I opened couple of cds with discover last year for a year term. Looking back I could of sworn the interest rate was good. Now looking at it there's 1.5 and 1.8% currently which is waaay lower than my current savings rate. I thought CD rates don't change? Or was I just unlucky that savings acc rate changed for the better?
Certificate of Deposit (CD) rates are indeed fixed for the term of the CD. The rate you receive when you open the CD is the rate you'll get for the entirety of its term. However, what you're seeing is probably the current rates offered on new CDs, which can fluctify based on various factors including the overall economy and Federal Reserve policy.

On the other hand, savings account rates can and do change over time. These rates are variable and can increase or decrease based on similar factors. So, it's possible that your savings account rate increased after you opened your CDs.

It's also worth mentioning that while savings accounts might currently offer better rates, they don't always. The main advantage of CDs is the guaranteed return rate, even if savings account rates increase. CDs also typically offer higher rates than savings accounts when interest rates are high or expected to fall.

To summarize, you were not necessarily unlucky. Instead, it's more about the timing and the fluctuations of the economy. It's always a good idea to keep an eye on interest rates and make financial decisions that align with your financial goals.
### Human
I opened couple of cds with discover last year for a year term. Looking back I could of sworn the interest rate was good. Now looking at it there's 1.5 and 1.8% currently which is waaay lower than my current savings rate. I thought CD rates don't change? Or was I just unlucky that savings acc rate changed for the better?

### Assistant
Certificate of Deposit (CD) rates are indeed fixed for the term of the CD. The rate you receive when you open the CD is the rate you'll get for the entirety of its term. However, what you're seeing is probably the current rates offered on new CDs, which can fluctify based on various factors including the overall economy and Federal Reserve policy.

On the other hand, savings account rates can and do change over time. These rates are variable and can increase or decrease based on similar factors. So, it's possible that your savings account rate increased after you opened your CDs.

It's also worth mentioning that while savings accounts might currently offer better rates, they don't always. The main advantage of CDs is the guaranteed return rate, even if savings account rates increase. CDs also typically offer higher rates than savings accounts when interest rates are high or expected to fall.

To summarize, you were not necessarily unlucky. Instead, it's more about the timing and the fluctuations of the economy. It's always a good idea to keep an eye on interest rates and make financial decisions that align with your financial goals.<eos_token>