Top Certificate of Deposit Rates of November 2015
The good news is that the Federal Reserve has refrained this time from increasing interest rates. For the investors, especially the people looking for yield, the low interest rate situation is disheartening. CDs have a reputation of historically offering better interest rates than any other type of savings program. However, the general interest rate environment is disappointing.
The Bank of America has the following interest rates on their standard term Certificate of Deposit:
- 0.15%- 5 years
- 0.12%- 3 years
- 0.05%- 1 year
A lot like how savings accounts work, the best CD yields are found online. The traditional and internet only banks have opened online businesses, which are secluded to the internet just to get better interest rates.
Using sources like Magnify Money, Bankrate, and NerdWallet to look for the best interest rates for CDs, we found:
1 Year Bank Deposit
With this the interest rate, what you get is the joint sum of your CD. With lower than $1000, you can get 1.05% from Ally Bank. On the other hand, when you have more than $1000, CIT Bank offers to give you 1.30% of the amount.
The best offers for 3 year Certificate of Deposit include:
- Having up to $9,999 you can get 1.6% FROM Capitol One 360. The other great thing about this is that they do not have any minimum deposit requirement.
- Another super condition is that eLoan offers to get you 1.85% on $10,000 or higher.
The 5 year Certificate of Deposit plan offers less than $10, 000 and can get you 2.25% from Barclays Bank. Also, eLoan’s 5-year plan means that you can receive 2.45% on $10,000 or higher.
All of the sources update their details on a daily basis.
Some of the important things that people need to remember are that when you open a Certificate of Deposit, it means you have signed away to keep that money in the CD until it hits financial maturity. Your decision to take out money early could easily mean a penalty for you. A standard penalty is between 3 to 6 months of interest paying from the time you forfeit the CD.
In addition, CDs are always FDIC insured with a coverage limit of $250,000 for every owner and institution.
