Over the past year, the Federal Reserve has pulled all the stops to try to quell a red-hot inflation rate. The effects have been two-fold: for borrowers, carrying a debt balance has become significantly more expensive. For savers, it’s never been a better time to open a new deposit account.
APYs on high-yield savings accounts, money market accounts, and certificates of deposit (CDs) have skyrocketed. With the average national rates for 1-, 3-, and 5-year CDs hitting 1.49%, 1.41%, and 1.35%, respectively.
