Why You Need to Open a CD Right Now

41% of Americans have never opened a CD. Here's why 2024 is a great time to open a CD, lock in rates and earn interest on your cash.

A close-up of a hand holding three $100 bills
(Image credit: Getty Images)

If you’re thinking about putting your cash in a CD in 2024, now may be the best time. Currently, rates on CDs are high — in most cases offering over 5% on your cash — but they likely won’t go higher than they are now. For this reason, the beginning of this year could be a great time to lock-in CD rates and earn interest on your savings. In fact, many CD accounts have begun to slightly drop rates in recent weeks, so consider taking advantage of the best possible rates while you still can. Overall, many Americans are missing out on savings associated with high yield accounts, specifically CDs.

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.