The early months of 2023 have been a boon for savers: The best interest rates on certificates of deposit (CDs) have topped 5%, the highest they've been in about 15 years. Since CDs require a commitment, however, that leaves many wondering: Will CD rates go up even more in 2023? Or have they hit their peak? The answer depends on where the economy goes as well as what happens in the banking system. An interest rate is nothing more than the price of money, and like any price, it's determined by supply and demand. The more that consumers, businesses and governments want to borrow money, the higher rates will go. The more that people want to save, the lower rates will go. Of course, the Federal Reserve system can give rates a nudge to help manage the economy. What are today's CD rates? If you're willing to shop around, however, you may find higher rates, especially if you consider online banks , which tend to pay more interest. What influences CD rates CD rates are based in part on the federal funds rate , which is the interest rate on balances that banks hold at the Federal Reserve banks. When… Read full this story
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