But the Fed’s actions have real consequences for your money.
The Fedpaused interest ratesfor a second time this year at today’s Federal Open Market Committee meeting.
Here’s what that means for your money – and what you could do reap the biggest benefit.
CDs are unique deposit accounts that come in terms typically ranging from a few months to several years.
You’ll need to leave your money in the CD for the entire term to avoid anyearly withdrawal penalties.
Some of today’sbest CDsoffer annual percentage yields, or APYs, up to 4.65%.
But what about youremergency savings?
A high-yield savings account can help.
For example, today’stop savings accountspay at least 10 times the national average savings rate.
If you’re in the market for a new home, it’s also smart to hold off.
Mortgage rates remain high, andexperts don’t expecta Fed rate pause to bring them down.
Pay down debt
Debt – especially high-interest debt – can significantly hamper your financial stability.
You may also want to consider adebt consolidation loanto combine your outstanding debt at a lower interest rate.
Maximize your finances now, and you’ll be poised to benefit from the Fed’s latest move.
