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“With the advent of the Internet getting the best rates on financial services and products is easy. Here we show you how.” Taylor Arnold

How To Get The Best CD Rate

Finding the best CD rate has only gotten easier, due to increased accessibility of online information. Finding the highest CD rate online is a fairly simple process. CDs are considered by many financial experts to be among the safest ways to invest your money. By purchasing a certificate of deposit, you lock in at a set interest rate for a predetermined amount of time, whether it's a month, a year or 30 years. The bank then pays you the amount you invested, plus all accrued interest. Be forewarned that attempting to cash in your CD early will likely result in you forfeiting a large amount of your gained interest and paying a penalty. Here are a few tips to take under consideration when trying to obtain the best CD rate. Shop around Looking online is a start, but don't forget to check all of your neighborhood banks. Banks will often offer bargain basement rates that can't be found online. Do the proper research It may be possible to find the highest CD rate online or your local banks may have intriguing offers due to their own fluctuating demands. It's possible to find CD rates at the local bank that offer a higher payout for short term CDs. Others will require a more long term investment. Take the time to compare all possible rates and consider every option before making your investment. Consider a credit union If you are willing to part with your money for a longer period of time, credit unions sometimes offer a higher CD rate than the bank will. A 5 year CD can yield far greater profit when purchased from a credit union, so don't leave them out during the shopping around period. Look for special rates For those living in high population areas with several competing banks, ask around for unique deals. You could find deals that aren't typically offered. A bank's marketing department will come up with ideas to try to hook new customers and you could be the lucky beneficiary. Consider a brokerage firm Brokerage firms typically offer a higher interest rate for CD purchasers. It is crucial to do the math and include the deposit broker's commission rate, however. Sometimes, even with their commission rate factored in, it is a better overall deal, so consider this factor before making a selection. Stay on top of your CD While a bank or credit union does send notices to you as your CD begins to mature, they will not go out of their way to make sure you get the most favorable rate. Be sure to go through each notice carefully so that you're certain to roll over your investment at the best CD rate. If you do not contact the institution, you're susceptible to automatic rollovers at rates that are favorable to the bank or credit union. Brokerage firms don't use this tactic, another factor to consider. Taylor Arnold, CEO

News Brief

In low interest rate markets such as these, it's natural to want more. Certificates of deposit certainly appear safe, so why not shop around for better deals? Regulators want you to be forewarned that higher rates may mean higher risk, even with CDs. CTPost.com
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How To Get The

Best CD Rate

Finding the best CD rate has only gotten easier, due to increased accessibility of online information. Finding the highest CD rate online is a fairly simple process. CDs are considered by many financial experts to be among the safest ways to invest your money. By purchasing a certificate of deposit, you lock in at a set interest rate for a predetermined amount of time, whether it's a month, a year or 30 years. The bank then pays you the amount you invested, plus all accrued interest. Be forewarned that attempting to cash in your CD early will likely result in you forfeiting a large amount of your gained interest and paying a penalty. Here are a few tips to take under consideration when trying to obtain the best CD rate. Shop around Looking online is a start, but don't forget to check all of your neighborhood banks. Banks will often offer bargain basement rates that can't be found online. Do the proper research It may be possible to find the highest CD rate online or your local banks may have intriguing offers due to their own fluctuating demands. It's possible to find CD rates at the local bank that offer a higher payout for short term CDs. Others will require a more long term investment. Take the time to compare all possible rates and consider every option before making your investment. Consider a credit union If you are willing to part with your money for a longer period of time, credit unions sometimes offer a higher CD rate than the bank will. A 5 year CD can yield far greater profit when purchased from a credit union, so don't leave them out during the shopping around period. Look for special rates For those living in high population areas with several competing banks, ask around for unique deals. You could find deals that aren't typically offered. A bank's marketing department will come up with ideas to try to hook new customers and you could be the lucky beneficiary. Consider a brokerage firm Brokerage firms typically offer a higher interest rate for CD purchasers. It is crucial to do the math and include the deposit broker's commission rate, however. Sometimes, even with their commission rate factored in, it is a better overall deal, so consider this factor before making a selection. Stay on top of your CD While a bank or credit union does send notices to you as your CD begins to mature, they will not go out of their way to make sure you get the most favorable rate. Be sure to go through each notice carefully so that you're certain to roll over your investment at the best CD rate. If you do not contact the institution, you're susceptible to automatic rollovers at rates that are favorable to the bank or credit union. Brokerage firms don't use this tactic, another factor to consider. Taylor Arnold, CEO

News Brief

In low interest rate markets such as these, it's natural to want more. Certificates of deposit certainly appear safe, so why not shop around for better deals? Regulators want you to be forewarned that higher rates may mean higher risk, even with CDs. CTPost.com
More Info More Info