CDs — New Hot Spot for Cashby Tim Manni
In an effort to compete in a market where cash is quickly becoming the safest investment, banks are beginning to offer more competitive CD rates to attract depositors. Although the recent cut to the Fed Funds rate may lower overall CD yields, the competition for providing the highest rate is still there.
Sovereign Bank’s featured 12-month CD offers an annual percentage yield (APY) of 3.90%, while Citi offers a six-month CD with an APY of 4.00%. Wells Fargo currently offers a 7-month CD accompanied by a 3.40% APY.