![]() ![]() The stock market crash of 1929 sent the US into an economic spiral. Interest rates on CDs and other savings products are affected by the economy and by US laws. ![]() Looking at both current and historical savings account rates, it’s clear that CDs offer higher interest rates than savings accounts in any economy, and CDs with longer terms offer higher interest rates.īack to top How historical events affect interest rates Interest rates on CDs are competitive.Make sure you check with your lender to find out if any of these flexible options will incur any fees. Other lenders may also give you the opportunity to access your funds before the account reaches maturity. Some banks now allow you to increase the interest rate during the term if the lender’s interest rates have increased. Features and options of CD accounts will vary from lender to lender. When choosing a CD, look at the current economic situation to determine whether interest rates are rising or falling. The economy works in a cycle, and with any bank account, interest rates will swing up or down depending where the economy is in that cycle. The financial market is constantly changing and interest rates fluctuate alongside it. There are many lessons we can take on board from the past, such as: ![]() Looking at historical term deposit rates can help you to assess whether the current economy is favorable for you to open an account.
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