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15 best long-term CDs to open before the next rate cut
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When it comes to earning big interest on deposit accounts, savers have been raking in the returns over the last few years. With the Fed rate remaining at a multi-decade high throughout much of 2023 and 2024, the rates offered on interest-bearing accounts, like high-yield savings accounts and certificates of deposit (CDs), were also high, making it easy for savers who took advantage of the rate environment to earn hefty returns on their money.
The rate environment is shifting, though. Inflation has cooled significantly compared to what it was over the last few years, and the first Federal Reserve rate cut was finally made in September, which slashed the benchmark rate by 50 basis points rather than the 25-basis-point cut most analysts expected. As a result, the rates on loans and deposit accounts have begun to fall, meaning that the window to earn higher-than-average rates on your savings may be closing.
And that window could get even narrower soon, as the Fed is widely expected to continue to slash rates over the coming weeks and months. When that happens, CD rates will likely fall, too. But because CD rates are fixed, meaning the rate you lock in won’t change during your CD term, you can open one of the top long-term CDs now and ensure that you’re earning the same great rate for at least a year or more.
Don’t wait much longer to open a CD. See how much more you could be earning with a top CD here now.
15 best long-term CDs to open before the next rate cut
If you want to lock in the best CD rate before another Fed rate cut happens, it may be worth considering these options:
- Bank of Houston 12-month CD — 5.10%: There is a $1,000 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
- Fort Liberty Federal Credit Union 12-month CD — 5.00%: There is a $25,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
- First Flight Federal Credit Union 12-month CD — 4.91%: There is a $10,000 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
- Chasewood Bank 18-month CD — 4.89%: There is a $1,000 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
- R Bank 12-month CD — 4.86%: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
- Beacon Federal Credit Union 18-month CD — 4.80%: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 180 days of interest
- Eagle Bank 18-month CD — 4.71%: There is a $1,000 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
- State Department Federal Credit Union 18-month CD — 4.68%: There is a $500 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
- Veridian Credit Union 21-month CD — 4.65%: There is a $1,000 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
- Amboy Direct 2-year CD — 4.61%: There is a $25,000 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
- Bayer Heritage Federal Credit Union 2-year CD — 4.50%: There is a $100 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 120 days of interest
- Randolph Brooks Federal Credit Union 35-month CD — 4.50%: There is a $20,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 120 days of interest
- Harris County Federal Credit Union 3-year CD — 4.18%: There is a $500 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
- Connexus Credit Union 3-year CD — 4.11%: There is a $5,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 180 days of interest
- Synergy Federal Credit Union 5-year CD — 4.07%: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 180 days of interest
Get started with a top long-term CD today.
The bottom line
Time may be running out if your goal is to open a top-earning CD account. With the rate environment shifting, today’s rates may be as good as it gets — especially if the Fed cuts rates again soon. Luckily, there are still plenty of good long-term CD options to choose from, so it could benefit you to start researching and find the right one for your needs today. That way, you can make sure that your money is earning as much as possible for as long as possible, helping you stay on track with your finances and meet your money goals faster.
NEW YORK — Former New York Gov. David Paterson and his stepson were attacked in New York City on Friday night, authorities said.
The incident occurred just before 9 p.m. on Second Avenue near East 96th Street on the Upper East Side, according to the New York City Police Department.
Police said officers were sent to the scene after an assault was reported. When officers arrived, police say they found a 20-year-old man suffering from facial injuries and a 70-year-old man who had head pain. Both victims were taken to a local hospital in stable condition.
In a statement, a spokesperson for the former governor said the two were attacked while “taking a walk around the block near their home by some individuals that had a previous interaction with his stepson.”
The spokesperson said that they were injured “but were able to fight off their attackers.”
Both were taken to Cornell Hospital “as a precaution,” he added.
Police said no arrests have been made and the investigation is ongoing.
The 70-year-old Paterson, a Democrat, served as governor from 2008 to 2010, stepping into the post after the resignation of Eliot Spitzer following his prostitution scandal. He made history at the time as the state’s first-ever Black and legally blind governor.
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A 17-year-old boy was critically injured and a person is in custody after a gunman opened fire on a SEPTA bus in North Philadelphia Friday evening, police said.
At around 6:15 p.m., Philadelphia police were notified about a shooting on a SEPTA bus traveling on Allegheny Avenue near 3rd and 4th streets in North Philadelphia, Inspector D F Pace told CBS News Philadelphia.
There were an estimated 30 people on the bus at the time of the shooting, Pace said, but only the 17-year-old boy was believed to have been shot. Investigators said they believe it was a targeted attack on the teenager and that he was shot in the back of the bus at close range.
According to Pace, the SEPTA bus driver alerted a control center about the shooting, which then relayed the message to Philadelphia police, who responded to the scene shortly.
Officers arrived at the scene and found at least one spent shell casing and blood on the bus, but no shooting victim, Pace said. Investigators later discovered the 17-year-old had been taken to Temple University Hospital where he is said to be in critical condition, according to police.
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Through their preliminary investigation, police learned those involved in the SEPTA shooting may have fled in a silver-colored Kia.
Authorities then found a car matching the description of the Kia speeding in the area and a pursuit began, Pace said. Police got help from a PPD helicopter as they followed the Kia, which ended up crashing at 5th and Greenwood streets in East Mount Airy. Pace said the Kia crashed into a parked car.
The driver of the crashed car ran away but police were still able to take them into custody, Pace said.
Investigators believe there was a second person involved in the shooting who ran from the car before it crashed. Police said they believe this person escaped near Allegheny Avenue and 4th Street, leaving a coat behind.
According to Pace, police also found a gun and a group of spent shell casings believed to be involved in the shooting in the same area.
“It’s very possible that there may have been a shooting inside the bus and also shots fired from outside of the bus toward the bus,” Pace said, “We’re still trying to piece all that together at this time.”
This is an active investigation and police are reviewing surveillance footage from the SEPTA bus.