As the Federal Reserve recently cut interest rates, many 5% Certificates of Deposit (CDs) are disappearing from the market. However, this doesn’t mean that deposit rates are plummeting as well. According to one expert, “the bottom is not falling from deposit rates.”
While the disappearance of 5% CDs may be concerning to some savers, it’s important to remember that there are still opportunities to earn competitive rates on deposits. As banks adjust their rates in response to the Fed’s actions, it’s crucial for consumers to stay informed and shop around for the best rates available.
Ultimately, the key to maximizing your savings is to stay proactive and stay informed about the latest changes in interest rates. By staying vigilant and exploring different options, you can make the most of your deposits and ensure that your money continues to work for you.