If inflation and rising interest rates have hurt your wallet, there’s a clever way to take revenge: You can use record-high interest rates to get the most return for your savings. Right now, one of the best ways to do that is with a short-term certificate of deposit (CD).
In 2020, you would’ve earned a measly 0.16% annual percentage yield (APY) on a 1-year CD. Today, you can earn up to 31 times more if you find a CD with a rate that tops 5% APY. And we’ve found 10 banks that fit the bill.
