Will CD rates go up?

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Michael Solari, Financial Advisor

@MichaelSolari • 07/07/15 This answer was first published on 07/07/15. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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If the federal reserve starts to increase interest rates it may take some time for the banks to actually increase their own CD rates. Since the banks were hit hard during this recession I wouldn't be surprised if it takes a lot longer for them to start increasing their rates.
Online banks are paying out pretty competitive rates on savings accounts. I would check out CapitalOne 360 and Ally Bank. You may find that their rates are higher than your bank's CDs.

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