Colorado Federal Savings Bank Greenwood Village, CO
08/31/10
1.44
D
1.45
$5,000
Intervest National Bank New York, NY
08/31/10
1.17
D
1.18
$2,500
Metropolitan National Bank New York, NY
08/31/10
0.90
A
0.90
$2,500
Centennial Bk Fountain Valley, CA
08/31/10
0.75
M
0.75
$10,000
First NB of Baldwin County Foley, AL
08/30/10
1.25
S
1.25
$500
Pacific Mercantile Bank Costa Mesa, CA
08/30/10
0.94
D
0.94
$10,000
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From Bankate.com
CD Rates, The Basics
A certificate of deposit or CD is similar to a savings accounts in that they are FDIC or NCUA insured up to $100K or $200K for a joint account, which makes them basically risk free up to $100K. CD rates are typically much higher than savings account or money market rates. Many consumers divide their money into multiple CD's with multiple banks to give them the greatest protection against bank failure. They are different from savings accounts in that the money that is saved in the CD is intended to stay in the CD for a specific period of time. Time periods typically vary from 6 months to 5 years. Longer fixed periods have higher CD rates. At the end of the maturity period the CD can be withdrawn along with the accrued interest.
In exchange for keeping the money on deposit for the agreed-on term, CD rates are typically higher than accounts from which money may be withdrawn on demand. Fixed CD rates are common, but some institutions offer CDs with various forms of variable CD rates.
Things to Know When Shopping CD Rates
A larger principal should receive a higher CD rate.
A longer term should receive a higher CD rate
Smaller banks and credit unions tend to offer higher CD rates.
Personal CD accounts generally receive higher CD rates than business CD accounts.
Closing a CD
Withdrawing money before the CD has matured is usually not a good idea, as there are substantial penalties. For example, a 5 year CD, usually has a loss of six months' interest penalty.
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