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Yes. Local Government Federal Credit Union has a 6-month share certificate guaranteeing 6.50%. Outside this exception, CD rates at banks, credit unions, online, or financial institutions haven't had interest rates as high as 6 percent in over a decade, not to mention how low rates were in 2018, 2019, 2020, and 2021.

Fixed-rate CDs offer a guaranteed return on investment, while variable-rate CDs offer the potential for a higher return if interest rates rise. Ultimately, the choice between fixed and variable-rate CDs comes down to personal preference and the investment strategy that aligns with your goals.

The national average rate on a 12-month CD is 1.28% as of January 2023, but the best CD rates can be three to four times higher. Compare CDs with similar deposit requirements and maturity terms, as a good rate on a six-month CD will likely not be the same as a good rate on a five-year CD.

CDs come in many shapes and sizes, but all have one common goal: to help you save money. This guide will discuss the four main types of CDs: fixed-rate, variable-rate, bump-up, and liquid.

On average, a 12-month CD pays the highest interest rate of any CD term as of July 17, 2023, with an average annual yield of 1.72%, ing to the FDIC. A five-year CD pays an average of 1.37%. Based on these averages, a $10,000, 12-month CD would earn $172.

Carefully consider which type of CD is best for you. Traditional CD. With a traditional CD, you make a one-time deposit that meets the bank's minimum opening deposit requirement. ... Bump-up CD. ... Step-up CDs. ... Liquid (or no-penalty) CD. ... Zero-coupon CD. ... Callable CD. ... Brokered CD. ... High-yield CD.

penalty certificate of deposit (also known as a liquid CD) is a type of CD that allows you to withdraw funds without paying a penalty. The account's funds are accessible at all times?unlike most traditional CDs. Traditional CDs typically charge a hefty penalty fee for withdrawing money early.