The Federal Reserve has lowered the Fed Funds Rate several times in the last couple of weeks. It currently stands at 3 percent. As the Fed Funds Rate plummets, so does the interest you make off your money in savings accounts and money market accounts. So where should you turn to make the most of your hard-earned cash?
According to the Wall Street Journal, higher-yielding certificates of deposits (CDs) are still a good option. And if you can stand something a tad riskier, short-term bond mutual funds might be another solid option.
Keep in mind, there are different kinds of CDs available and each type may have a different interest rate and terms associated with it. Click here for more info about where to find these high-yielding CDs and bond mutual funds, as well as what types to choose.