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CD Interest Rates: Is a savings account better than a cd account

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CD Interest Rates: What to consider when opening a Certificate of Deposit

[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=”1/6″][/vc_column_inner][vc_column_inner width=”2/3″][vc_empty_space height=”48px”][vc_column_text]Bitcoin may be all the latest craze, but if you’re looking for a secure way to grow your money, a CD could be right for you. CD interest rates can be higher than a typical savings account.

A certificate of deposit (CD) is a low-risk way to save money for short-term of long-term goals. The risk involved with a CD is minimal because you can open one at an FDIC-insured bank or financial institution. If you do, the federal government will insure your funds up to the maximum allowed by law.

CDs make an attractive savings vehicle because you can pretty much predict your earnings and establish a reliable income stream. Earnings are higher because CD interest rates are often higher than what a savings account offers.

Earn a high rate (2.05% APY) with the CIT No Penalty CD

Typically, a CD with a longer term, comes with a higher rate. However, that also means you won’t have access to the money for a longer period of time. CD terms typically run anywhere from three months to 10 years. If you cash out early, you may face an early withdrawal penalty that would impact your interest.

With a no penalty CD there is no charge or fee for early withdrawal.

The no-penalty CD kicks into full effect seven days after your deposit is made. But more than that, a CD is designed to increase your savings because regardless of what the market does, money you put into a certificate of deposit grows.

With a CIT Bank No-Penalty CD, you get the security of an 11-month CD and know you can withdraw the total balance and interest earned without penalty. Here are the details:

  • Minimum deposit of $1,000
  • You may withdraw the total balance and interest earned, without penalty, beginning seven days after funds have been received for your CD. No withdrawals are permitted during the first six days following the receipt of funds
  • No account opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • FDIC insured

All deposits, no matter the amount will receive a 2.05% APY. You can’t go wrong with the CIT Bank 11-Month No Penalty CD.[/vc_column_text][vc_btn text=”Open an account” link=”url:https%3A%2F%2Fcreditmashup.com%2FCDs|||” size=”17px”][us_separator size=”large”][/vc_column_inner][vc_column_inner width=”1/6″][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=”1/6″][/vc_column_inner][vc_column_inner width=”2/3″][vc_column_text]

Earn a high rate (2.50% APY) with the CIT Term CD

With a CIT Bank Term CD, you get the security of an 18-month CD to secure your short-term savings goals. If you are looking for a stable, short-term investment and don’t require liquidity like the No-Penalty CD, there are many benefits to this savings product:

Here are the details:

  • Minimum deposit of $1,000
  • At maturity, you have the option of rolling over the CD to another CD for the same term or a different term, or you can cash it out
  • No account opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • FDIC insured

All deposits, no matter the amount will receive a 2.50% APY. You can’t go wrong with the 1-year Term CD, it provides a good return on your investment in a short amount of time plus your funds will be unaffected if CD rates decrease.[/vc_column_text][vc_btn text=”Open an account” link=”url:https%3A%2F%2Fcreditmashup.com%2FTermCD|||” size=”17px”][us_separator size=”large”][/vc_column_inner][vc_column_inner width=”1/6″][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row]

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