CenterBank’s Post

Choosing to put your savings into a CD or share certificate for a three-year period is a serious commitment. Here are the best three-year CD rates to help you decide which is right for you.

The past three years it is best to save money because the interest rates on CD, high yield savings accounts, and etc are protected by FDIC or through the credit unions insurance of up to $250k of a individuals account holders. The amount of money earned through the interest rates on those savings accounts is the best right now! Unfortunately majority of individuals are spending more than there income and only a few are taking the advantage of this remarkable benefits of saving for the unexpected or for a future purchase in the future! Your thoughts? https://lnkd.in/gw7Wp-yT

Want to hear more about our new CD rates? Give us a call at (225) 250-5411! 🤩 *$500.00 minimum deposit to open account. $500.00 minimum balance to earn the stated Annual Percentage Yield (APY), which is accurate as of 10-17-23. Fees may reduce earnings on the account. A penalty of 90 days accrued interest on the amount withdrawn will be charged for any early withdrawal on a 12 month CD. A penalty of 30 days accrued interest on the amount withdrawn will be charged for any early withdrawal on a 6 month CD.

While CD rates are competitive right now, other factors may determine whether these accounts are the best savings option for you. In this article, Cheryl Lock writes about a 1-year CD offer that piqued her interest, and how she decided it ultimately wasn't the best fit for her situation. Read the full article on Business Insider: #savings #personalfinance #savingsgoals https://lnkd.in/g5DigQKa

Open a new 9 Month Certificate of Deposit and get 5.35% APY when you bring over $5,000 in new money.* For more details, call our Customer Care Center at 1.800.262.1088 or visit your local branch to get started. #CertificatesOfDeposit #SpecialOffer #EarnMoreForYourMoney 9 Month CD Special Offer: Annual Percentage Yield (APY) accurate as of August 15, 2023. Opening deposit must include a minimum of $5,000. The 9-Month CD will earn a fixed interest rate of 5.25%, with an APY of 5.35% on over $5,000 in new money.* In order to earn the published APY, all interest earned must remain in the CD for the entire term; withdrawal of the interest during the term will result in earning below the published APY. Penalties apply for early withdrawal, fees may reduce earnings. NexTier Bank reserves the right to amend, extend, or discontinue this special offer at any time. This promotional offer cannot be combined with any other offers. CD will auto-renew at 12-month term at the current rate. Other rates and terms are available. *New money is defined as money not on deposit with NexTier Bank in the previous 90 days.

5. Open a short-term certificate of deposit (CD) A one-year CD could help you earn more interest than a savings account. Plus, a CD’s yield is usually fixed; as long as you keep the money in the CD through the duration of the term, you’re guaranteed to earn the opening APY. One important caveat: Avoid CDs if you think you might need the cash before the CD term ends, so you won’t have to pay early withdrawal penalties.

#18 What is a CD (or bond) ladder? a. A CD ladder involves spreading chunks of cash across multiple CDs with varying maturities. (ie. 6 months, 1yr, 3yr, etc). b. The maturity of each CD provides access to that cash if needed or if reinvested, the cash is used to purchase a CD with a maturity greater than the other CDs on the ladder. c. Thus, you are continuously placing new CDs at the ‘top of the ladder’ as they come due. This helps mitigate interest rate risk as you always have money working at various interest rates. For example, if rates go up, you are reinvesting CD proceeds at a higher rate. If they go down, you still have money working at the higher interest rate. d. The ‘Laddering’ strategy can be used with other fixed income investments as well (like bonds) and can be an attractive strategy when interest rates are favorable (like now). Of course, DM me if you have additional questions!

In my latest article, I go over why CD rates have gone up this year, what could likely occur in 2024, and how to decide if you should open a CD now or wait. #cdrates #personalfinance #savings https://lnkd.in/gh62najg

What's your game plan? As CD Valet now has over 1,500 rates that are at or above 5.00% APY*, how will the Fed's most recent hike in rates -- which are now the highest in 22 years -- affect your deposit strategy driving customers to open new accounts? Connect with our team to learn more about our lead gen and digital account opening solutions at https://cdvalet.com/ *Annual Percentage Yields (APY) not offered by CD Valet but based on data from various institutions as of 07/27/23 and subject to change. Early withdrawal penalty and additional restrictions may apply.

A reminder/tip to our friends and clients!! We've received a few comments regarding this from a few of our clients, so thought it'd be best to educate. This is a common ad you will see regarding CD's at your local bank or credit union: "LIMITED TIME CD offer- 5.00% APY for 6 Months!" This does NOT mean that you will earn 5.00% in 6 months. APY means "annual percentage yield". In other words, CD's are quoted in annualized terms and assume that all interest is reinvested. For the above CD, one would actually earn slightly less than 2.5% (due to interest being compounded) throughout this 6 month time period. Below is a great article discussing this in more detail: https://lnkd.in/e3pUQzi8