AI News – Personal Finance (6/2/2025)

High-Yield Savings Accounts: Openbank is offering a 4.40% APY, and EverBank isn’t far behind with 4.30%. These rates are significantly higher than the national average of 0.60%, making now a great time to boost your emergency fund or savings goals. Yahoo Finance+2Bankrate+2AOL+2
Money Market Accounts: Top rates have climbed to 4.89% APY, providing a flexible option for your cash reserves. Forbes
Certificates of Deposit (CDs): If you’re open to locking in your funds, some CDs are offering up to 4.50% APY. Yahoo Finance+4Fortune+4Bankrate+4

Mortgage Rates: The average 30-year fixed mortgage rate has dipped just below 7% to 6.99%, the first time in three weeks. This slight decrease could be beneficial if you’re considering buying a home or refinancing. Investopedia
Refinancing: Refinance rates are hovering near a two-week low, presenting a potential opportunity to reduce your monthly payments. Investopedia

Inflation: April’s inflation rate was lower than expected, with prices increasing by 0.2% from March and 2.3% year-over-year—the lowest 12-month increase since February 2021. However, upcoming tariffs could influence future inflation trends. Experian

New Financial Rules: Starting June 1, several financial changes have taken effect, including updates to credit card regulations and free Aadhaar updates. Staying informed about these changes can help you manage your finances more effectively. ET Now+1mint+1