Does anyone know where to get the highest CD rate in Florida? I am looking into setting up some retirement stuff over there, so I need to know what to do with my personal finance and banking matters.
Finding the Highest CD Rates
Certificates of Deposits or CDs as they are known are time deposits in which the person making the deposit promises the bank that the funds of the deposit will be left with the bank for a specified period of time. There were times when banks gave such depositors an original certificate that could then be presented in order to get the CD redeemed and thus get back the funds that had been deposited.
Now, banks only give you a safekeeping receipt in which are entered the details pertaining to your deposit including the rates, term and more. Thus, you are surely going to be keen on knowing more about the highest CD rates, which can be more in one area for one week and then higher in another area in the next week. Sometimes, even the bank down the street from where you live may be offering highest CD rates, though you may not be aware of it since such may not be on offer to local customers.
Mostly, banks use the services of deposit brokers to get them their business. If you look about for highest CD rates you may come up with a couple of hits such as Countrywide Bank that is on top of any list in this regard. This bank asks for a minimum investment of ten thousand dollars and for an IRA CD the requirement is just two thousand five hundred at the very least. You might also want to check out ING DIRECT – High Yield Savings Account that are offering rates that are as much as four times the national average of what you would get on a savings account. Another point you should bear in mind when shopping for highest CD rates is to ensure that the bank you deposit your money with has insurance on its accounts especially through insurance companies such as Federal Deposit Insurance Corporation, with every CD account having an insurance value of hundred thousand dollars.