How to Get the Best CD Rates in Your Area

How to Get the Best CD Rates in Your Area

Getting the best CD rates effectively boils down to two things how much you put in, and how long you keep it there. What you may not know is that a CD is a very flexible way to invest and save your money, while earning interest on the income. Opening a CD is as easy and you earn interest on your deposit for as long as you keep it with the bank. Likewise, you face a penalty for withdrawing the money early.

Flexible Plans to Suit Your Needs

Fortunately, banks like Aurora Bank FSB have provided their customers with multiple ways to save and be rewarded for it. Some banks offer varying tiers and higher interest rates depending on how long you invest your money. The more you deposit and the longer you keep it there, the more likely you are to get the best CD rates. You don't need an existing account with a bank, but if you have one, they can make the necessary arrangements to help you get set up. With CDs, you can deposit as little as $1,000 for as little as 6 months or as long as 5 years (or at many points in between).

How it Works

As your CD earns interest, it is compounded daily and added to your account every month. Once you reach the maturity date, you can withdraw your CD's full amount from the bank (plus the interest you've earned) or you can choose to have it automatically rollover and continue to earn interest for you. It's important to know the maturity date so that you can opt to withdraw or automatically keep the funds enrolled in a CD. Banks generally give you a 10-15 day window from the maturity date to withdraw your money without penalty.

Bank websites, such as that of Aurora Bank, often provide helpful calculators and rates tables that show you what your potential earnings can look like at the end of the year depending on how much you invest, and your CD's maturity rate. Not all bank products are FDIC insured, making CDs a safe way to store your money while making it earn extra income for you. This means you can save up to the maximum allowed by the FDIC without worrying that it will lose its value tomorrow. On the bright side, online banks such as AuroraBank have remained both reliable and competitive with CD rates and minimum investment amounts.

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