With rates as high as they are today, it's a great time to take advantage of what short-term CDs are offering.
Over the last 18 months, the Federal Reserve has raised its benchmark rate 11 times to try and temper stubborn inflation, causing the key rate to land at its highest point in 22 years. That, in turn, has resulted in significantly higher rates on lending products like credit cards, mortgages and personal loans — making it a lot more expensive to borrow money. Just take today's average 30-year fixed mortgage rate, for example, which now hovers well above 7%.
75% APY: This CD from Presidential Bank is a 7-month CD, not a 6-month CD, but if you're comfortable with the idea of leaving your money in the account for an extra month, it may be worth considering due to the high APY it offers. There's a minimum deposit requirement of $1,000, though, and if you withdraw your money early, you'll pay a penalty worth six months of interest.Bayer Heritage Federal Credit Union – 5.
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