Where to save your money in 2023?

Because of the federal interest rate hike in the past 12 months and the expected increase in interest rate continuing in 2023, many banks and credit unions now offer high-yield saving accounts and CDs above 4%, higher than the last 15 years.

Photo by Soben Ung

Jeanne D’arc Credit Union of Lowell, Massachusetts offers 4.25% APY certificate of deposit (CD) rates with only $250 minimum to open an account and hold for 17 months. Various banks currently offer high-yield saving accounts with very little red tape. Citizen bank offers 4% APY saving account with a minimum balance of just $1. For those able to hold a larger saving, Cambridge Savings Bank offers 4.75% annual interest rate for a 14-months CD with $10,000 minimum requirement for Massachusetts residents.

The Federal Treasury also offers attractive rates of 4.88% yield for a 2-year Treasury Bill, 4.26% yield for 5-year, and 3.96% yield for 10-year at the time of this writing.