What's a good 1-year CD account interest rate considered to be now?
With the interest rate climate uneven, it helps to know what a good 1-year CD account interest rate is considered to be.
A good 1-year CD account interest rate is currently considered to be in the range of 4.15% to 4.25%, according to recent developments. This range is significantly higher than the rates found in other common savings accounts such as high-yield savings accounts, money market accounts, and traditional savings accounts. The Federal Reserve's decision to pause interest rates at its July meeting, along with the declining inflation and weaker-than-expected unemployment numbers, has left many savers unsure about the best course of action with their savings.
CDs offer fixed rates that remain unchanged even during market uncertainty, making them a more profitable option for those willing to lock their money away for a year. Therefore, if a saver can find a CD with an interest rate within the range of 4.15% to 4.25%, it can be considered to be a good rate currently.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
