Where to find some of the highest CD rates heading into September
Annual percentage yields on certificates of deposit are looking attractive as fall begins next month.
TL;DR
- Savers can find attractive yields on Certificates of Deposit (CDs) as interest rates rise.
- The Federal Reserve is expected to increase its benchmark lending rate in September due to concerns about inflation.
- Several banks are offering competitive APYs on one-year CDs, with rates exceeding the peer median.
- Longer-term CDs are also available with compelling rates from institutions like Synchrony Financial and Marcus by Goldman Sachs.
- Savers should be mindful of penalties for breaking CDs early and monitor expiration dates to avoid automatic renewals at lower rates.