Some Americans are likely still missing out on an opportunity to easily earn more interest or at least some interest. This is because the national average savings account yields 0.1 percent APY.
“Look, none of us have the crystal ball into what’s going to happen in the future,” says Adam Stockton, director of consumer pricing at Novantas. “It seems unlikely at this point that rates are going to go up in the near term.”
For those on the fence about purchasing a CD, it might be a good time to consider making the move — with two important caveats.
“It’s only a good time to do that if they’re confident that they can lock their money away for that period of time,” Stockton says. “Because the advantages of getting a CD are negated if they end up having to pay an early withdrawal penalty — certainly on a classic CD.”