Below you could fund a summary of the best CD rates for different maturities as of 11/03/2008. You could find the period of the offering, as well as the rate and minimum deposit required by the bank selling the Certificate of Deposit.
The average interest on those CD's is 4.29%. In order for savers to get a higher rate of return on their money, they have to stretch their time horizons further away into the future. As the FED lowered their interest rates by half a percentage point last week, locking in your investments in fixed rate CD's is the best decision for your cash investments.
Capital One currently has a 7 year Certificate of Deposit offer special which yields 5.50% but also requires a minimum deposit of $5,000.
Monday, November 3, 2008
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5 comments:
Thanks for the great info on top paying CD's. This great for finding some nice investment vehicles. Now if the banks can just keep their doors open :).
I found 12 month cd's paying 4.58% - check out the link - cheers to keeping your money in these markets!
http://tickerwatcher.com/2008/10/24/earn-458-on-12-month-cds/
Fixthepig,
I will be trying to post the best CD rate deals in the Country every monday so stay tuned. I am also planning on posting the highest checking and savings account rates.
JP,
Thanks for the link. However it seems that Corus bank still has a little higher rate.
Thank you both for stopping by!
Isn't inflation right now up around 5%?
Michael,
Inflation was 5% over the past 12 months. Inflation however typically runs around 3% per year. CD's are a great way to save money in the short run for an emergency fund, but you should also hold other investments like stocks or real estate as well.
Anyways even in this "inflationary" environment, an investor in CD's would have done mych better than commodities or stock investors in 2008.
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