Where Are The Top Cd Rates Typically?
The best CD Rates are typically close to home with a little research.
There are 3 institutions you will find CDs at. Savings & loans, commercial banks and credit unions. In todays market credit unions have had a track record of providing better rates on CD’s than banks. CD rates are a common draw to attract customers inside their doors. Don’t be afraid to ask.
Short Term CD Rates
Short term CDs are typically CDs with a life of one year or less. Since January of 2009 the payout on short term CDs have increased 34.1%. This is not something to sneeze at. As our market recovers CD Rates will continue to increase as well.
Long Term CDs
Long term CDs are typically CDs with a life of a year or more. Since January of 2009 the payout on short term CDs have decreased 2.1%. This is not a significant amount. However, think wisely before investing long term. Today’s market is still shaky and you may not want to make that kind of commitment yet.
Use your Resources
It is always a comfort to walk into your bank and do business. Be sure to inquire on their CD rates. They may be able to offer you an incentive as a long time customer. Take this information with you. Shop around. Check ads in the papers for current rates at other institutions. Go on line and look around as well.
Invest Wisely
Stay in your comfort zone. Invest an amount that you feel comfortable with. CD Rates are higher than a savings account but you are committed to keeping the money in the bank for a set period of time. If you withdraw sooner there is a penalty. Start with a short term CD and as rates continue to increase invest for a longer period of time if you are looking for a better payout.
Related posts
- What Credit Unions Typically Have The Highest CD Rates?
- Are CD Rates Expected To Rise?
- Where To Find The Best Cd Bank Rates Online?
- What Should I Be Aware Of When Investing In Cd Rates?
- A Guide To Finding The Highest CD Rates
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