Phoenix 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 Phoenix 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. Phoenix Banking Rates has relationships with many banks to maximize the potential of finding the best rates.
You are likely the owner of a few types of investment accounts, such as a checking and savings account. You may not be aware of another kind of account, however, known as a Certificate of Deposit. CDs, like savings accounts, are a great tool for putting away extra cash and letting it collect a high interest rate over time. You can benefit from a high CD interest rate that usually outperforms traditional savings account interest rates.
In light of the recent economic downturn, you have probably wondered at some point about what would happen to your money if your bank went under along with your high interest CD account. Do not fear, there is some protection from such an even offered by the Federal Deposit Insurance Corporation (FDIC).
The goal of the FDIC is to preserve confidence in the U.S. financial system. They do this by insuring deposits into banks and other FDIC-insured institutions. The FDIC identifies risks and solve problems within the financial system in order to limit the effect a failing financial institution would have on our economy. The total amount the FDIC insures has recently been raised to $250,000. This covers money belonging to a single depositor in any checking, savings or other deposit account, at any one institution.
You can rest assured knowing the your money is safe under the FDIC. When you want to find a CD account with a high interest rate, turn to Phoenix Banking Rates to do the comparison shopping for you so you can begin earning high rates today.
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 Phoenix Banking Rate partners if rates are falling or rising, and make the right choice to earn more money.
