WASHINGTON, D.C. — The Federal Reserve's April meeting is expected to conclude without a change in interest rates, according to the CME Group's FedWatch tool, which indicates the likelihood of a rate cut is near zero. With borrowing costs holding steady, multiple certificate of deposit accounts are currently offering interest rates above 4%.

Certificate of deposit accounts offer a fixed interest rate and protect the principal deposited. By contrast, interest rates on traditional savings accounts averaged 0.39% and declined last week to 0.38%, making certificates of deposit a comparatively higher-yield option for savers at current rates.

Interest rates have been elevated in recent years. A pause in Federal Reserve rate hikes can lead banks to increase rates on savings vehicles if they interpret the pause as heightened uncertainty.

Waiting for comments by Federal Reserve officials after the meeting gives financial institutions an opportunity to adjust offers to borrowers and savers. The Federal Reserve will not hold a meeting in May, and the next meeting after April is scheduled for June 16 and 17.

The April meeting's expected outcome means savers who open a certificate of deposit now may be locking in rates at a period when yields on such accounts remain above 4%. Certificate of deposit accounts protect the principal deposited and carry a fixed interest rate for the term of the account, unlike traditional savings accounts, whose rates can change. Traditional savings account rates averaged 0.38% as of last week, according to available data.