Taking on new debt is a costly endeavor right now. After all, the Federal Reserve's benchmark rate is still paused at close to a two-decade high, so the interest rates on borrowing options, like personal loans and credit cards, are significantly higher than they were just a few years ago. So, it makes sense to try and avoid borrowing money now if you can. Otherwise, you'll be paying a hefty sum in interest over the life of your loan.
35% APY: This CD comes with a $1,000 minimum opening deposit requirement; if you withdraw your money from the CD account before it matures, the early withdrawal penalty is equal to 90 days of interestPrime Alliance Bank — 5.30% APY: This CD comes with a $500 minimum opening deposit requirement; if you withdraw your money from the CD account before it matures, the early withdrawal penalty is equal to 30 days of interestAble Banking — 5.