Online banking rates surge above 5.5% as Fed rates steady
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©Reuters. GLOBAL – Financial experts are advising individuals to take advantage of current high interest rates before certificate of deposit (CD) rates drop, after the Federal Reserve suspended its benchmark interest rate at around 5.4%.
The current financial situation is that one-year time deposit interest rates are significantly higher than last year, with some reaching 3.99%, and some online banks offer interest rates exceeding 5.5%.
In light of the Fed’s recent decisions, expectations for a rate cut are growing. This has prompted financial experts to recommend locking in the current high CD rates quickly.
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