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Banks are cutting yields on savings accounts and CDs

July 3, 2019

It’s getting harder to generate a good return on your cash.

An analysis of Federal Deposit Insurance Corp. data by behavioral economics consulting firm Analyticom found that rates for certificates of deposits (CDs) are falling across the board for the first time in five years.

Long-term CD rates began falling in January, Analyticom founder Dan Geller said. “Institutions started lowering their rates on deposits gradually, but July is a turning point because this is the first month that all CD terms are trending down,” he said.

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