When it comes to pursuing financial products and services, the timing needs to be just right. This is especially true for select investment types and savings accounts. If you had opened a savings account at the height of the pandemic in 2020 or 2021, for example, the interest rate you would have earned would have been negligible and any returns would have been barely noticeable. If you opened one in recent years, though, you may have made exponentially more on your deposit, simply due to the rate climate being higher from inflation and interest rate hikes.

But what if you wanted to act now, in October 2024? While the first rate cut in more than four years was issued on September 18 – and additional ones look likely for November and December – there’s a compelling argument to be made for opening a long-term certificate of deposit (CD) account right now. Below, we’ll detail three reasons why it makes sense to do so.

See how much more you could be earning on your money with a top CD here now.

Why you should open a long-term CD this October

Not sure if a CD, particularly a long-term one, is the right move for your money now? Here are three reasons why you should strongly consider this type of account for October:

Interest rates are still high

Sure, interest rates are on the decline across both borrowing and savings products. But that decline is gradual and the immediate results to vehicles like CDs and high-yield savings accounts haven’t been so pronounced to make them worthless. 

Right now, for example, you can lock in a rate of 4.75% on an 18-month CD, 4.50% on a 2-year CD and 4.20% on a 3-year CD. While those rates were a bit higher earlier this year and in 2023, they haven’t fallen so dramatically that you still can’t potentially earn hundreds, if not thousands, of dollars with the right deposit. Just don’t wait for them to fall much further.

Get started with a long-term CD online today.

Rates are locked

CD rates are locked. That’s a huge benefit in a rate climate that’s on the decline. By opening a 2-year CD at that 4.50% rate, for example, you’ll be able to precisely determine your exact profit once the account has matured. 

And you won’t have to worry about any market changes or Fed rate cuts that would otherwise affect what you could earn if you had a variable rate. With a long-term CD, then, you’ll get long-term protection against this volatility, as select accounts can have terms of five years or even longer, allowing you to earn today’s high rates for years to come.

It’s a safe way to earn more money

The market and rate climate are both changing right now. And no one knows where they’re exactly heading or how that will affect your money. Lower inflation and lower interest rates will have a different effect on your money and retirement savings than the higher inflation and higher rates we’ve seen in recent years. 

It makes sense, then, to hedge against this volatility by putting some (but not all) of your money in a safe account that’s immune from these changes. A long-term CD account can be that safe haven. And when it matures, you’ll have a much better sense of where things are heading, economy-wise, than you likely do this October.

The bottom line 

A declining rate climate has multiple benefits but some distinct disadvantages, too, like lower returns on savings vehicles. So don’t wait for rates to decline any further. Get started with a long-term CD now. These accounts still have relatively high rates that you can lock in for multiple years, providing a safe way to earn more money while the larger rate climate shakes out. Just be sure to only deposit an amount that you feel comfortable leaving in the account for the full CD term or you could risk having to pay an early withdrawal penalty to regain access to your funds. 

Weezer is back, and they’re taking fans on a nostalgic journey. Recently, the band played a packed show at Madison Square Garden, performing every song from their debut album in order as part of their “Voyage to the Blue Planet” tour.

“It feels pretty incredible,” said drummer Patrick Wilson, who is sharing the stage with lead singer Rivers Cuomo. They are the two remaining original members of the band.

Earlier this year, Cuomo and Wilson revisited Electric Lady Studios in New York, where they recorded “The Blue Album” 30 years ago. Electric Lady Studios has seen its share of legendary artists, from Stevie Wonder to The Rolling Stones to Led Zeppelin.

In the early 1990s, Weezer didn’t fit the mold of the popular rock bands of the time. 

“Rock bands were getting more and more outrageous with tattoos and piercings,” Cuomo said. “We came out completely clean-cut, four guys standing in a line, singing songs in major keys, about girls or whatever. It didn’t quite make sense how that was the next step for rock and roll.”

The band’s name itself, “Weezer,” was a pop culture callback to Cuomo’s childhood nickname, given to him by his dad. 

“I think he liked that show, “Little Rascals,” and there was a character, Weezer, on there,” Cuomo explained. “Recently, I asked him, why did you name me after him? And he said, ‘Because he was the cool one.'”

But Weezer’s rise to fame wasn’t immediate. The band was playing small clubs in Los Angeles, learning to read the room and adjust their set based on audience reactions. 

“Every week, we had a show in the clubs in L.A.,” Cuomo said. “We’re not in a vacuum up there. We’re noticing, oh, that got a reaction or that totally didn’t. You can’t help but gravitate toward what the room is reacting to.” 

Weezer’s breakout came with the release of the music video for “Buddy Holly,” directed by Spike Jonze and set in the world of the TV show “Happy Days.” The video, along with others from the debut album, helped catapult the band into the mainstream. 

“Coming out of grunge, which was pretty heavy and a little dark, it maybe was kind of refreshing for people at the time,” Wilson said.

Their debut album, released in May 1994, became an alt-rock classic. At the 1995 MTV Video Music Awards, Weezer won four moonmen for the “Buddy Holly” video. Rolling Stone later ranked “The Blue Album” among the 500 greatest albums of all time, calling it “one of the most enduring artifacts of the alt-rock age.”

Reflecting on those early days, Cuomo remembered the uncertainty he felt after finishing the album. 

“I think I had two stories in my head,” said Cuomo. “One was we’re gonna sell a hundred copies and that’s it. I’m gonna have to go back and work at Domino’s or whatever. But the other one was like, ‘Man, this album feels so powerful, so moving and special to me. I think we’re gonna find a big audience, and this is gonna be an important record.'”

Thirty years later, “The Blue Album” still resonates with fans, as evident from the packed crowds at Weezer’s tour stops. 

“If it’s feeling vital and important to the world now, like, we’re happy to come along,” said Cuomo.

Tony Dokoupil

Tony Dokoupil is a co-host of “CBS Mornings” and CBS Mornings Plus.” Dokoupil also anchors “The Uplift,” a weekly series spotlighting positive and inspiring stories for CBS News 24/7.