Picking up Nickels

Monday, October 27, 2008

Federal Reserve meeting this week: Not too late to lock in CD rates

I hate to sound like a broken record, but the FOMC is expected to announce another rate cut when they meet on October 28-29.

As the Fed lowers its target rate, it's a safe bet that liquid savings accounts will continue to trend down from the current 3% levels. However, there are still some good CD deals available that will guarantee you a better return on your cash. My current favorites continue to be the Penfed 5% APY CDs for terms of 3,4,5, and 7 years and the E-Loan CD deals for terms of 1 year or more, topping out at 5.25% APY for a 6 year certificate.

Please be aware that if you want to do one of these deals, be sure to act quickly because they could disappear at any time.


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