What Everyone Should Know About CD Bank Rates

When customers ask for the best CD bank rates - the answer can change depending on any number of factors.There is no one single bank that always offers the highest CD bank rates - but there are a number of things you can look for to help you find the safest place for your investment. Whether you want to invest $1,000 or $10,000, a certificate of deposit is a secure way to earn some extra income and reward yourself for being a loyal bank customer. Here's what everyone should know about CD bank rates:
CD Bank Rates Always Vary
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The two things banks must always consider when gauging CD rates are the length of time that the money is stored with them (called the "term date") and how much money you deposit. The more you invest and the longer you keep it there, the better interest rates and return on investment you'll get. A certificate of deposit is a great way to earn extra money just by saving - and small amounts can quickly add up to some surprisingly good returns.
CD Bank Rates are Flexible
Many banks offer a wide variety of options for how much you can invest and how long you want to keep it invested with them. Some start with a deposit as low as $1,000 and term length as little as six months or as long as five years. If you're looking for a safe place to invest your money that isn't subject to the whims of the stock market or the low rate of return that you get with a regular savings account, a CD could be the perfect choice for you. It's the ideal way to help you reach your savings goals even faster. Consult with your bank advisor on the best plan for your unique needs.
CDs are FDIC Insured
Unlike mutual funds or money market accounts, CDs are backed by the strength of the FDIC, a type of insurance offered to the depositors if the bank is a member of the FDIC. FDIC investments are secure up the maximum limits set by the FDIC per depositor per bank. With a combination of solid returns, a low minimum deposit and the option to automatically renew your CD at its maturity date, getting good CD bank rates is just a matter of doing the right research and choosing a bank that's ready to help you put your money to work!