Th🐷e full article con🐼tinues below these offers from our partners.

A One-Two Punch That Delivers a 5.50% Return

Right now, you can enjoy the benefits of both savings accounts and CDs while minimizing the downsides. The key is to put together a combo—allocating some of your cash savings to a savings bucket and the rest to one of 澳洲幸运5官方开奖结果体彩网:today's best CDs.

You can do this anytime. But right now, you're especially in luck because you can earn an eye-popping 5.50% with the top nationwide offer in both categories:

• : You can currently earn 5.50% with the Pibank Savings account. It can be opened with any deposit amount (even no initial deposit) and has no minimum ongoing balance requirement or monthly maintenance fees. Although Pibank is a relatively new online operation, it is owned by the brick-and-mortar Intercredit Bank, which has been FDIC-insured since 1984.
• 澳洲幸运5官方开奖结果体彩网:Nuvision Credit Union 8-month CD: Nuvision's 8-month CD also pays 5.50%. Though you can only deposit up to $5,000 in this CD, it will lock in a stellar rate until about July next year. Nuvision was established in 1935 as the credit union of Douglas Aircraft and is headquartered in Huntington Beach, California. Anyone nationwide is eligible for membership.

This combo lets you take advantage of each account type. A top-ranked 澳洲幸运5官方开奖结果体彩网:high-yield savings account can deliver an excellent return on your cash in the bank and allow you to withdraw your money anytime you need it. But 澳洲幸运5官方开奖结果体彩网:savings account rates are variable, m🎀eaning the bank or credit union can change th♒em at any time.

澳洲幸运5官方开奖结果体彩网:Certificates of deposit (CDs), meanwhile, offer a different upside. Their interest rates are fixed, guaranteeing your return for months or years into the future. But to earn it, you must keep your money in the CD until the term ends. Withdraw prematurely, and you'll be hit with an 澳洲幸运5官方开奖结果体彩网:early withdrawal penalty.

So, how much can you earn with this combo? Calculating the CD interest is easy since your rate cannot change during the 8-month term. The only thing you need to decide is how much money you'll put into the CD; refer to the table below to look up your 8 months' worth of earnings.

For the amount you'd earn in the savings account, it's not possible to do as precise a calculation since the current 5.50% interest rate isn't fixed and is likely to drop. That's because the 澳洲幸运5官方开奖结果体彩网:Federal Reserve is expected to cut interest rates this year and next, pushing savings acꦑcount rates lower. So you could perhaps earn 5.50% for a month or two, then ওmaybe 5.25% for some number of months, then 5.00%, and so on.

Still, the table below gives you some idea of how much you might earn. It shows how much you would earn over eight months, assuming various average APYs.

Longer CDs—꧂And Theiܫr Extended Rate Guarantees—Are Also Smart Right Now

The Fed is expected to continue lowering its benchmark rate in 2024 and 2025. In fact, interest rate traders overwhelmingly predict the central bank will make two quarter-point reductions in the remainder of this year and then additional cuts next year. The Fed could even keep cutting rates into 2026. If this long slide comes to pass, the rates you'll be able to earn on savings in a year or two will be much lower.

That's why you're better off stretching to a longer CD—even a multi-year option—if your financial timeline can handle it. By locking in a rate such as the 澳洲幸运5官方开奖结果体彩网:top 1-year CD paying 5.00% APY, you're sure to earn that high return until late 2025. But you can take that even further, such as a guarantee that extends into 2026, with the highest 澳洲幸运5官方开奖结果体彩网:2-year yield of 4.50% APY.

CDs with 3-year, 4-year, and 5-year terms can also be a smart move. True, their top rates in the 4.00% to 4.25% range are lower than what shorter CDs pay. But if the Fed drops its benchmark rate two percentage point🤡s over the next year, a 4%-p𝐆lus rate promise that lasts until 2028 or 2029 will be a financial gift for your future.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that's below $5,000.

Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, 澳洲幸运5官方开奖结果体彩网:read our full methodology.