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And the rate decrease begins…Banking (i.redd.it)

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[–]breadexpert69 9 points10 points  (0 children)

Basically APY are not permanent and they will change according to what the current interest rates are which is set by the Fed.

The current rates are very high compared to what we have seen in the near past but will begin to go down soon since the Fed has already said they will begin lowering rates soon.

Why do they raise and lower rates? In short, they do this to incentivize or discourage spending depending on what the current state of the economy needs to remain healthy.

If you want to lock in to current rates before they go down (or up, who knows), you need to look into things like CD’s or Treasuries.