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Why you should open a 6-month CD this May

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If you’re planning to open a CD account this month, you may want to look closely at what 6-month CD terms can offer.

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For the last few years, issues with inflation have been putting the squeeze on millions of Americans. While today’s inflation rate of 3.5% is significantly lower than it was at its peak in mid-2022, the reality is that the costs of everything from groceries to gasoline are still climbing. In turn, many households have found their budgets stretched increasingly thin. 

To try and combat inflation, the Federal Reserve has kept its benchmark rate paused at a 23-year high following an aggressive campaign of interest rate hikes. This, in turn, raised borrowing costs at the fastest pace in decades, further adding to the issues that many people are facing with their budgets. But while today’s high-rate environment has put the brakes on certain sectors of the economy, one silver lining is that it has sent deposit rates soaring. And for savers and those looking to earn a return that outpaces inflation, these higher interest rates present an opportunity.

For example, it’s a great time to take advantage of the elevated interest rates being offered on savings products like certificates of deposit (CDs). And while CDs come in a wide range of terms, for many savers, a 6-month CD could be the ideal choice this May. Below, we’ll break down why.

Find today’s best CD accounts online now.

Why you should put money in a 6-month CD this May

While longer-term CD accounts, like 5-year CDs, can offer some unique benefits in today’s rate environment, locking your money up for an extended period could prove to be problematic over time. That’s where 6-month CDs come into play. These CDs offer an optimal balance between competitive rates and liquidity for many types of savers. 

Here are a few reasons why you may want to put some money in a 6-month CD this May:

6-month CD rates are very high

At many banks and credit unions, 6-month CDs are offering annual percentage yields (APYs) north of 4% and even 5%. These are some of the most competitive rates available in the broader deposit landscape right now. 

For example, the 6-month CD from Shoreham Bank offers a 5.50% APY currently, which outpaces today’s inflation rate — and is significantly higher than the average 0.46% rate you’d earn by putting your money in a regular savings account. And, when you open a 6-month CD, you’re locking that high rate in, guaranteeing that you’ll earn the same high rate until your CD account matures. 

Find the right CD account for you online now and start earning more interest today.

The rate environment is uncertain

In early 2024, many experts were predicting that the Federal Reserve would begin slashing rates by mid-year. But, with recent inflation reports coming in higher than expected, those rate-cut predictions are on pause. And, if inflation proves to be stickier than anticipated in the months to come, there’s a chance that the Fed could raise rates at some point later this year.

If that happens, you don’t want to miss out on earning a higher APY on your CD. But you also don’t want to waste time waiting for rate hikes that may or may not pan out, either. 

In many cases, you’d be better served by locking in a high rate today on a 6-month CD and then reevaluating your CD plans when your account has matured. That way, you’ll start to earn the returns now but be well-positioned to capture any potential future rate increases during the end of the year.

A shorter CD term offers flexibility

While longer-term CDs may appear appealing because you’ll lock in your high APY for a longer term, there is a substantial risk of getting stuck with an unfavorable rate should conditions change over the next few years. With a 6-month CD, though, you won’t have to worry about your money being tied up for an extended period. When the CD matures, you can choose to renew for another term, switch to a different account type or withdraw your funds entirely if needed.

It’s a simple way to meet short-term money goals

Beyond just earning a return on your cash, opening a 6-month CD can also be an effective strategy for reaching tangible savings goals you’ve set for yourself. By putting money aside in a separate account like a CD, you create a purposeful allocation while still maintaining relatively easy access to your funds.

Let’s say you’re saving up for an upcoming vacation, a down payment on a car or even just building an emergency fund. A 6-month CD can provide the discipline and dedication needed to make consistent progress toward that goal. You commit to funneling funds into the CD over the 6-month term, knowing that your hands will be partially tied in preventing you from easily accessing that money for other purposes. Then, when the CD matures, your financial objective will be fully funded.

You’ll get a safe, predictable return

In today’s unusual rate and economic landscape, CDs offer the same level of principal protection and guaranteed returns they always have. Your deposit is insured by the FDIC or NCUA, and you know exactly what interest rate you’ll earn since the APY is fixed when you open the account. For risk-averse savers, this peace of mind can be invaluable.

The bottom line

Whether you’re looking to finally tackle a savings goal you’ve been putting off, park cash in a safe place while earning a competitive return or just want to make the most of your funds, a 6-month CD is hard to beat right now. With rates elevated but the term short enough to allow for near-term access and flexibility, this type of deposit account checks a lot of boxes for many savers’ situations.

Of course, periods of high interest rates never last forever. By opening a 6-month CD this May, you can take advantage of today’s favorable rate climate and earn some extra interest income, all while buying yourself time to monitor how conditions evolve. And, when your CD matures later this year, you’ll be able to evaluate your options for what to do next with a fresh set of rates and economic data. 



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Bryan Kohberger’s lawyers ask judge to ban death penalty in Idaho murders case; victim’s mother says “he deserves to die”

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Attorneys for a man charged in the stabbing deaths of four University of Idaho students asked a judge to take the death penalty off the table Thursday, arguing that international, federal and state law all make it inappropriate for the case. But a victim’s mother who attended the hearing said the suspect “deserves to die.”

Bryan Kohberger is accused of the Nov. 13, 2022, killings of Ethan Chapin, Xana Kernodle, Madison Mogen and Kaylee Goncalves. Investigators said they were able to link Kohberger – then a graduate student at nearby Washington State University – to the crime from DNA found on a knife sheath at the scene, surveillance videos and cellphone data.

When asked to enter a plea last year, Kohberger stood silent, prompting a judge to enter a not guilty plea on his behalf. Prosecutors have said they will seek the death penalty if he is convicted. In September, Kohberger was booked into jail in Boise, where his trial was moved the week before.

During a pre-trial motion hearing, Kohberger’s defense team made a broad range of arguments against the death penalty, saying in part that it does not fit today’s standards of decency, that it is cruel to make condemned inmates sit for decades on death row awaiting execution and that it violates an international treaty prohibiting the torture of prisoners.

Bryan Kohberger listens during a hearing to overturn his grand jury indictment on October 26, 2023, in Moscow, Idaho.
Bryan Kohberger listens during a hearing to overturn his grand jury indictment on October 26, 2023, in Moscow, Idaho.

Kai Eiselein / Getty Images


But 4th District Judge Stephen Hippler questioned many of those claims, saying that the international treaty they referenced was focused on ensuring that prisoners are given due process so they are not convicted and executed without a fair trial.

Prosecutors noted that the Idaho Supreme Court has already considered many of those arguments in other capital cases and allowed the death penalty to stand.

Still, by bringing up the issues during the motion hearing, Kohberger’s defense team took the first step toward preserving their legal arguments in the court record, potentially allowing them to raise them again on appeal.

The judge said he would issue a written ruling on the motions later.

Victim’s parents attend hearing

Kristi and Steve Goncalves, the parents of Kaylee Goncalves, attended the hearing. Afterward they said the details of the case show the death penalty is merited.

“You’ve got four victims, all in one house – that’s more than enough,” Steve Goncalves said.

Kristi Goncalves said she talked to the coroner and knows what happened to her daughter.

“If he did anything like he did to our daughter to the others, then he deserves to die,” she said.

Steve Goncalves told “48 Hours” last year that “there’s evidence to show that she awakened and tried to get out of that situation,” saying “she was trapped” based on the way the bed was set up.

idaho-kaylee-goncalves.jpg
Kaylee Goncalves

Kaylee Goncalves/Instagram


Kohberger’s attorneys have said he was out for a drive the night of the killings, something he often did to look at the sky.

His trial is scheduled to begin next August and is expected to last up to three months. The Goncalves family said they have rented a home in Boise so they can attend.

Goncalves’ family said in the spring that they were frustrated by how long it has taken the case to progress through the judicial system.

“This case is turning into a hamster wheel of motions, hearings, and delayed decisions,” the family said in a statement.


The Night of the Idaho Student Murders

42:00



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Israeli soccer fans attacked in Amsterdam, with five reportedly hospitalized and dozens of suspects arrested

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Amsterdam — Antisemitic rioters “actively sought out Israeli supporters to attack and assault them” after a soccer match in Amsterdam, authorities in the Netherlands said Friday, with police reporting five people hospitalized and 62 detained after a night of violence between. The police did not mention the nationality of any of those injured or arrested after the scenes of chaos in the Dutch capital. 

Israel’s government said it was helping coordinate flights home for Israeli fans caught up in the violence.

Israel was “doing everything to ensure the safety and security of our citizens who were brutally attacked in the horrific anti-Semitic incident in Amsterdam,” Prime Minister Benjamin Netanyahu’s office said in a statement. “It was decided that it was not necessary to send a professional rescue mission to the Netherlands. Instead, the effort will be focused on providing civil aviation solutions for the recovery of our citizens.”

Israel’s airports authority said the first of two planes being sent to bring citizens of the country home had departed from Ben Gurion airport near Tel Aviv and was expected to arrive in Amsterdam within a few hours.

Youth clash with Israeli football fans outside Amsterdam Central station
Israeli football supporters and Dutch youth clash near Amsterdam Central station, in Amsterdam, Netherlands, November 8, 2024, in this still image obtained from a social media video.

X/ iAnnet via REUTERS.


Dutch leaders also condemned the violence against the Israeli fans as antisemitic.

The attacks on fans of soccer club Maccabi Tel Aviv came after a Europa League soccer match between their team and the local Amsterdam team Ajax, but there had been clashes between the Israeli fans and locals before the game, too. 

The violence erupted despite a ban on a pro-Palestinian demonstration near the soccer stadium imposed by Amsterdam Mayor Femke Halsema, who’d feared clashes would break out between protesters and supporters of the Israeli club.

The violent clashes reportedly occurred around midnight local time, with numerous fights and acts of vandalism in central Amsterdam. 

There were clashes before the game, too, as Maccabi fans were among hundreds to march through central Amsterdam in a pro-Israel demonstration, during which flares were lit and Palestinian flags hung on some streets were reportedly torn down amid chants of “death to the Arabs.” 

Pro-Israel Maccabi fans stage demonstration in Amsterdam, at least ten arrests
Fans of the Israeli soccer team Maccabi Tel Aviv stage a pro-Israel demonstration at Dam Square in central Amsterdam, Netherlands, lighting flares and chanting slogans ahead of the UEFA Europa League match between Maccabi Tel Aviv and local team Ajax, Nov. 7, 2024.

Mouneb Taim/Anadolu/Getty


In an earlier statement, Netanyahu’s office had said that the prime minister ordered two “rescue planes” to be sent to Amseterdam to evacuate Israeli citizens, but that decision was later reversed. Netanyahu’s office also barred any members of the country’s military from flying to the Netherlands for an indefinite period.

“The harsh pictures of the assault on our citizens in Amsterdam will not be overlooked,” Netanyahu’s office said, adding that Israel’s government “views the premeditated antisemitic attack against Israeli citizens with utmost gravity.” 

Netanyahu’s office demanded the Dutch government take “vigorous and swift action” against those involved.

Dutch Prime Minister Dick Schoof said on social media that he followed reports of the violence “with horror.”

“Completely unacceptable antisemitic attacks on Israelis. I am in close contact with everyone involved,” he added, saying he’d spoken with Netanyahu and “emphasized that the perpetrators will be tracked down and prosecuted. It is now quiet in the capital.”

In a post on the social media platform X, Israeli President Isaac Herzog Israel denounced the attacks as a “pogrom,” referring to the historic racist attacks on Jews in Russia and eastern Europe, and said they were reminiscent of the Oct. 7, 2023 attack by Hamas on Israel that sparked Israel’s ongoing wars in Gaza and Lebanon.

The Israeli Embassy in Washington said on X that “hundreds” of Maccabi fans were “ambushed and attacked in Amsterdam tonight as they left the stadium following a game,” according to AFP. The embassy blamed the violence on a “mob who targeted innocent Israelis.”

Geert Wilders, the far-right nationalist lawmaker whose Party for Freedom won elections in the Netherlands last year and who’s a staunch ally of Israel, reacted to a video apparently showing a Maccabi fan being surrounded by several men.

“Looks like a Jew hunt in the streets of Amsterdam. Arrest and deport the multicultural scum that attacked Maccabi Tel Aviv supporters in our streets. Ashamed that this can happen in The Netherlands. Totally unacceptable,” Wilders said.



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Qantas plane returns to Australia airport, makes emergency landing due to engine failure

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A Qantas plane made an emergency landing Friday due to what the airline said was a “contained engine failure” soon after taking off from Sydney Airport, sparking a grassfire on a nearby runway and causing several flights to be diverted.

The Qantas flight, QF520, was bound for Brisbane and was circling for a “short period of time” before landing safely back at Sydney Airport, Qantas Chief Pilot Captain Richard Tobiano said in the statement.

There was no initial word on the number of people on board.

AUSTRALIA-AVIATION-FIRE
A truck sprays water where a grass fire occurred on a runway at Sydney International Airport on Nov. 8, 2024 after a Qantas plane made an emergency landing due what the carrier said was a “contained engine failure” soon after taking off from the airport.

DAVID GRAY / AFP via Getty Images


“Qantas engineers have conducted a preliminary inspection of the engine and confirmed it was a contained engine failure,” the airline said. “While customers would have heard a loud bang, there was not an explosion.”

The Reuters news agency explains that in a contained engine failure, the engine’s parts stay inside the protective housing meant to keep them from flying out. If they do, they could cause severe damage to the main body of a plane.

Airservices Australia, the government’s aviation regulator, said the engine failure caused “a grass area adjacent to the runway to catch fire” that was swiftly extinguished by firefighters.

AUSTRALIA-AVIATION-FIRE
Workers check the runway as a Qantas plane prepares to take off behind them at Sydney International Airport on Nov. 8, 2024. A Qantas plane made an emergency landing due to a “contained engine failure” soon after taking off from the airport, the carrier said in a statement.

DAVID GRAY / AFP via Getty Images


The Airservices’ National Operations Management Centre enacted a 47-minute ground stop at Sydney Airport to ensure the plane could land as quickly as possible, the regulator said in a statement, adding that no one was hurt.

Reuters reports that the airport said all its runways had re-opened by Friday afternoon after the parallel runway had been closed for inspection because of the fire.

The aircraft is a 19-year-old Boeing 737-800, Reuters said, citing Flightradar24. That type of twin-engine passenger plane is designed to be able to fly using only one engine in an emergency, Reuters noted.

Passenger Georgina Lewis said she heard a “bang.”

“One of the engines appeared to have gone. The pilot came on 10 minutes later to explain that they had a problem with a right-hand engine on takeoff,” she told local outlet Channel Nine.

Another passenger, Mark Willacy, a journalist with Australia’s national broadcaster ABC, said the plane struggled to get airborne following the “loud bang” noise.

“That big bang as the wheels were leaving the ground and the shudder, that was like nothing I have ever felt,” he told ABC. “When we landed, there was a lot of applause and cheering amongst the passengers.”

Tobiano said his staff members were “highly trained” to respond to such emergency situations.

“We understand this would have been a distressing experience for customers and we will be contacting all customers this afternoon to provide support,” he said in the statement. “We will also be conducting an investigation into what caused the engine issue.”

Customers were being moved to alternate flights, Qantas said.

Eleven domestic flights were cancelled and four diverted to other airports, a Sydney Airport spokesperson said.



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