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So far this year, the Fed has boosted its benchmark federal funds rate five times, taking it from near 0% to a range of between 3% and 3.25% in an effort to curb inflation. Further rate increases are expected this year, with the federal funds rate projected to surpass 4% by the end of 2022.

How much does $10,000 in a CD make in a year? This depends on the CD rate. A one-year CD with a rate of 1% APY earns $100, while a CD with a rate of 0.10% APY earns $10.

Best Credit Union CDs for October 2022 Best 3-Month CD: Parsons Federal Credit Union. Best 6-Month CD: NASA Federal Credit Union. Best 1-Year CD: Parsons Federal Credit Union. Best 18-Month CD: Chartway Credit Union. Best 2-Year, 3-Year, 4-Year, and 5-Year CDs: Lafayette Federal Credit Union.

Best CD rates of October 2022 Marcus by Goldman Sachs: 6 months ? 6 years, 2.50% APY ? 3.50% APY; $500 minimum deposit to open. Capital One: 6 months ? 5 years, 2.00% APY ? 3.50% APY; no minimum deposit needed to open. Synchrony Bank: 3 months ? 5 years, 1.75% APY ? 3.61% APY; no minimum deposit needed to open.

CD rates are rising! The Fed just raised interest rates again, which means better returns on CDs. Consider a short-term CD to get the most from your savings today.

Carefully consider which type of CD is best for you. Traditional CD. With a traditional CD, you make a one-time deposit that meets the bank's minimum opening deposit requirement.Bump-up CD.Step-up CDs.Liquid (or no-penalty) CD.Zero-coupon CD.Callable CD.Brokered CD.High-yield CD.

A CD, or certificate of deposit, is a type of savings account with a fixed interest rate that's usually higher than a regular savings account. It also has a fixed term length and a fixed date of withdrawal, known as the maturity date. You lock funds in a CD for a term generally ranging from three months to five years.