Banking CD Rates, Money Making Potential
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
With certificates of deposit, the formula is simple – the higher the banking CD rates the greater the potential for making a significant amount of money. Simply put, when you get ready to shop around for a CD, you want to look at a number of financial institutions, especially banks. In fact, we strongly recommend that you begin with the bank where you maintain your primary checking and savings account since they would have more reason to offer the best banking CD rates available.[br]
With certificates of deposit, the formula is simple – the higher the banking CD rates the greater the potential for making a significant amount of money. Simply put, when you get ready to shop around for a CD, you want to look at a number of financial institutions, especially banks. In fact, we strongly recommend that you begin with the bank where you maintain your primary checking and savings account since they would have more reason to offer the best banking CD rates available.[br]
In addition to your own bank, you could look at a number of local institutions as well. However, be careful not to limit yourself to banks in the city where you live. If you were to look online, an entirely new world of banks would open up. Although local banks might offer the highest banking CD rates you can find, sometimes online institutions offer even better rates might be available.
However, even among online banks, banking CD rates vary. Therefore, just as you want to compare rates from local banks, you also want to compare rates from a number of online banks. Additionally, rates from online financial institutions will change based on the current market. You could find a bank with an extremely high rate one day and then check back a week later only to discover the rate dropped. For this reason, before you buy any certificate of deposit, check the most recent banking CD rates. Today, the following are the four rated as the best for buying a CD online.[br]
1. EverBank – The offer being made is a 2.51% bonus rate that would apply for the first three months after investing in the CD. After the three-month period the Annual Percentage Yield or APY would drop to 1.77%, which would be offered on certificates of deposit up to $50,000. Along with the high banking CD rates, this bank provides FDIC insurance on your investment.
Find out more about Everbank CD Rates.
2. Ally Bank – Another option where you can find high banking CD rates is with Ally Bank. This particular bank is an entity of GMAC Financial Services and provides FDIC insurance on all CD investments. In addition to the high CD savings rate, there is no minimum balance required or monthly fees. Then, with interest being compounded daily, your investment would increase quickly.
Find out more about Ally Bank CD Rates.
3. ING Direct – As a division of ING Group, many believe this is the best online bank for a certificate of deposit investment. Your money would be protected with FDIC insurance and the features provided make investing easy and convenient.
4. WTDirect – Another online financial institution with banking CD rates, this Maryland bank currently provides a 1.51% Annual Percentage Yield and there are is no minimum required, no monthly fees, and no need to maintain a checking account to invest in a certificate of deposit.
Just remember that if you decide to purchase a certificate of deposit through an online bank, make sure the institution is legitimate and that FDIC insurance is offered. From there, you can begin your research to find the one bank with the highest banking CD rates.
