Long-term CDs offer attractive interest rates for savers now but they'll need to act quickly to get one.
Certificate of deposit accounts come with various terms to choose from. Traditionally, interest rates on long-term CD accounts have been higher than those on short-term accounts . But in the recent volatile rate climate in which the federal funds rate soared to a 23-year high, lenders have taken a different approach by offering higher rates on short-term accounts instead.
But you'll need to keep your money in the account for the full term to earn that rate. Otherwise, it could get eaten up via an early withdrawal penalty.See what long-term CD makes sense for you online today.Rates will fall soonThis is the most important factor when considering opening a long-term CD now. Rates on CDs will assuredly fall when the federal funds rate is cut. But lenders don't need to necessarily wait for that to happen to start dropping their rate offers.
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