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Financial Face-Off: CDs vs. high-yield savings accounts — where can you earn 5.5% after Fed’s rate hike? ‘This is time-sensitive.’

Financial Face-Off

It’s time to lock in high interest rates on cash savings if you can, financial advisers say

At the moment, some CDs and high-yield savings accounts are offering annual percentage yields well over 5%, according to DepositAccounts.com. ‘The rates are around as good as they’re going to get,’ one certified financial planner told MarketWatch.

MarketWatch photo illustration/iStockphoto

The face-off

Higher interest rates have made it more expensive to carry a balance on your credit card or take out a car loan, but on the flip side, there’s an opportunity to earn more interest on cash savings. You can do this by opening a high-yield savings account or buying a certificate of deposit (CD). (This column will focus on those two options; you can read about other cash investments here.)


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