The Illusion of Choice in a Low Rate Environment The Federal Reserve's decision to pause interest rates has sent shockwaves through the financial markets, but for millions of savers, it's just another confirmation that borrowing costs are here to stay.
Elevated borrowing costs make it difficult for banks to offer attractive CD rates, rendering the idea of shopping around for a better rate an illusion.
When interest rates are high, banks have less incentive to offer competitive CD rates.