Mobile Banking Rates want to help you earn money, save money and put yourself in the best position for your own financial situation. If you have a savings account that you do not need for the rest of this year, it may be a good idea to invest into a 6-12 month CD and take advantage of the higher interest rates. You can earn up to 1% or more in a CD versus a savings account with a $5000 CD over 10 years; that can be over $500-$1000 more in interest payments with the higher CD rate.
Many local Mobile credit unions offer competitive CD rates, money market accounts and IRAs, as do the larger national banks. If you want to get the highest interest rates, be sure to thoroughly research banks with the best offers before you make your decision. Mobile Banking Rates has relationships with many banks to maximize the potential of finding the best rates.
A CD, also known as a Certificate of Deposit, is one of the more low-risk investment options available today and popular among those seeking a reliable way to manage their funds. CDs are similar to traditional bank accounts, with some slight differences, yet still provide the reliability and security you expect.
CDs are a common investment choice because how simple they are to manage — they can be obtained through a variety of financial institutions and require little or no maintenance until they have matured.
Another reason CDs are a sound investment is because they usually offer a better interest rate than a traditional savings account rate. By committing to a long-term investment period, your issuing bank can offer you a greater rate of return. Often, the longer your funds remain invested in a CD, the higher the return.
CDs are a very reliable way to invest and save money because the interest rate is fixed for the entire term and cannot drop, even if interest rates are declining elsewhere. As interest rates fluctuate, your investment will profit from a steady rate. They also offer virtually no risk and are protected by the FDIC in the event an issuing financial institution should go bankrupt.
If you agree that a Certificate of Deposit is the most suitable investment for you, look to Mobile Banking Rates for CD rate comparisons to help you make an informed decision.
A clear advantage of investing in CD‘s is that CD Rates are fixed, meaning you lock in an interest rate for the entire term of the CD, and it does not change. When interest rates are dropping, your CD stays at a higher rate. If you money is in a savings account, or interest paying checking account, your interest rate will drop daily, if rate are falling. Learn from Mobile Banking Rate partners if rates are falling or rising, and make the right choice to earn more money.
