Here come the 5% CDs

[wishstar]

16. Historically very unusual for short term CD's to pay more than long term

No doubt the "experts" are banking on a steep recession that will cause quick drop down from this year's higher interest rates so they don't want customers to lock in a high rate for very long.

None of my local banks are offering decent rates on any accounts other than just one short term CD. But for many years I have used online banks for savings instead to get better rates but they have also recently reduced long term rates in favor of short term.

Customers need to be very careful on these short term CD's and stay alert as to maturity dates since banks could drop interest rates drastically at maturity and customers are stuck if they miss the short grace period to change term or withdraw.