Connect with us

CBS News

4 things to know about CD rates right now

Avatar

Published

on


gettyimages-1437707163.jpg
CD accounts offer a great way to grow and protect your money right now but the long-term forecast is unclear.

Getty Images


Borrowers hoping for some imminent relief were disappointed this week after the latest report from the Bureau of Labor Statistics showed inflation higher than expected in January. While that 3.1% rate was lower than December’s 3.4%, it’s still holding steady and significantly higher than the Federal Reserve’s target 2% goal. Higher inflation means elevated interest rates and, with inflation inconsistent, rates will stay put, meaning continued pain for those looking for mortgages, credit cards and other credit products.

However, there has been one major benefit of today’s rate climate: higher rates on savings accounts. For much of the last year, it’s been a great time to open a certificate of deposit (CD) account. That said, to get the most from one of these accounts now, it behooves savers to understand some key components of today’s CD rate environment. Below, we’ll detail four of these considerations.

Ready to get started? See how much more you could earn with a top CD here now.

4 things to know about CD rates today

Here are four important things about today’s unique CD rate climate.

Rates are high

CD rates today are high. How high, exactly, will depend on the amount you deposit, the term of your account and the lender you choose. But it’s not difficult to find a CD with a rate of 6% or higher right now. Some savers may even qualify for an account with a 7% interest rate. 

That’s a significant amount of interest that can be earned simply by transferring funds from one account type to another — resulting in hundreds of extra dollars earned each year. Compared to the minimal 0.47% that can be obtained with a regular savings account, it’s clear that you’re losing money by not moving some of your funds into a top CD now.

Get started with a high interest-earning CD account online here.

Rates will stay elevated a bit longer

The forecast for CD rates toward the end of 2023 was unclear, with many hoping for a cut to the benchmark interest rate as soon as March. And while that cut may still come this year, it’s unlikely to be next month after this week’s disappointing inflation report. 

As a result, rates on CDs will likely stay elevated a bit longer. This gives savers more time to explore their options, ideally locating a CD with the best mix of rates and minimal (or no fees). But remember that the longer you wait, the more time will pass without earning today’s high CD rates, so it’s smart to move relatively quickly.

Short-term CD rates are a bit better than long-term ones

In a reversal from historic trends, the best CD rates right now are being offered on short-term CDs (12 months or less) versus long-term ones. While long-term CDs generally reward savers with more money in exchange for locking their money away for an extended period, that’s not the case right now. 

The volatile rate environment has instead left short-term CDs with elevated rates and long-term CDs with rates slightly lower. While both are high compared to recent years, the very best CD rates right now will generally be found with short-term accounts so keep that in mind as you hunt for the best account.

The long-term forecast is unclear

As mentioned, there was much discussion about the future of CD rates toward the end of last year as inflation finally seemed under control and rate cuts looked imminent. But that forecast is murkier now following two consecutive disappointing inflation reports. 

And while the Fed hasn’t increased rates since last July, they haven’t cut them either. This is good news for CD account holders who can still earn a nice return right now — and are unlikely to see a dramatic rate cut affect their earnings long-term either.

Learn more about today’s CD options here.

The bottom line

in today’s unique rate environment, savers need to be a bit more diligent about where they store their money. CDs are one great option, thanks to significantly higher rates. And those rates are expected to stay high for at least a few more months. But rates on short-term CDs are generally better than long-term ones right now, something savers should keep in mind as they search for the best account. They should also know that the long-term CD rate forecast is unclear, meaning that now could be an opportune time to take advantage and start earning more interest.



Read the original article

Leave your vote

Continue Reading

CBS News

Judge sets Sean “Diddy” Combs sex trafficking trial for May 2025

Avatar

Published

on


Sean “Diddy” Combs facing over 100 new sexual misconduct claims, Texas attorney says


Sean “Diddy” Combs facing over 100 new sexual misconduct claims, Texas attorney says

00:53

NEW YORK — A judge in New York has set a May 2025 trial date for rapper Sean “Diddy” Combs, who was arrested for sex trafficking, racketeering and conspiracy. 

According to the indictment, Combs allegedly abused women for years as associates and employees kept quiet and allegedly helped. Victims were allegedly blackmailed or silenced through violence. 

Combs, 54, entered court Thursday dressed in a wrinkled tan shirt and matching pants. He seemed more upbeat, smiling and waving to his mother and children in the gallery 

Combs, who has twice been denied bail, spoke with his legal team and nodded his head in agreement as his lead attorney spoke at the proceeding. 

“He’s making an adjustment,” said Anthony Ricco, who is on Combs’ legal defense team. “We really want to put an end to all the clowning we see on the internet. This is a serious proceeding with serious consequences.” 

The judge, newly assigned to the case after a previous judge recused himself, set a trial date for May 5, 2025. 

Prosecutors have until Dec. 31 to turn over discovery. In court, they said they seized over 96 electronic devices in three searches at an airport, as well as Combs’ Miami and Los Angeles residences. 

Combs’ attorneys filed a motion for an evidentiary hearing alleging the government, mostly the Department of Homeland Security, leaked information and material, including the 2016 hotel surveillance video showing Combs attacking his former girlfriend, singer Cassie, which aired on CNN. 

Defense attorneys want the video out of evidence, saying leaks prevented him from “getting fair consideration” by the grand jury and that they tainted the jury pool. 

In a letter, federal prosecutors told the judge they were not in possession of the video before CNN aired it. 

In court, the all-female prosecution team told the judge no leaks came from prosecutors and that they believed “this motion is baseless,” a means for the defense to “try and exclude a damming piece of evidence.” 

Prosecutors also took issue with comments Combs’ lead attorney made in the press. They said he accused the government of a racist prosecution, quoting an interview where he called it the “takedown of a successful Black man.” 

The judge said a reciprocal gag order could be written up.

“I’m not going to say anything that I haven’t said in court and in my papers,” Marc Agnifilo, Combs’ lead defense attorney said outside the courthouse. 

Prosecutors said a superseding indictment could be filed. 



Read the original article

Leave your vote

Continue Reading

CBS News

Consumer Reports calls for federal ban on baby walkers. Here are the risks.

Avatar

Published

on


Consumer Reports is calling for a federal ban of infant walkers, saying the products injure thousands of babies every year despite federal safety standards that have slowed — but not stopped — heartbreaking incidents for parents.

The consumer advocacy group’s stark warning, along with its newly published report detailing injuries and deaths caused by baby walkers, comes two decades after Canada banned them after investigating serious pediatric injuries from falls by infants using the products. 

The American Academy of Pediatrics (AAP) in 2018 also pushed for a ban, stating that walkers do not help babies learn to walk and in fact can delay normal motor and mental development.

“One thing that’s really not well understood by the public in general is just how fast infants can travel in these walkers — multiple feet per second,” Dr. James Dodington, a pediatric emergency medicine doctor, told CR. “The risks are numerous,” the physician added, noting that, beyond head and neck injuries, babies can be burned by coming into contact with a hot stove or inadvertently rolling into a pool or other body of water.

Over the years manufacturers have voluntarily tightened safety standards, while the U.S. Consumer Product Safety Commission in 2010 mandated brakes on the baby walkers to prevent falls down staircases. But these steps only succeeded in slowing the rate of injuries, with thousands of kids still treated in hospital emergency rooms every year.

From 1990 to 2014, nearly 231,000 U.S. children below the age of 15 months were treated in ERs for infant walker-related injuries, most sustaining head or neck injuries and nearly two-thirds of the incidents involving falls down stairs, according to 2018 research from AAP. Injuries fell nearly 23% during the four-year period after the federal safety standard took effect, yet thousands of kids are still injured every year. 

“Because there is no clear benefit from their use, the American Academy of Pediatrics recommends a ban on the manufacture and sale of mobile infant walkers,” AAP stated. 

Between 2021 and 2023, an average of 2,467 children per year under age 5 ended up in the ER after using baby walkers, jumpers or exercisers, according to the CPSC’s 2024 nursery products report, citing data from the National Electronic Injury Surveillance System.

Asked for comment about Consumer Reports’ call for a baby walker ban, a spokesperson for the CPSC said the agency’s staff “constantly review incident data with a view toward ensuring that standards continue to address product hazards. To the extent that staff recommend additional improvements to the mandatory standard, the commission will consider how best to act on those recommendations.”



Read the original article

Leave your vote

Continue Reading

CBS News

El Taiger, Cuban reggaeton star, dies week after shooting in Miami

Avatar

Published

on


MIAMI – Cuban reggaeton artist Jose Manuel Carbajal Zadivar, known professionally as El Taiger, died Thursday afternoon, seven days after he was found shot in the head in Miami.

“During this incredibly difficult time, family, friends and followers came together in prayer, hope and support, seeking a miracle,” according to a statement posted on his Instagram page. “To all who offered their prayers, we thank you. Sadly, this afternoon, El Taiger was pronounced dead and has now been reunited with his beloved mother in heaven.” 

He was in critical condition after he was found shot in the head in Miami last morning.

The incident occurred shortly after 7 a.m. when officers responded to reports of a man shot in the head inside a black Mercedes SUV near NW 17th St. 10 Ave. 

First responders rushed El Taiger to Jackson Memorial Hospital’s Ryder Trauma Center, where he was placed on life support.

Before going to the hospital, manager Macel Reinosa told CBS News Miami that there was a person of interest, someone who he said knows the artist and the person allegedly called 9-1-1.

“His family would like to express their sincere gratitude to the medical team at Jackson Memorial Hospital for their tireless efforts, as well as to the millions who offered prayers and tributes during his hospitalization. These last few days have been incredibly difficult for those who loved him, and the support received from around the world has meant a lot,” according to the Instagram post.

El Taiger fans are encouraged “to honor his memory by celebrating the joy he brought to so many. Turn up your music, dance and celebrate your life. The Taiger was the feeling of the people, and now we must keep that feeling alive through their music and their legacy,” according to the post.

Details about a memorial service will be announced at a later date, the post said.

El Taiger is well-known in the Latin music scene, particularly for his contributions to reggaeton, a genre that blends Caribbean rhythms with urban beats.





Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.