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Inflation’s falling. Here’s why you should open a CD now.
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Millions of Americans received some welcome news on Tuesday when a new report showed inflation easing in November. The Consumer Price Index increased by 0.1% in the month, leaving it 3.1% higher than a year ago, the Labor Department reported. It was 3.2% for October. While that may not be the decrease many were hoping for, it’s still a move in the right direction and an indicator that the Fed’s aggressive rate hikes over the last year and a half have been successful at lowering inflation.
As inflation cools, however, rates are likely to remain paused and may even drop a bit in 2024. This could be beneficial for borrowers but may not be as advantageous for savers, thus underlining the importance of opening a high-interest-earning account now. There are multiple timely reasons for doing so, particularly for those who want to open a certificate of deposit (CD) account.
Start by exploring your CD account options here to see how much more you could be earning.
Why you should open a CD with inflation falling
Here are three timely reasons why you should open a CD now.
Interest rates are still high
Interest rates on CDs won’t immediately fall as soon as inflation cools. So today’s rates, for example, will still be high, with many in the 5% to 5.5% range. By opening a CD with that APY, you could earn significantly more than you would by leaving your money untouched in a regular savings account.
The latter account, for example, only comes with an average rate of just 0.46% currently. By leaving your money in that account, then, you’re essentially losing money. No matter which CD term you choose — short or long ± you’ll make exponentially more than you would with a regular account.
Crunch the numbers to see how much more you could be making now.
Interest rates are locked
Rates on high-yield savings accounts are also high right now, leading many to wonder why they should open a CD instead. But unlike variable high-yield savings accounts, CDs have their rates locked in for the full term. So if rates drop at some point in 2024 — as many are forecasting — the rate you opened the CD with in December 2023 will remain the same.
This will allow your savings to grow at a higher rate, and it will inject some predictability into your budget by allowing you to know exactly how much money you’ll have when the CD expires. And it can protect against unfavorable rate drops, not just in 2024, but for the years to come if you elect to proceed with a long-term CD instead.
Interest rates will likely fall soon
If inflation continues its downward trend, interest rates will soon follow, meaning that now may be your final window of opportunity to open a CD with a high APY. It’s certainly possible that rates on these accounts can hit these heights again, but no one knows when or if that will even happen, not to mention the economic circumstances that could cause that scenario.
Instead, you’re better off taking advantage of the rate climate as is by locking in a high rate. This will protect your funds from any rate drops in the future while allowing your money to grow uninterrupted at that elevated rate.
Get started with a CD here now.
The bottom line
Inflation has led to a poor climate for borrowers but an attractive one for savers. But there are real signs that those dynamics will be changing in 2024. For those interested in opening a CD, then, it’s beneficial to act now before inflation falls further and the interest rate environment becomes less favorable. By opening a CD promptly, savers will still be able to secure a great rate, and they’ll have that great rate locked, which will then provide them protection against any rate decreases to come, too.
NEW YORK — Timothée Chalamet made a surprise appearance Sunday at his own look-alike contest in Manhattan.
At least one person was arrested after a large crowd formed and police broke up the event in Washington Square Park.
Chalamet posed for photos with his doppelgängers, some of whom came dressed as his characters from the movies “Wonka” and “Dune.”
The look-alike contest was one of several such competitions hosted by the YouTube personality Anthony Po, and it promised $50 for the winner. As word spread on social media, thousands of people RSVP’d.
From “a silly joke” to “pandemonium”
Stefan Jeremiah / AP
Minutes after the competition started — and before Chalamet arrived — police ordered the group to disperse from the park. Organizers were hit with a $500 fine for an “unpermitted costume contest,” and police said one person was issued a summons for disorderly conduct.
“It started off as a silly joke and now it’s turned pandemonium,” Paige Nguyen, a producer for the YouTube creator, told The Associated Press.
The group relocated to another park, and the audience eventually crowned Miles Mitchell, a Staten Island college senior, as the winner.
“I’m excited and I’m also overwhelmed,” Mitchell said. “There were so many good look-alikes. It was really a toss-up.”
The contestants were asked to demonstrate their French skills, about their romantic plans with Kylie Jenner, and what they would do to make the world a better place.
WESTON – A small group of loyal customers gathered in Weston Saturday morning to thank a pharmacist who is relocating as Walgreens closes the location where he served the community for almost three decades.
The celebration was led by an 11-year-old boy who shocked the pharmacist by presenting him with thousands of dollars that he raised as a thank you gift.
Weston Walgreens closing
In the midst of corporate cutbacks at Walgreens, the location on Boston Post Road is closing permanently. So a small group came out to thank the pharmacist at the store.
“It’s humbling. I can’t believe it. It’s amazing,” said veteran pharmacist Bob Hesselberg, who has worked at the store for nearly 30 years. “I don’t want to retire, even though I am 75. I don’t want to retire. I’m not ready for it.”
Hesselberg is moving on to a store in Waltham. The sendoff was led by 11-year-old Aarav Khanna, whose school bus routinely drops him off right across from the Walgreens location.
“I’ve seen the amount of kindness and hard work he puts into his job,” Khanna said.
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Money raised for pharmacist
Khanna got the idea to raise money for Hesselberg as a going away present. And the total grew quickly. Thanks to the community, Kanna was able to present Hesselberg with a check for $6,000 on Saturday, leaving the pharmacist in shock.
During the Saturday celebration, a young girl gave a handmade card to Hesselberg, who people in the community call “Pharmacist Bob.”
“You walk in, he not only greets you by name, but he wants to know how your family is, and how is that medication you had last time, and how are you doing? And he means it,” customer Carol Ott said.
The Weston Walgreens closes in the middle of November. Hesselberg hopes some customers will follow him to Waltham, but he worries about some of the older residents driving that distance, especially since the chain won’t be doing home delivery anymore.
“I’m gonna miss everybody. And I’m very grateful for all of this. And thank you so much,” Hesselberg told the crowd.
CBS News
Harris tells Philadelphia church election will “decide the fate of our nation for generations to come”
Vice President Kamala Harris is back in Philadelphia Sunday as the countdown to election day nears one week.
Harris, who spent several days in the Delaware Valley over the past week, spoke at the Church of Christian Compassion in Philadelphia on Sunday morning and will hold a campaign rally in the city later in the night.
“In just nine days we have the power to decide the fate of our nation for generations to come,” she told the congregation.
Several minutes into her speech, some shouting broke out in the crowd. Harris paused during the disruption. “That’s why we fight for our democracy. Every voice is important,” she said while the outburst was quieted.
Harris went on to encourage the Philadelphia church to lean on faith in the days leading up to the election, and urged worshippers to use their feet to get to the polls.
“Here in Pennsylvania, right now each of us has an opportunity to make a difference. Because in this moment we do face a real question. What kind of country to we we want to live in,” she said. “The great thing about living in a democracy is we the people have the choice to answer that question. So let us answer not just with our words, but with our works.”
On Wednesday, Oct. 23, Harris visited the Famous 4th Street Deli in Philadelphia’s Queen Village neighborhood before attending a town hall in Delaware County. Earlier in the week, the vice president sat down with former Congresswoman Liz Cheney in Chester County in the first of three moderated conversations in battleground states.
During that conversation, Harris appealed to Republican voters who are on the fence about voting for former President Donald Trump, and claimed he used the presidency as a way to “demean and to divide” Americans.
“I think people are exhausted with that, rightly,” Harris said. “And it does not lead to the strength of our nation to tell American people that we must be suspicious of one another, distrust one another.”
On Monday, Harris will harness the star power of some of her biggest supporters during a benefit concert at Temple University’s Liacouras Center, according to multiple sources.
Twenty-time Grammy winner Bruce Springsteen will headline a concert and a rally with former President Barack Obama as part of the Harris campaign’s effort to mobilize voters in the final weeks of the 2024 presidential election.
Speaking to CBS News Philadelphia’s Joe Holden, Harris said she’s “honored” to have Obama’s support on the campaign trail. “And people like Bruce Springsteen, to have their support, and of course he is an American icon, I think it just shows the breadth and depth of the support that we have,” Harris said.
When asked if any other big name supporters are planning to turn out for the event Monday, Harris said with a laugh, “I have nothing to report at this moment. Stay tuned, however.”
Earlier this month, Springsteen endorsed Harris and her running mate Minnesota Gov. Tim Walz.
Timothée Chalamet surprises crowd at NYC look-alike contest, as police break up event
11-year-old stuns pharmacist at shuttering Massachusetts Walgreens with $6,000 gift
Harris tells Philadelphia church election will “decide the fate of our nation for generations to come”
Timothée Chalamet surprises crowd at NYC look-alike contest, as police break up event
11-year-old stuns pharmacist at shuttering Massachusetts Walgreens with $6,000 gift