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15 best CDs to help you fight inflation

Inflation can chip away at the value of your hard-earned savings, which can be especially harmful when it’s also eroding your purchasing power. One way to protect your money is by opening a certificate of deposit (CD).

Unlike savings accounts, whose rates vary with the federal funds rate, a CD rate is locked in when you open the account. That means the rate stays the same for the duration of the term. And with many experts predicting CD rates may have reached their peak, now is the perfect time to open a CD to secure these high rates and preserve your earning potential for months or years to come.

Explore today’s top CD rates here to see how much more you could be earning on your money.

15 best CDs to help you fight inflation

The following CD’s offer high rates as of September 14, 2023:

3-month term

Popular Direct (4.75% APY): $10,000 minimum deposit; 89 days’ interest early withdrawal penaltyAmerica First Federal Credit Union (4.50% APY): $500 minimum deposit; 60 days’ interest early withdrawal penaltyFirst Internet Bank of Indiana (4.18% APY): $1,000 minimum deposit; 90 days’ interest early withdrawal penalty

6-month term

Bank5 Connect (5.50% APY): $500 minimum deposit; 90 days’ interest early withdrawal penaltyPopular Direct (5.35% APY): $10,000 minimum deposit; 120 days’ interest early withdrawal penaltyAmerica First Credit Union (5.30% APY): $500 minimum deposit; 60 days’ interest early withdrawal penalty

Begin comparing your CD options online now.

1-year term

Santander Bank (5.50% APY): $500 minimum deposit; three months’ interest early withdrawal penaltyLimelight Bank (5.50% APY): $1,000 minimum deposit; 90 days’ interest early withdrawal penaltyLending Club (5.50% APY): $2,500 minimum deposit; 90 days’ interest early withdrawal penalty

3-year term

Bread Savings (4.75% APY): $1,500 minimum deposit; 180 days’ interest early withdrawal penaltyPopular Direct (4.75% APY): $10,000 minimum deposit; 365 days’ interest early withdrawal penaltyBMO Harris (4.50% APY): no minimum deposit; 180 days’ interest early withdrawal penalty

5-year term

Popular Direct (4.65% APY): $10,000 minimum deposit; 730 days’ interest early withdrawal penaltyBarclays Bank (4.50% APY): no minimum deposit; 180 days’ interest early withdrawal penaltyBMO Harris (4.50% APY): no minimum deposit; 180 days’ interest early withdrawal penalty

Check out current CD offerings here.

The bottom line

Inflation can eat away at your savings if you don’t invest your money wisely to fight it. Certificates of deposit are a great way to protect your money from inflation while providing you with a decent return and low-risk investment.

The above accounts are a few of the best CDs today, but they’re not the only ones. To find the CD that offers the best rate, take the time to do your research, compare multiple offers and watch for things like early withdrawal penalties that can reduce your earnings. With a little due diligence and strategy, you can keep your money safe and thriving in the face of inflationary pressures.

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