![]() Generally, their yields are only slightly lower than those of CDs, but there's no limitation on when you can pull your money out. One alternative to CDs that you might consider for short-term needs are high-yield savings accounts like those offered by Ally, Marcus and other online banks. You might also be stuck with a lower interest rate than the prevailing rate if you lock in to a rate when you establish the CD, then the economy changes and rates rise nationally. Perhaps the greatest disadvantage is that you cannot access your money in an emergency, at least without penalty, if you've saved it in a CD. So it's a good idea to shop around and find one that pays on the higher end of the spectrum. According to the data we compile from about 200 CD-issuing institutions across the country, the top certificates pay three or four times more than the industry average for products of the same duration, and sometimes even eight to ten times more. Just look for the FDIC or NCUA logo.ĭepository institutions set their own interest rates for CDs, and those rates can differ dramatically from one bank or credit union to another. It's always a good idea to check that the bank or credit union offers this protection. This means that deposits up to $250,000 are secure, even if the institution itself falls into financial trouble. Almost all bank certificates are protected by FDIC insurance, while those offered by credit unions are typically guaranteed by the NCUA. Virtually all CDs are offered by federally insured banks or credit unions. Although 6-month CDs (and even 9-month certificates) don't tie up your money for very long, they also don't offer the kind of yields you would find with a longer maturity. In general, the longer the duration of the CD, the higher the rate of interest the financial institution is willing to offer. Information is also provided on how to easily join the credit union for credit union CDs.Ĭertificates of deposit (CDs) are financial products that provide a fixed rate of interest on your deposit as long as you leave your money with the bank or credit union for a specified period of time.ĬDs come in maturities as short as three months and as long as ten years. Department of Commerce Federal Credit Union – 5.23% APYĭetailed information on these top-paying, nationally available 6-month CDs is provided, including specifics about minimum deposits and early withdrawal penalties.Great River Federal Credit Union – 5.33% APY.Mountain America Credit Union – 5.50% APY.Then, if there's still a tie, the institutions are listed alphabetically. In cases where more than one institution pays the same top rate, we've prioritized CDs by the shortest term, then the CD requiring a smaller minimum deposit. ![]() ![]() Those requiring a minimum deposit of up to $25,000 are eligible for our list. ![]() We've ranked the highest-paying CDs with approximately 6-month terms (includes terms from 5 to 9 months) by drawing on the most current rate data from about 200 banks and credit unions that offer certificate products nationwide. ![]()
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