Memphis 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 Memphis 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. Memphis Banking Rates has relationships with many banks to maximize the potential of finding the best rates.
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 Memphis Banking Rate partners if rates are falling or rising, and make the right choice to earn more money.
If you are looking for a safe, easy way to invest your money, then a Memphis certificate of deposit might be just what you were searching for. Certificates of deposit or CDs are timed deposits offered by banks and other financial institutions which accrue interest over a preset period of time. Because the money is virtually untouchable for that time period, banks give their customers higher interest rates. Money can be withdrawn before the certificate reaches maturity, but this usually results in some sort of hefty fee from the bank.
CDs are usually marketed by months. Six, twelve, and twenty-four month CD terms are the most common. Banks will frequently have special deals, where an odd month CD will have higher interest rates. Although interest rates are usually fixed, there are also CDs which feature a bump up feature, where you can adjust the interest rate once during the time period to allow for a higher CD rate.
Memphis Banking Rates brings you some ideas to keep in mind whenever you purchase a CD. Smaller institutions, like credit unions will usually offer better interest rates than larger banks. Longer terms and larger principals should result in higher interest rates. When you choose the length of your CD, think about any major expenses you have coming up in the future. A child going to college or a big vacation trip could be events to plan your CD’s maturity around. Let Memphis Banking Rates help you find the highest CD rates around.