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4 big reasons to open a CD right now

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Savers can grow their money at a rate that easily outpaces inflation with a top CD right now.

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Those hoping for a permanent cooling in inflation — and a corresponding cut to interest rates — may need to wait longer. That’s the  message many are anticipating ahead of this week’s inflation report from the Bureau of Labor Statistics. The report, scheduled to be released on May 15, will detail the inflation rate for April.

Another hot inflation report, following elevated reports in January through March, is not what many are hoping for. After all, higher inflation ensures that higher interest rates meant to tame it will remain — and they could even increase if inflation remains sticky. But while that will mean financial pain for borrowers, it will be yet another boost for savers. For those considering a certificate of deposit (CD) account, in particular, now is an especially smart time to act. Below, we’ll break down four big reasons to open a CD right now.

See how much more you could be earning with a top CD online today.

4 big reasons to open a CD right now

Here are four major reasons to open a CD now:

Interest rates are high — and possibly going higher

If you take the time to shop around (and consider an online bank), you may be able to find a CD with a rate up to 6% right now. That’s a lot of interest to earn simply by transferring a portion of your funds into one of these account types. And with inflation still problematic, the likelihood of yet another interest rate hike is possible now, which would then cause rates on select CDs to increase even further. But because these rates change daily, it makes sense to be proactive.

Get started with a top CD here now.

Your rate will be locked

A major advantage of CDs, especially in today’s volatile rate climate, is that the rate you open the account with will be locked in for the full CD term. That’s a major advantage right now since today’s rates are high, but they won’t remain elevated like this forever. However, if you open a rate with a 5% rate now, you’ll continue to earn that return for the full CD duration (which can be up to a few years), regardless of what happens to the federal funds rate during that time. 

There are multiple options to choose from

To earn that locked rate you’ll need to keep your money in the account until it matures or risk having to pay an early withdrawal penalty. While that may sound intimidating, there are many options to choose from right now. Whether you want to access your money in three months or three years, there will be a CD to open for you right now. Unlike other accounts that only offer a one-size-fits-all option, this is a major pro for those considering a CD this spring

Your money doesn’t keep pace with inflation

The average interest rate on a regular savings account is just 0.46% right now, so if you have your funds there you’re technically losing money by not keeping pace with inflation. But the top CDs available now not only surpass the inflation rate; some come close to doubling it. Still, as long you’re earning more than the current inflation rate, you’ll be ahead. And dozens of CDs can offer that right now.

See what CD rate you could lock in here.

The bottom line

While inflation remains more problematic than many had hoped for at this stage in 2024, there are some effective ways to combat it. A CD offers savers one such way. By opening an account now savers can take advantage of today’s elevated interest rates and they can do so with a locked rate that won’t adjust even if the rate climate does. Plus, savers will have a variety of options to choose from, all of which will be preferable to regular savings accounts which are offering returns many times less than today’s inflation rate. Just be sure to only deposit what you can comfortably afford to part with for your full CD term; otherwise, you may have to pay a hefty penalty to regain access to your funds. 



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Couple charged for allegedly stealing $1 million from Lululemon in convoluted retail theft scheme

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A couple from Connecticut faces charges for allegedly taking part in an intricate retail theft operation targeting the apparel company Lululemon that may have amounted to $1 million worth of stolen items, according to a criminal complaint.

The couple, Jadion Anthony Richards, 44, and Akwele Nickeisha Lawes-Richards, 45, were arrested Nov. 14 in Woodbury, Minnesota, a suburb of Minneapolis-St. Paul. Richards and Lawes-Richards have been charged with one count each of organized retail theft, which is a felony, the Ramsey County Attorney’s Office said. They are from Danbury, Connecticut.

The alleged operation impacted Lululemon stores in multiple states, including Minnesota. 

“Because of the outstanding work of the Roseville Police investigators — including their new Retail Crime Unit — as well as other law enforcement agencies, these individuals accused of this massive retail theft operation have been caught,” a spokesperson for the attorney’s office said in a statement on Nov. 18. “We will do everything in our power to hold these defendants accountable and continue to work with our law enforcement partners and retail merchants to put a stop to retail theft in our community.”

Both Richards and Lawes-Richards have posted bond as of Sunday and agreed to the terms of a court-ordered conditional release, according to the county attorney. For Richards, the court had set bail at $100,000 with conditional release, including weekly check-ins, or $600,000 with unconditional release. For Lawes-Richards, bail was set at $30,000 with conditional release and weekly check-ins or $200,000 with unconditional release. They are scheduled to appear again in court Dec. 16.

Prosecutors had asked for $1 million bond to be placed on each half of the couple, the attorney’s office said.

Richards and Lawes-Richards are accused by authorities of orchestrating a convoluted retail theft scheme that dates back to at least September. Their joint arrests came one day after the couple allegedly set off store alarms while trying to leave a Lululemon in Roseville, Minnesota, and an organized retail crime investigator, identified in charging documents by the initials R.P., recognized them.  

The couple were allowed to leave the Roseville store. But the investigator later told an officer who responded to the incident that Richards and Lawes-Richards were seasoned shoplifters, who apparently stole close to $5,000 worth of Lululemon items just that day and were potentially “responsible for hundreds of thousands of dollars in loss to the store across the country,” according to the complaint. That number was eventually estimated by an investigator for the brand to be even higher, with the criminal complaint placing it at as much as $1 million.

Richards and Lawes-Richards allegedly involved other individuals in their shoplifting pursuits, but none were identified by name in the complaint. Authorities said they were able to successfully pull off the thefts by distracting store employees and later committing fraudulent returns with the stolen items at different Lululemon stores.

“Between October 29, 2024 and October 30, 2024, RP documented eight theft incidents in Colorado involving Richards and Lawes-Richards and an unidentified woman,” authorities wrote in the complaint, describing an example of how the operation would allegedly unfold. 

“The group worked together using specific organized retail crime tactics such as blocking and distraction of associates to commit large thefts,” the complaint said. “They selected coats and jackets and held them up as if they were looking at them in a manner that blocked the view of staff and other guests while they selected and concealed items. They removed security sensors using a tool of some sort at multiple stores.”

CBS News contacted Lululemon for comment but did not receive an immediate reply.



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Former Trump national security adviser says next couple months are “really critical” for Ukraine

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Washington — Lt. Gen. H.R. McMaster, a former national security adviser to Donald Trump, said Sunday that the upcoming months will be “really critical” in determining the “next phase” of the war in Ukraine as the president-elect is expected to work to force a negotiated settlement when he enters office.

McMaster, a CBS News contributor, said on “Face the Nation with Margaret Brennan” that Russia and Ukraine are both incentivized to make “as many gains on the battlefield as they can before the new Trump administration comes in” as the two countries seek leverage in negotiations.

With an eye toward strengthening Ukraine’s standing before President-elect Donald Trump returns to office in the new year, the Biden administration agreed in recent days to provide anti-personnel land mines for use, while lifting restrictions on Ukraine’s use of U.S.-made longer range missiles to strike within Russian territory. The moves come as Ukraine marked more than 1,000 days since Russia’s invasion in February 2022. 

Meanwhile, many of Trump’s key selection for top posts in his administration — Rep. Mike Waltz for national security adviser and Sens. Marco Rubio for secretary of state and JD Vance for Vice President — haven’t been supportive of providing continued assistance to Ukraine, or have advocated for a negotiated end to the war.

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H.R. McMaster on “Face the Nation with Margaret Brennan,” Nov. 24, 2024.

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McMaster said the dynamic is “a real problem” and delivers a “psychological blow to the Ukrainians.”

“Ukrainians are struggling to generate the manpower that they need and to sustain their defensive efforts, and it’s important that they get the weapons they need and the training that they need, but also they have to have the confidence that they can prevail,” he said. “And any sort of messages that we might reduce our aid are quite damaging to them from a moral perspective.”

McMaster said he’s hopeful that Trump’s picks, and the president-elect himself, will “begin to see the quite obvious connections between the war in Ukraine and this axis of aggressors that are doing everything they can to tear down the existing international order.” He cited the North Korean soldiers fighting on European soil in the first major war in Europe since World War II, the efforts China is taking to “sustain Russia’s war-making machine,” and the drones and missiles Iran has provided as part of the broader picture.

“So I think what’s happened is so many people have taken such a myopic view of Ukraine, and they’ve misunderstood Putin’s intentions and how consequential the war is to our interests across the world,” McMaster said. 

On Trump’s selections for top national security and defense posts, McMaster stressed the importance of the Senate’s advice and consent role in making sure “the best people are in those positions.”

McMaster outlined that based on his experience, Trump listens to advice and learns from those around him. And he argued that the nominees for director of national intelligence and defense secretary should be asked key questions like how they will “reconcile peace through strength,” and what they think “motivates, drives and constrains” Russian President Vladimir Putin.

Trump has tapped former Rep. Tulsi Gabbard to be director of national intelligence, who has been criticized for her views on Russia and other U.S. adversaries. McMaster said Sunday that Gabbard has a “fundamental misunderstanding” about what motivates Putin.

More broadly, McMaster said he “can’t understand” the Republicans who “tend to parrot Vladimir Putin’s talking points,” saying “they’ve got to disabuse themselves of this strange affection for Vladimir Putin.” 

Meanwhile, when asked about Trump’s recent selection of Sebastian Gorka as senior director for counterterrorism and deputy assistant to the president, McMaster said he doesn’t think Gorka is a good person to advise the president-elect on national security. But he noted that “the president, others who are working with him, will probably determine that pretty quickly.”



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Sen. Van Hollen says Biden is “not fully complying with American law” on Israeli arms shipments

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Sen. Van Hollen says Biden is “not fully complying with American law” on Israeli arms shipments – CBS News


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Democratic Sen. Chris Van Hollen of Maryland, who last week backed Sen. Bernie Sanders’ bill to block U.S. sending arms to Israel, told “Face the Nation with Margaret Brennan” that President Biden ” is not fully complying with American law” on sending arms to Israel.

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