The Federal Reserve on Wednesday declined to hike interest rates further, but after months of aggressive increases, one thing remains certain among investors: Cash is back.
With interest rates hovering near zero for much of the last decade, savers couldn’t expect to earn much in interest when they stashed their money. But with rates near 22-year highs, there may be reason to get your bills out of the mattress.
Online banks are offering high-yield savings accounts paying interest in the neighborhood of 5%. Rates on one-year certificates of deposit — a popular cash equivalent — pay over 5%. (Check out CNBC Select’s lists of the best high-yield savings accounts here and of the best CDs here.)