Increase Your Investment With Certificate Of Deposit

Increase your investment with Certificate of Deposit
Certificates of Deposit (CDs) are a low-risk investment where financial associations initiate to pay a certain interest rate in exchange for depositing a certain amount of money into an account for a specified time period. In the following article, we have listed banks that provide better CD rates and steps involved in finding the best CD rates.

What are the CD rates offered by the PenFed Credit Union?

  • PenFed is a credit union, which pays very competitive rates of interest.
  • You have to join the credit union in order to get the benefit of their products. It is free to join if you have a military or government affiliation.
  • Once you become a member you can open PenFed products (including this certificate) online.
  • Your deposit will be insured by the NCUA i.e. National Credit Union Administration.
  • A minimum deposit of $1,000 is required for the one-year certificate.

What are the CD rates offered by the CD Bank?

  • It is an online division of TBK Bank, which is located in Dallas, Texas.
  • The CD Bank is currently offering a 24-month CD with a 3.00% APY.
  • The minimum deposit amount of $10,000 is required, but your deposit is FDIC insured.

What are the CD rates offered by the Community Wide Federal Credit Union?

  • You can apply for their 24-month CD once you become a member of their community.
  • You need to deposit an amount of $2,000 in order to get their outstanding 2.90% APY.
  • This account can be managed online or through their mobile application.
  • Deposits made are insured by the NCUA.

What are the CD rates offered by the KS State Bank?

  • It offers an APY of 3.37% on its 5-year CD which is one of the highest among the currently available ones.
  • To open the account you need a deposit of only $500.

What are the CD rates offered by the Citizens Access?

  • It is an online division of the Citizens Bank. Currently, they are offering an APY of 3.00% on a 3-year CD.
  • Minimum deposit amount of $5,000 is required for opening the CD.

What are the CD rates offered by the Greenwood Credit Union?

  • Greenwood Credit Union is open for anyone and everyone.
  • The only basic requirement for becoming a member of this credit union is to open their Share Savings Account with a minimum deposit amount of $5.
  • You will need to deposit an amount of $1,000 in order to get their outstanding APY of 3.25%. This will be in addition to $5.

How to find the best CD rates?

  • Your local bank will offer a range of CDs, but before you open your account, you have to compare CD with another bank or you have to check online options for your CD.
  • Long-term CD gives a higher rate of interest that increases your investment.
  • By selecting a long-term CD, it will not allow you to access your money for a long time. The long-term CD has advantages as well as disadvantages.
  • While selecting a CD from any bank, you have to check the offers and CD rates. It is beneficial to get the best CD rates, so search for the best offers and visit locally as well as nationalized banks to check better offers on CD.
  • Always check CD rates before you invest funds.
  • You have to check past CD rates of banks and other finance funds so that you can get better rates.
  • You have to look beyond the traditional CD to double your funds.

What are the benefits of a CD (Certificate of Deposit)?
Following are the benefits of a Certificate of Deposit:

  • A Certificate of Deposit is approved by the Federal Deposit Insurance Corporation (FDIC) hence it is trusted and safe.
  • One of the main benefits of a Certificate of Deposit is that it gives a safe place to keep your funds for a certain period of time, this time selection totally depends on you.
  • Another benefit of a Certificate of Deposit is that you can lock in a fixed interest rate for the lifetime.
  • Certificate of Deposits have various fee structures such as low-to-no fee structure.
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