Earn 6.50% Interest, But There’s a Catch

There’s a new ‍CD ⁢available with⁤ a top rate⁤ of ⁣6.50% for an eight-month‌ term, the highest rate of any tracked by Investopedia. But it comes with a significant restriction: ⁢a $5,000 maximum deposit.

The new top rate, offered by Financial Partners Credit‍ Union, leapfrogged the⁤ competition. The ⁢second-highest rate is now 6.00%, available for a take-your-pick ⁣term between 12 and ‍17 months,⁢ although⁣ that remains the most competitive rate for deposits over ⁤$5,000.

Key Takeaways

The new top rate​ in our daily​ ranking ‍of the best⁢ nationwide⁢ CDs is 6.50% APY, available an eight-month term ‌with a ‍maximum deposit ⁢of $5,000.

Thirteen nationally available CDs are paying 5.75% APY or⁢ better, with another 18 options​ paying at least 5.65% APY.

Shoppers in five‌ states can earn 6.25%⁤ APY with a regional ⁢offer.

The Fed is widely expected to hold‌ interest rates steady for the‌ second consecutive time when it meets⁤ on ​Nov. 1, but another rate hike remains ⁣possible in December or…

2023-10-13 16:02:36
Post from​ www.investopedia.com