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Why a long-term CD is better than a short-term one this October

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A long-term CD has clear advantages over a short-term account this October.

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Certificates of deposit (CD) accounts are generally a smart part of any saving strategy. But, in recent years, they’ve become an indispensable element. Thanks to decades-high inflation and interest rates that soared in an attempt to tame it, rates on interest-earning vehicles like CDs and high-yield savings accounts surged. In a relatively short time period, rates on CDs went from around 1% or less to 4% to 5% and sometimes higher.

With inflation now much cooler than it was, however, and the first of a series of interest rate cuts now issued, the value of a CD may be in question. For these savers, it’s important to understand which specific CD term (or length) is beneficial to them now. As rates cool, then, there’s a compelling argument to be made for long-term CDs, in particular. Below, we’ll detail three reasons why a long-term CD (longer than 12 months) is better than a short-term one this October.

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

Why a long-term CD is better than a short-term one this October

Here are three big reasons why a long-term CD could be better for your savings than a short-term one if opened this month:

Comparable interest rates

It can be tempting when opening a CD to pursue the highest rate option possible right now. But, when shopping around, you’ll quickly see that long-term CDs have comparable interest rates to short-term ones. So don’t get tempted with a 5.10% rate on a CD that will expire in just six months when you can lock in a rate of 4.75%, for example, for a full year or a 4.40% rate for an 18-month CD. Sure, these rates are not quite as high as the short-term options, but a simple calculation proves that you’ll earn a bigger return by pursuing the latter types.

Get started with a top long-term CD here.

Long-term interest-earning potential

CD interest rates are locked no matter the term. So, that 5.10% rate mentioned above will remain the same for the full six months, no matter what happens in the wider rate climate during that time. But the 4.40% on 18 months will also be locked as will a 4.20% rate on a 2-year CD. And with multiple rate cuts likely for the rest of 2024 and into 2025, it makes sense to lock in the highest rate for the longest amount of time right now. A long-term CD offers you that ability.

Financial security

There are multiple economic considerations to account for now that could cause your money and investments to fluctuate as September’s rate cut was just one part of this equation. Unemployment figures can also affect your investments as can geopolitical concerns abroad and a U.S. presidential election just weeks away. Amid this potential volatility, then, it makes sense to add some financial security. A long-term CD can offer just that, as it will be unaffected by the market, politics and Fed actions (or lack thereof). Just don’t wait too long to act, either, as CDs may not be as advantageous in a few months as they are right now.

The bottom line

For many savers, a long-term CD is better than a short-term one this October. With comparable interest rates to the best short-term CDs, long-term interest-earning potential in the face of predicted rate reductions and financial security amid an evolving and potentially volatile economic climate, a long-term CD makes sense for many savers now. Just make sure to only deposit an amount of money that you’re comfortable leaving in the account for the full term or you could risk having to pay an early withdrawal penalty to reaccess your money.



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Renowned scientist’s ashes dropped into eye of Category 5 Hurricane Milton as lasting tribute

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As an award-winning scientist, Peter Dodge had made hundreds of flights into the eyes of hurricanes — almost 400. On Tuesday, a crew on a reconnaissance flight into Hurricane Milton helped him make one more, dropping his ashes into the storm as a lasting tribute to the longtime National Oceanic and Atmospheric Administration radar specialist and researcher.

“It’s very touching,” Dodge’s sister, Shelley Dodge, said in an interview Thursday with The Associated Press. “We knew it was a goal of NOAA to make it happen.”

The ashes were released into the eye of the hurricane Tuesday night, less than 24 hours before Milton made landfall in Siesta Key near Sarasota, Florida. An in-flight observations log, which charts information such as position and wind speed, ended with a reference to Dodge’s 387th — and final — flight.

“He’s loved that aspect of his job,” Shelley Dodge said. “It’s bittersweet. On one hand, a hurricane’s coming and you don’t want that for people. But on the other hand, I really wanted this to happen.”

Hurricane Milton Ashes Weather
 A NOAA crew on a reconnaissance flight, Tuesday, Oct. 8, 2024, into the eye of Hurricane Milton in the Gulf of Mexico, gather before dropping a package containing the ashes of Peter Dodge, an award-winning scientist who made almost 400 hundred flights into the eyes of hurricanes, as a lasting tribute to the longtime radar specialist and researcher. 

Sim Aberson / NOAA via AP


Dodge died in March 2023 at age 72 of complications from a fall and a stroke, his sister said.

The Miami resident spent 44 years in federal service. Among his awards were several for technology used to study Hurricane Katrina’s destructive winds in 2005.

He also was part of the crew aboard a reconnaissance flight into Hurricane Hugo in 1989 that experienced severe turbulence and saw one of its four engines catch fire.

“They almost didn’t get out of the eye,” Shelley Dodge said.

Items inside the plane were torn loose and tossed about the cabin. After dumping excess fuel and some heavy instruments to enable the flight to climb further, an inspection found no major damage to the plane and it continued on. The plane eventually exited the storm with no injuries to crew members, according to NOAA.

A degenerative eye disorder eventually prevented Dodge from going on further reconnaissance flights.

Shelley Dodge said NOAA had kept her informed on when her brother’s final mission would occur and she relayed the information to relatives.

“There were various times where they thought all the pieces were going to fall in place but it had to be the right combination, the research flight. All of that had to come together,” she said. “It finally did on the 8th. I didn’t know for sure until they sent me the official printout that showed exactly where it happened in the eye.”

Dodge had advanced expertise in radar technology with a keen interest in tropical cyclones, according to a March 2023 newsletter by NOAA’s Atlantic Oceanographic and Meteorological Laboratory announcing his death.

The newsletter said colleagues were “saddened by the sudden and tragic loss of one of its longtime meteorologists,” who died peacefully on March 3. 

He collaborated with the National Hurricane Center and Aircraft Operations Center on airborne and land-based radar research. During hurricane aircraft missions, he served as the onboard radar scientist and conducted radar analyses. Later, he became an expert in radar data processing, the newsletter said. He received a Department of Commerce Bronze Medal, two NOAA Administrator Awards and the Army Corp of Engineers Patriotic Civilian Service Award.

Dodge’s ashes were contained in a package. Among the symbols draped on it was the flag of Nepal, where he spent time as a Peace Corps volunteer teaching math and science to high school students before becoming a meteorologist.

Hurricane specialist Michael Lowry shared a photo on social media of the NOAA log noting the ashes were dropped calling it a “beautiful tribute.”

An avid gardener, Dodge also had a fondness for bamboo and participated in the Japanese martial art Aikido, attending a session the weekend before he died.

“He just had an intellectual curiosity that was undaunted, even after he lost his sight,” Shelley Dodge said.





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Obama campaigns for Harris while candidates hit swing states

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Obama campaigns for Harris while candidates hit swing states – CBS News


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Former President Barack Obama hit the campaign trail Thursday in Pittsburgh for Vice President Kamala Harris. He made an impassioned plea, focusing his attention on Black men voters, a group Harris has struggled to gain support from. Meanwhile, Trump campaigned in Detroit while Harris was in Arizona.

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Mark Harmon guides new chapter for Agent Gibbs as producer for “NCIS: Origins”

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Mark Harmon, widely known for playing Special Agent Leroy Jethro Gibbs on the hit CBS drama “NCIS,” is stepping behind the camera as the executive producer and narrator of a new spin-off prequel, “NCIS: Origins.”

After nearly two decades in the role, Harmon is now helping bring to life the early years of Gibbs, with actor Austin Stowell portraying a young version of the iconic character.

“You come in and audition here for years and years, and all of a sudden, you’re presented with a badge with your name on it,” Stowell said about now working on the Paramount lot.

The show’s set features scenes at Camp Pendleton, including locations like Daley’s Tavern, a bar just off-base. For Stowell, it is a role of a lifetime.

“I felt very confident in what I could bring to the character, and then the second you walk in the room, that all goes out the window,” Stowell said.

Casting the role of young Gibbs in “NCIS: Origins” was a significant decision for the team, as it meant finding someone to take on the character that Harmon made iconic. The prequel, set in 1991, explores Gibbs’ early days as a rookie agent.

Harmon saw the project as an opportunity to dive deeper into the character’s backstory, introducing a Giibbs that has never been seen before in the original series.

“This is a chance to really kind of dig into it,” said Harmon

The role also brings a more personal and emotional storyline for Gibbs, one that explores his grief after the loss of his wife and child.

“He’s in rough shape,” Harmon said.

Stowell has drawn on his personal experiences to portray Gibbs’ pain. His father died by suicide four years ago.

“Loss is something we all deal with and for Gibbs, this is something that has cracked him to his core, said Stowell.

Harmon has been a steady presence on set, offering guidance to Stowell and the rest of the cast.

“From day one, Mark has been available,” Stowell said. “He’s so good at allowing the people who are on this show to feel like they are supported.”

Harmon made it clear that this new chapter of “NCIS” belongs to the younger cast.

“I’m there to help and to talk to them or to tell them what I remember from being in this for a while. But this is their thing,” Harmon said. 



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