Getting the Best CD Rates
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When you're looking for the best CD rates, it's important to keep several factors in mind during your search. Key factors in getting the best CD rate are the term (or length) and your deposit amount.
Read more below.
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Live Auction CD Rates
for November 20, 2009
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Source: TheStreet.com
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Overnight Auction APY is a sample rate for a nightly auction for a $50,000 deposit.
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The Term: How It Affects CD Rates
The term (or length) of the CD can be anywhere from 3-months to upwards of five years or more. Once your CD reaches maturity (on the date your account term ends), you will be able to retrieve your money from the bank at no penalty or you'll generally have the option of rolling your CD over to a new account.
Although many banks will offer to renew your CD account when it nears its maturity date, you should check with the bank to make sure the current CD rates will be applied upon renewal. This is important because if you had previously gotten the best CD rate from the bank in question, you want to make sure that your account is still receiving the highest APY.
The Deposit Amount: How It Affects CD Rates
CDs with a very large deposit amount ($100,000 or more) are sometimes referred to as "Jumbo CDs", and the rates you can get on these accounts are frequently higher than those offered for lower deposit amounts.
If you're married and have over $250,000 to deposit in a CD, it's important to note that the FDIC covers accounts for married couples up to $500,000 per insured institution.
Not everyone has that kind of cash on hand, and great CD rates can still be found for deposits below $250,000 (which will be protected by the FDIC if you're married or not) - in uncertain economic times it's a good way to get a return on your savings without the risks associated with the stock market.
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