespite the high interest rates, whether CDs make sense depends on how soon you need to cash out your savings.

Source: Wall Street Journal July 26, 2023 15:32 UTC