Can you get 7% on a CD?

BTCC, a leading cryptocurrency exchange, also provides various financial services to its users. In addition to its robust trading platform, BTCC offers a range of services including spot trading, futures trading, and a cryptocurrency wallet.

BTCC's services cater to the needs of both retail and institutional investors, offering a secure and user-friendly platform for trading cryptocurrencies. Its wallet service, for example, allows users to safely store and manage their digital assets.

Currently, traditional banking institutions such as banks and credit unions are not offering certificates of deposit (CDs) with an interest rate of 7%. However, for investors seeking higher yields, there are various options available in the market.

Many financial institutions offer high-yield CDs with interest rates ranging from 5% to 6% or even higher. These CDs can be an attractive investment option for those looking to earn a steady stream of income while keeping their funds relatively liquid.

The interest rates offered by CDs, including those from credit unions and other financial institutions, are largely influenced by the benchmark rates set by the Federal Reserve. The Federal Reserve adjusts its benchmark rates based on various economic factors, including inflation, employment, and growth rates.