As you start trading tank tops for warm hoodies, make sure to invest in yourself this fall with a certificate of deposit (CD) to boost your regular savings. The financial markets are signaling a potential shift, so if you want to rake in big interest returns on your money, time may run out. Rather than continuing to procrastinate, depositing $5,000-$10,000 of your savings into a long-term CD could be a better plan. Doing so could be your ticket to maximizing your returns — especially if you make that move before September.
Now that inflation is cooling, financial analysts and economists predict a change in the interest rate environment, and it is likely to occur soon. The Federal Reserve has signaled its intention to begin easing its monetary policy, with the first rate cut of 2024 expected in September. This shift is anticipated to be followed by additional rate cuts in the coming months.
When you open a CD, it is clear exactly how much money you will earn in interest by the end of the CD term. It is just a matter of applying the interest rate and doing simple math as your rate won’t change during the CD term. Put your money into a high-rate certificate of deposit and reap the rewards of our special offer interest rates.
By investing in a long-term CD before these rate cuts start next month, you can lock in the current high rates for an extended period. This strategy can protect your investment from the anticipated downturn in interest rates, ensuring that your money continues to grow at a favorable rate even as market conditions change.
The current financial landscape presents a unique opportunity for those looking to maximize their savings. By investing money in a long-term CD before September, you can take advantage of today’s high rates, protect yourself against anticipated rate drops, hedge against economic uncertainty, diversify your portfolio and benefit from compounding interest.
Fall is the perfect time to review your finances because there’s still time to make adjustments before the end of the year. Depending on your financial goals, when you’re managing a savings account, one of your savings account options may be the ability to link it to other accounts for easy transfers, overdraft protection, and withdrawals. With Core Bank’s online banking and mobile app, it’s easy to manage your accounts from anywhere.
As a locally-owned community bank, Core Bank customers always come first. Whatever your needs may be, there’s a savings account option for you. Each account type comes with benefits beyond competitive interest rates—each option features free debits and no monthly maintenance fee for those who maintain a minimum account balance.
Open your Core Bank CD account online today!