Does a CD account interest rate lock make sense after this week's Fed meeting?
Should savers lock in a CD account interest rate after this week's Fed meeting? It could be a smart move. Here's why.
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Borrowers hoping for some rate relief when the Federal Reserve meets this week will have to wait a bit longer. With the likelihood of a rate cut at the conclusion of the central bank's April meeting near zero, according to the CME Group's FedWatch tool, elevated interest rates are unlikely to go anywhere anytime soon.
At the same time, this lack of movement could be a boost for savers, especially those who have yet to take advantage of the elevated interest rate environment of recent years. And with a certificate of deposit (CD) account , specifically, they can do so safely and effectively with an account that will protect their principal and boost their interest with a high, fixed interest rate .
Heading into this week's meeting, many savers find themselves contemplating the benefit of a CD interest rate lock. Specifically, is it worth securing after the meeting has concluded, or are savers better off shopping around and waiting for even higher rates? That's what we'll examine below.
See how much interest you could be earning with a CD account here .