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12 best espresso machine deals for Prime Day 2024
Instead of running off to Starbucks or your favorite coffee shop get your caffeine fix, consider investing in your own espresso machine. For Amazon Prime Day 2024, there’s deeply discounted pricing on some of the most popular coffee and espresso machines from brands like Lavazza, Breville, Philips, KitchenAid, Mr. Coffee and De’Longhi.
We’re tracking down all the best Prime Day discounts, including the best lightning deals and rival sales during Prime Day 2024. Whether you’re trying to find the best Prime Day deals on tech, Prime Day sales on beauty and fashion finds or Prime Day deals on health and fitness equipment, our team of expert deal hunters has you covered.
Best espresso machine deals available right now on Amazon
Since a typical espresso offers more caffeine per ounce than traditional coffee, as well as a richer flavor, some people prefer espressos. And for that, you can purchase an espresso machine for your home that makes it easy to brew gourmet espresso drinks.
Here are a dozen of the best deals on espresso machines available right now during Amazon Prime Day 2024.
Breville Barista Express espresso machine: $550 (27% off)
If you want an espresso at home that’s as good as anything you’d order from a gourmet coffee shop, plan to spend at least $500. That said, when you take advantage of an Amazon Prime Day 2024 sale, you can get a premium-quality machine and save some cash.
In fact, with the $200 you’ll save on this Breville Barista Express espresso machine, you can purchase almost a dozen 2.2 pound bags of Lavazza Espresso Barista Gran Crema whole coffee beans, which is more than 26 pounds of premium beans.
Based on more than 24,900 reviews, the Breville Barista Express espresso machine has earned a 4.6 out of 5-star rating and has become a #1 bestseller on Amazon.
The Breville Barista Express delivers third-wave specialty coffee at home. It’s an all-in-one espresso machine with an integrated grinder, so you go from beans to espresso in under one minute.
The precision conical burr grinder delivers the right amount of freshly ground coffee directly into the portafilter. It will accommodate your preferred taste with any roast of bean. Slow increase of pressure ensures all the flavors are drawn out evenly during the extraction for a balanced-tasting cup. Meanwhile, digital controls delivers water at precisely the right temperature, ensuring optimal espresso extraction. The powerful steam wand allows you to hand-texture microfoam milk.
During Amazon Prime Day, the Breville Barista Express is on sale for 27% off, which brings its price down from $750 to $550.
Ninja espresso and coffee barista system: $180 (28% off)
This Ninta espresso and coffee barista system proves that you can create a quality espresso at home for less than $200. This machine offers three brew styles and is single-serve- and Nespresso-capsule compatible. It has a built-in 12-cup carafe and frother, so making espressos, cappuccinos and lattes at home is a breeze.
You get a 19-bar pressure system that delivers ultra-flavorful espresso with a silky-smooth crema by brewing at the optimal temperature and pressure. Its built-in, fold-away frother allows you to create espresso-based cappuccinos, lattes, flat whites and more.
What’s convenient about this machine is that you can choose your favorite espresso capsule and brew up to three styles: espresso (1.35 oz), lungo (3.75 oz) or over Ice (1 oz). You can also select between nine beverage sizes, including cup, travel mug, or a full 12-cup carafe.
During Amazon Prime Day, get 28% off this Ninja brewer and pay just $180.
Breville Barista Touch espresso machine: $800 (20% off)
This highly-rated espresso machine from Breville has a high-tech twist in the form of a full-color touchscreen on the front — and yet it’s still a sturdy, stainless steel brewer that’s designed to last for many years. It can hold up to 4.2 pounds of coffee beans and allows you to make all sorts of customizations to your beverage with a few on-screen taps.
Once you select your beverage type, you can adjust coffee strength, milk texture and overall temperature. This machine uses Breville’s four-key formula to unlock professional performance at home. This includes a precision (18- to 22-gram) puck, nine-bar extraction pressure, 200-degree Fahrenheit extraction temperature and 1,000,000/ml microfoam bubbles.
The machine also has a built in grinder. It’s made primarily from stainless steel and measures 12.7 by 15.5 by 16 inches. During its Prime Day sale, Amazon has slashed the price of this espresso machine by 20%, which means you’ll pay just $800 (which is not bad considering this is normally a $1,000 machine).
Nespresso Vertuo Plus Deluxe coffee and espresso maker by De’Longhi: $120 (40% off)
Without taking up a lot of kitchen counter space or a big chunk out of your bank account, this Nespresso Vertuo Plus Deluxe coffee and expresso maker by De’Longhi is on sale for just $120 — that’s 40% off.
This machine can make both coffee and espresso in a variety of sizes, including 5-ounce or 8-ounce coffee, plus single or double espresso. You can also pour over ice to create your favorite iced coffee drinks.
Brew the perfect single serve coffee or espresso drink, thanks to Nespresso’s Centrifusion technology. It uses barcodes to deliver the best in cup results, including the perfect crema for large coffee cup sizes. The machine includes a 60-ounce water tank and a 10-count used-pods container.
And for convenience, this Nespresso machine offers a fast heat-up time of only 15 seconds and there’s an energy saving automatic shutoff that activates after nine minutes of inactivity. When it comes to Nespresso pods, select from more than 30 permanent pod varieties, or indulge in special seasonal and limited-edition coffees available exclusively through Nespresso.
Breville Barista Express Impress espresso machine: $750 (17% off)
You know that Breville is a premium coffee and expresso machine brand, and that when you invest around $1,000 on a stainless steel machine, you’re getting the very best. Right now, that very best just got a bit more affordable. During Amazon’s Prime Day sale, save 17% on the Breville Barista Express Impress machine and pay just $750.
The Barista Express Impress espresso machine delivers third-wave specialty coffee at home, featuring the Impress puck system for manual espresso made easy. The machine’s smart dosing system automatically calculates and adjusts the level of fresh coffee for the perfect cup.
Built into the machine is a conical burr grinder with 25 grind settings, so you can fine tune your grind size for the desired extraction and flavor outcome. Meanwhile, the brewer precisely controls temperature, flow rate and contact time. And the powerful, manual steam wand allows you to hand texture microfoam milk, enhancing the look and taste of your cup — essential for latte art.
While there’s a mobile app that can walk you through the process of becoming a skilled at-home barista, Breville also offers live and on-demand masterclasses you can participate in for free.
Philips 3200 Series fully automatic espresso machine: $550 (25% off)
Currently on sale for 25% off on Amazon, this Philips 3200 series fully automated expresso machine with the company’s LatteGo milk system allows you to create five coffee varieties at home and control the brewer using its full-color touchscreen display.
The Philips 3200 Series allows for delicious taste and aroma of coffee from fresh beans, brewed at the perfect temperature. You can then, of course, top your coffee off with a silky-smooth layer of milk froth.
Plus, you can easily adjust the strength and quantity of your beverage by choosing from three settings to suit your preferences. The Aroma Extract system intelligently strikes the optimum balance between brewing temperature and aroma extraction.
One thing we love about this machine is its easy maintenance. Thanks to the AquaClean system, you can enjoy clear and purified water by changing the filter when you’re prompted by the machine. If you do this, you won’t need to descale the machine for up to 5,000 cups.
Based on more than 5,000 reviews on Amazon, the Philips 3200 Series has earned a 4.1 out of 5-star rating.
Philips 2200 Series fully automatic espresso machine: $400 (38% off)
This Philips 2200 Series is a fully automatic espresso machine that has an intuitive, full-color touchscreen to help you take full control over your expresso making.
Starting with whole beans, you can enjoy the delicious taste and aroma of coffee that’s prepared at the perfect temperature.
You can, however, adjust the strength and quantity of your beverage, plus choose from three different main settings to suit your preferences. The Aroma Extract system intelligently strikes the optimum balance between brewing temperature and aroma extraction by keeping the water temperature between 104 and 208-degrees Fahrenheit.
The Panarello milk frother allows you to create a variety of customized drinks, while the classic milk frother dispenses steam for silky smooth froth for your cappuccino. To grind your coffee beans, the machine uses a built in 100% ceramic grinder.
Philips Barista Brew semi automatic espresso machine: $500 (23% off)
If you want gourmet-quality single or double espressos, or Americano coffees in the comfort of your kitchen, the Philips Barista Brew offers a semi-automatic way to achieve this. You get easy-to-understand guidance for crafting every cup, ensuring a rich aroma and satisfying espresso, thanks in part to a calibrated tamper and countertop-safe tamping system.
Plus, with the Barista Brew, you can elevate your milk frothing experience effortlessly with the 450-millileter stainless steel milk jug and powerful steam wand. You can also get a convenient Americano button and integrated hot water outlet, and you get the freedom to brew a single or double espresso.
This machine offers a European design with an anti-fingerprint metal housing. The machine’s compact footprint and easy-to-clean features ensure a stylish addition to your kitchen. At the top of this highly-rated machine, you’ll find a 0.55 pound bean container. The unit itself measures 16.14 by 12.6 by 13.15 inches.
Head over to Amazon right now, where you’ll discover the Philips Barista Brew on sale for 23% off, so you’ll pay just $500 to own it.
De’Longhi Magnifica Start fully automatic espresso machine: $550 (45% off)
Currently on sale for a whopping 45% off on Amazon, during this Prime Day sale you can make the De’Longhi Magnifica Start fully automatic expresso machine a welcome addition to your kitchen counter for just $550.
Measuring 17 by 9.25 by 14 inches, this espresso machine offers all of the key features to prepare the perfect espressos at home. This includes an integrated coffee bean grinder, plus a removable tank and milk frother. With this machine, you can easily make espresso, coffee, lattes, iced lattes and iced coffee in minutes.
In fact, the machine offers five, one-touch recipe buttons, but you can easily adjust the intensity to fit your preferences. For example, 13 grind settings are at your disposal. This means all of your bean varieties are optimally prepared for extraction. The conical burr grinder delivers a precise, consistent dose of freshly ground coffee for all your favorite espresso beverages.
Meanwhile, De’Longhi’s proprietary technology textures both milk and milk alternatives, so the automatic system delivers creamy froth. And the milk carafe can be removed and stored in the fridge to keep its contents fresh. One feature we like is that many of the machine’s parts are removable and dishwasher safe, which makes cleaning it easy.
Mr. Coffee espresso and cappuccino machine: $143 (43% off)
For decades, people have relied on Mr. Coffee to brew their favorite coffee at home, but now you can expand your beverage options to espressos and cappuccinos with this affordable machine that has an integrated milk frother and 15-bar pump.
This is a semi-automatic espresso, cappuccino, and latte maker. It offers a one-touch control panel for hassle-free drink selection, along with a single shot or double shot filter. The machine can coarse grind the ideal coffee amount and provide optimum pressure for a high-quality brew.
When you purchase this Mr. Coffee espresso and cappuccino machine from Amazon during Prime Day 2024, you’ll save 43%, which brings its price down to $143. It’s earned a 4.1-star rating (out of 5) based on more than 14,500 Amazon reviews.
KitchenAid Semi automatic espresso machine with burr grinder: $549 (22% off)
Here’s your chance to save 22% on this KitchenAid semi-automatic espresso machine. During Amazon Prime Day, you can have this machine on your kitchen counter in a matter of days when you purchase it for $549. That’s a savings of $151.
This programmable machine has an integrated coffee grinder, removable bean hopper and multi-angle steam wand for its milk frother. It also comes in your choice of cast iron black, juniper or stainless steel, so it’ll fit in nicely with your decor. You can manually choose your ideal temperature, but the machine offers smart dosing to ensure just the right amount of coffee is used.
One feature that caught our attention is the machine’s 58mm easy tamp portafilter that’s designed with recessed spouts to enable a flat base for easier, more stable tamping on a flat surface. This is compared to a traditional residential espresso machine portafilters. So you get consistent flavor and rich crema for your espressos.
Thanks to the machine’s durable construction, it’ll last for years. And that means it will save you a fortune in trips to the coffee shop.
Bosch 300 Series VeroCafe fully automated espresso machine: $599 (25% off)
Bosch is known for high-end kitchen appliances, so if that’s what you want from your fully automated espresso machine, this Bosch 300 Series brewer is a wonderful option. Right now, during Prime Day, it’s on sale for 25% off, which brings its price down to $599.
The machine’s highlights include an-in cup frother, LCD display and touch control panel, ceramic grinder, integrated water filter and the ability to brew five types of beverages. You can also choose between five coffee strengths.
Whether you’re in the mood for a latte macchiato, cappuccino, or espresso, you can quickly prepare any drink at the touch of a button. Get ready to enjoy delicious, frothy milk with your latte or cappuccino simply by sliding the stainless steel frothing nozzle directly into your cup and pressing your desired drink option.
The Bosch 300 Series measures 16.5 by 9.75 by 14.88 inches.
De’Longhi Eletta Explore espresso machine: $1,600 (11% off)
This terrific machine offers a cold-brew option, conical burr grinder, hot and cold milk frother and mobile-app compatibility. In fact, the app provides more than 50 pre-programmed, one-touch drink recipes including espresso, cappuccino, latte, iced cappuccino, iced latte, cold brew and more.
One standout feature is the machine’s two LatteCrema systems with hot and cold foam technology. The LatteCrema Hot System textures milk or your favorite milk alternatives to perfection for your favorite classic espresso beverages. Meanwhile, the LatteCrema Cool System delivers velvety milk cold foam at the ideal temperature for cold drinks like iced lattes and cappuccinos.
We’re fans of the machine’s 3.5 inch display that’s intuitively designed to guide you through the process of crafting the perfect coffee beverages. And when it comes to cleaning the machine, it uses removable and dishwasher-safe parts.
This is certainly one of the higher-end espresso machines you can get for a home. But that means it’s full of technology and features designed to create hot or cold beverages that rival even the most exclusive restaurants.
…And don’t forget the beans
Since even the best espresso machines are useless without espresso coffee to brew, don’t forget to stock up on your favorite blend. Plenty of whole bean and pre-ground options are available on Amazon — and many are currently on sale during Prime Day.
There’s Lavazza Super Crema whole bean coffee blend (light-medium espresso roast) in a 2.2 pound bag that’s on sale for $16 — which represents a 29% savings. This coffee has earned a 4.6-star (out of 5) rating on Amazon, based on more than 46,000 reviews, so you know it’s mild and creamy flavor and texture must be good.
The Lavazza Espresso Whole Bean (100% Arabica) coffee blend in a 2.2 pound bag is also on sale for just $12 (which is 20% off), but if you sign up for Amazon’s Subscribe and Save service, you’ll save an additional 20% on your first order. You’ll also find Lavazza Espresso Barista Gran Crema whole bean coffee blend, also in a 2.2 pound bag, on sale for $14 (which is 21% off its usual price).
We’re tracking down all the best Prime Day discounts, including the best lightning deals and rival sales during Prime Day 2024. Whether you’re trying to find the best Prime Day deals on tech, Prime Day sales on beauty and fashion finds or Prime Day deals on health and fitness equipment, our team of expert deal hunters has you covered.
CBS News
Zuckerberg meets with Trump at Mar-a-Lago
President-elect Donald Trump dined on Wednesday with Meta CEO Mark Zuckerberg at the president-elect’s Mar-a-Lago club in Florida, bringing together the Facebook founder and the former president who was once banned from that social network.
A Meta spokesperson confirmed the meeting in a statement to CBS News, saying that Zuckerberg “was grateful for the invitation to join President Trump for dinner and the opportunity to meet with members of his team about the incoming Administration.”
Stephen Miller, who has been appointed deputy chief of staff for Trump’s second term, said Zuckerberg, like other business leaders, wants to support Trump’s economic plans. The tech CEO has been seeking to change his company’s perception on the right following a rocky relationship with Trump.
“Mark, obviously, he has his own interest, and he has his own company and he has his own agenda,” Miller said in an interview on Fox News about the meeting. “But he’s made clear that he wants to support the national renewal of America under Trump’s leadership.”
Trump was kicked off Facebook following the Jan. 6, 2021, attack on the U.S. Capitol after determining that his posts had potentially encouraged the violence that occurred that day. The company restored his account in early 2023, but with certain “guardrails.” In July, those restrictions were lifted by Meta.
Trump has a combined 65 million followers on Facebook and Instagram.
During the 2024 campaign, Zuckerberg did not endorse a candidate for president.
Zuckerberg has since taken a more positive stance toward Trump. Earlier this year, he praised Trump’s response to his first assassination attempt, calling it “badass.” Zuckerberg also complained that senior Biden administration officials pressured Facebook to “censor” some COVID-19 content during the pandemic.
Still, Trump in recent months had continued to attack Zuckerberg publicly. In July, he posted a message on his own social network Truth Social threatening to send election fraudsters to prison in part by citing a nickname he used for the Meta CEO. “ZUCKERBUCKS, be careful!” Trump wrote.
The Thanksgiving eve visit also comes as tech mogul Elon Musk has become more influential in Trump’s Make America Great Again movement, contributing an estimated $200 million through his political action committee to help elect Trump. Musk is the billionaire owner of the X social network, a competitor to Meta.
Trump’s X account, then known as Twitter, was also suspended in January 2021. But his account was reinstated in November 2022 following Musk’s purchase of the company. Must reinstated Trump’s account after posting a poll asking users whether to do so.
Musk has spent considerable time at Mar-a-Lago since the election, and Trump selected him to lead an outside advisory panel known as the “Department of Government Efficiency” to identify waste with Vivek Ramaswamy, a venture capitalist and former GOP presidential candidate.
CBS News
How to lower your credit card debt this Black Friday
Credit card debt is on the rise, and with rates at their highest point on record, it’s no surprise.
For many consumers, Black Friday — and the entire upcoming holiday season — will only aggravate the issue, leading to even more in stressful credit card debt. Fortunately, there are things you can do to prepare and, ideally, reduce your debt before going into the holiday season.
Want to make sure you’re prepared as Black Friday rolls around? We asked some experts for their suggestions.
Start exploring your top debt relief options online now.
How to lower your credit card debt this Black Friday
Here are four effective ways credit card users can start lowering their credit card debt now:
Consolidate your debt
One great option is to consolidate your debt. If you have multiple credit cards (or other debts you’re repaying), you can use one loan or credit card to pay them all off, essentially rolling them all together. Depending on the product you use, it will often mean a lower rate and total monthly payment than before — allowing you to pay off the debts faster.
“Consolidation is a great idea if they can move to a lower or no rate card without a balance transfer fee,” says Mike Chadwick, president at Fiscal Wisdom Wealth Management. “The best time to do this is around the holiday, as the temptation is greatest.”
Just be careful if you opt to use another credit card for consolidation, as that could easily compound your debt if you use the additional credit card for spending post-consolidation. If you opt to use a new card to consolidate, make sure to compare offers from different card issuers, as rates and balance transfer fees can vary.
“The options are plentiful,” Chadwick says. “It’s all about shopping around.”
Review your debt consolidation options here.
Negotiate your interest rate
You can also try and negotiate the rate on your existing credit cards. As Jason Fannon, senior partner at Cornerstone Financial Services, puts it, “Call the issuer and ask them for a lower rate.”
It won’t always work, but it’s worth a try. Just remember to come in with reasons as to why you should get a lower rate. Are you facing financial hardship? Are you qualifying for lower offers elsewhere?
“This is a negotiation,” Fannon says. “It allows the borrower to plead their case — they may have excellent payment history, have a competing offer from another issuer, or experiencing temporary unemployment, etc.”
Try debt forgiveness
Debt forgiveness is a type of debt relief you can explore with credit cards. With this, your credit card issuer agrees to forgive some or all of your remaining balance — meaning you don’t have to pay it back.
“Creditors typically only negotiate if you’re behind on payments, though,” says Nate Towers, director of Five Pathways Financial.
Take note: When a debt is forgiven, it’s considered taxable income, so it could increase your annual tax burden.
Focus on a paydown method
You can also focus heavily on paying down your debts aggressively. Two popular methods are the snowball method and the avalanche method. With the snowball method, you focus on paying off your lowest-balance debt first, making only minimum payments on the rest. Once that’s paid off, you focus on the next-lowest debt, and so on.
With the avalanche approach, you “prioritize making the largest payment to the card with the highest interest rate,” Fannon says. “This process will minimize the amount the borrower pays in interest by addressing the highest-interest-rate debt first.”
Get help
If you’re not sure how to best tackle your debt as we get into the holiday season, reach out to a financial advisor, credit counselor, or debt relief professional. They can help you determine the best path forward and help answer your questions.
CBS News
4 moves to make if your CD matures this December
Certificate of deposit (CD) accounts became a popular investment option in recent years as interest rates soared thanks to the Federal Reserve’s inflation-fighting policies. Many high-yield CDs offered rates topping 5.00%, presenting an unprecedented opportunity to earn a generous ROI with minimal risk.
For many investors who opened these accounts at these record-high CD rates in the post-pandemic era, their CD maturity date may be fast approaching. Their rate is only fixed — and their money is only locked up — until that date arrives.
If you are one of those investors and your CD is maturing in December, you’ll have to make some tough choices about what to do with the money invested. You do have multiple options, however, so it helps to know what experts suggest.
See what new CD interest rate you could lock in here now.
4 moves to make if your CD matures this December
Here are four moves savers should consider making if their CD is set to mature this December:
Check for auto-renew
Anyone whose CD term is ending in December has a critical step to take immediately. “Check your current CD for any auto-renewal provisions,” advises Chad Gammon, a certified financial planner and owner at Custom Fit Financial. “You don’t want to be surprised to find out that you are locked into another term unintentionally.”
When your CD term ends, you’ll usually have a short grace period to act before your bank can renew your certificate at the current CD rates. Those rates may be well below the yields you were being paid.
Unfortunately, if you don’t redirect the money and the bank puts you into a new CD with a low rate, you’d be stuck for the CD term if you wanted to avoid early withdrawal penalties.
You don’t want to lose the opportunity to shop around for a good CD interest rate — or, worse, take the time to research the best CD types to choose now only to find your choice has been taken away because you’ve already been reinvested and are locked in.
See how much you could be earning on your money with one of today’s top CD rates now.
Consider your financial goals
As long as you’ve turned off auto-renew, you’ll have a choice of what to do with your money when the CD maturity date arrives. To make that decision, take the time to think about your goals.
“What you should do if your CD matures in December depends on your financial situation,” advises Domenick D’Andrea, AIF, CRC, CPFA, financial advisor, and Co-Founder of DanDarah Wealth Management.
For some people, it may be best to use some of the money for immediate needs. “I’d suggest using some of the funds instead of going into debt during the holidays,” D’Andrea advises — and Gammon agrees. “If you need the funds from the CD within the next few months, such as to pay for holiday spending, it would make sense to use the CD for that,” Gammon says.
If you don’t plan to spend right away but need the money soon, keeping it accessible while maximizing your ROI is the top priority. “If you need access to this money in the short term, consider more liquid accounts that still provide competitive rates compared to standard savings accounts,” George McFarlane, president of 7 Waters Advisors suggests. “High-yield savings accounts or money market accounts can be excellent choices in this situation.
Of course, while it’s better than borrowing, spending the money from your maturing CD comes at an opportunity cost, and isn’t right for everyone. “If you have a CD maturing in December, you’ll likely want to reinvest those funds to maintain your purchasing power,” advises Jonathan Ernest, Economics professor at Case Western Reserve University.
Research current CD offers
If you decide to reinvest, your risk tolerance, investing timeline and available alternatives will dictate where to put the money. If you’ll need the money in around five years or less, reinvesting your CD could be your best course of action — but you don’t just want to accept whatever rates your bank has on offer.
“Look for higher rates with longer terms, as this could help you secure better returns despite falling interest rates,” McFarlane suggests. “This may involve searching online for rates that are higher than what local banks offer.”
Gammon also stresses the importance of shopping around and suggests there may be some good buying opportunities this month. “Research interest rates from not only the bank from your current CD but also other financial institutions,” he said. “There will probably be end-of-year promotions on CDs from some institutions.”
Even with these promotions, current yields may come as a disappointment. “The Fed has already lowered rates by 75 basis points, so you are not likely to find a rate as high as the maturing CD,” D’Andrea warns.
Like McFarlane, D’Andrea suggests that smaller banks or online banks may provide better rates. He also has some advice on what CD term to select. “If you’re going to lock these funds into a new CD, I would suggest you choose the longest term you’re comfortable with because I believe we will see further rates decrease over the next few years. You’re not likely to be able to match today’s rates again.”
Ernest also points out that, while rates are not at post-pandemic peaks, they’re still high by historical standards — especially if you find the best offers.
Explore alternative investment options
Finally, you could also consider other investments beyond CDs.
“If you have a CD maturing in December, before reinvesting, take a moment to re-establish what your objective is for those dollars. Ask yourself if these dollars still need to be conservatively invested or if your time horizon or risk tolerance has changed,” Jeff DeLarme, CFA, CFP, and President of DeLarme Wealth Management, Inc. advises.
If you’re able to take on more risk or have a longer timeline, there are plenty of other investments that could provide better returns than CDs.
“You might explore alternatives to CDs, such as I Bonds or fixed annuities,” McFarlane suggested. “These options often provide slightly higher rates and greater liquidity. For instance, fixed annuities typically allow you to withdraw 5 to 10% of your balance annually without penalties. They also offer longer terms, enabling you to lock in higher rates for extended periods.”
DeLarme also points out that these alternatives could have some tax benefits as well. “A CD is typically fully taxable whereas a Treasury Bill may generate interest that is exempt from State income tax,” he says. “When you consider the potential tax savings, a Treasury Bill may be a more attractive vehicle and could be a more liquid investment relative to some bank CDs.”
Of course, the stock market is another option as well. “If you have some appetite for risk, you could consider investing in equities and hope that a Santa Claus Rally boosts stock prices in the last week of the year,” Ernest suggested.
The good news is, each of these options can make good sense in the right circumstances. Just take the time to consider the pros and cons to decide what’s best — and don’t let your CD auto-renew because otherwise, you’d lose the ability to make your choice.
Learn more about your current CD options online today.