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Matthew Goldberg | Bankrate.com (TNS)

As the Federal Reserve continues to slow down on raising rates, you can still get the highest yielding five-year CD yields in more than a decade right now. But your window on this opportunity could soon be closing.

Long-term CD rates may be peaking now

The Fed’s rate decisions indirectly affect CD yields. Since March 2022, the central bank has raised the federal funds rate 11 times — with several of the hikes being more aggressive at 50 and 75 basis points higher.

But with inflation finally cooling, future rate increases remain uncertain as the Fed weighs its options.

The recent slowdown in rate increases is the main reason why CD APYs between the two- and five-year terms are peaking around now, says Greg McBride, CFA, Bankrate chief financial analyst.

“And if the Fed is seen as being close to the end of their rate-hiking cycle, there’s no ongoing fuel to push those longer-term yields higher,” McBride says.

The top-yielding 5-year CD rate right now is around 4.6 percent APY — the highest since 2008. So the opportunity to lock in a long-term yield this high doesn’t come around often. read more

By Kimberly Palmer | NerdWallet

To get the most out of summer sales, shoppers have to think ahead — sometimes way ahead.

That’s because end-of-summer sales are the ideal time to stock up on hot weather items that you’ll use a year from now. “Flip-flops, bathing suits, beach towels, grills, Adirondack chairs — at the end of the season, that’s when you’ll get the best prices of the year,” says Leah Ingram, who writes about saving money on her Real Sophisticated Consumer blog at LeahIngram.com.

“These sales help stores make room for the next seasonal holiday, and most importantly, they help keep consumers engaged with the brand or retailer during off-peak times,” says Katie Hansen, a senior retail and e-commerce analyst at Mintel, a market intelligence agency.

Shoppers are especially hungry for sales because inflation has been straining Americans’ budgets. “Consumers are trying to make the most of their dollars right now,” Hansen adds.

A plan-ahead strategy can save you hundreds if not thousands of dollars a year. Knowing how to smartly shop late summer and fall sales can bring down the cost of items you’ll use right away, at holiday giving time and next year. Here’s how to get the most out of these sales: read more