2024 Savings Options Amid Rate Uncertainty

Amidst uncertainty about interest rate cuts in 2024, investors are exploring short-term savings options like CDs, penalty-free CDs, Treasury bills, and money market mutual funds. CD rates are expected to decrease as the Fed prepares for rate cuts, while penalty-free CDs offer lower interest rates but penalty-free early withdrawals. Treasury bills, backed by the U.S. government, provide terms from one month to one year, and money market mutual funds pay roughly 5.5% but are subject to specific terms and conditions.