If you have a traditional savings account, you know that the interest you'll earn on these financial products is typically minimal. In fact, the national average savings account interest rate is just 0.45%. And, that creates a problem. 0.45% is significantly lower than the current 3.4% inflation rate. That means any money stored in these accounts will lose buying power over time. But, a certificate of deposit can help you earn more.
Why you should open a 6-month CD now according to expertsWe asked finance experts why a six-month CD makes sense right now and here's what they told us: 6-month CDs have high interest rates right now'A six-month CD might make sense right now because CD rates are higher now than they have been in the past 10 years,' explains James Sanford, founder of the financial planning firm, Sanford Financial Services.