Rates on C.D.s are the highest they’ve been in years. But the Fed is signaling that it may cut its borrowing costs next year, and C.D. rates could follow.
Banks are offering the promotional rates to attract deposits. Given concerns about the economy, it’s unclear how long banks will continue to reward savers.
Higher interest rates made annuities more attractive in 2022. Better quality products are increasingly available, but consumers still need to read the fine print.