CD Rates in Pennsylvania for November 2024
Updated November 1, 2024
It's one of the best times to open a certificate of deposit (CD), since annual percentage yields (APYs) on that deposit product are tending to outpace inflation. Moreover, interest rates on CDs are higher than they've been in decades, but they won't stay there forever. Experts predict CD rates to stay high over the next year, but they are expected to fall off after the Federal Reserve cuts the federal funds rate. If you're a Pennsylvania resident looking to open a CD, here's what you need to know.
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.