The Different Types Of Certificates Of Deposit

The Different Types Of Certificates Of Deposit

You can find the best CD rates from banks and credit unions online at comparison shopping sites. You can get the highest CD rates and CD yields by searching CD rates databases on these sites. Whether you're looking for regular CD rates, jumbo CD rates or Individual Retirement Account (IRA) CD rates you can find the best interest rates in your state or zip code.The most common types of certifciates of deposit range between 3 months and 5 years. Credit unions are also known to offer different types of certificates of deposit like educational certificates of deposit and custoital certificates of deposit. Regular CD RatesRegular certificate of deposit accounts at banks and credit unions can be opened with as little as $1. Some banks and credit unions have higher opening balances. When you're comparing regular CD rates pay attention to the minimum opening certificate of deposit account balance since it can affect the rate you receive on the certificate of deposit. Jumbo CD RatesJumbo CD rates pay a higher interest rate than regular CD deposit rates and yields. Jumbo CD rates are higher because they require a higher minimum deposit. While regular CD accounts at some credit unions and banks jumbo CD accounts require a minimum opening deposit of $100,000. Bank CD RatesWhen you are searching for the best rates you can start your search at local banks. Most local banks these days allow anyone in the U.S. to open a CD account regardless of whether or not you live in that state. You can also search for the highest CD interest rates at national banks. Deposit accounts like CD accounts, savings accounts and money market accounts at banks are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. Credit Union CD RatesWhen you are searching for the highest credit union CD interest rates you can start your search at local credit unions. Some credit unions allow you to open a certificate of deposit (share certificate) if you live anywhere in the country so don't limit your search to local credit unions. Deposit accounts like CD accounts, savings accounts and some money market accounts at credit unions are insured by the National Credit Union Administration (NCUA) for up to $250,000. IRA CD RatesIndividual Retirement Account (IRA) certificates of deposit are a very safe way to invest your retirement savings. The closer you get to retirement the safer your investments should be. Your principal is 100% guaranteed as long as you keep your CD investment under the FDIC and NCUA limit. Most credit unions and banks offer IRA certificates of deposit. You can also find IRA bank CD rates and IRA credit union CD rates that are higher than regular CD rates.

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