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When you decide to invest your money, you want to know you are getting the best rates available, especially if you are investing large amounts of money and are putting that money into a CD account where it will be unavailable for a specified amount of time. If you have been waiting for the right certificate of deposit to invest in, the may be what you’ve been waiting for.
The whole idea of investing, is to make your money work for you. CD’s usually offer higher interest rates than standard savings accounts, making it possible to gain even more money from your investments. is currently offering an APY of . According to the CD rates chart, E-Loan’s one year CD rate is one of the best rates currently offered.
E-Loan’s one year CD account is FDIC insured, which means you have a guarantee that your money will be safe, up to the legal limit of $250,000 per investor. E-Loan also works to protect your money by providing a strict privacy policy, which limits who they share your information with.
- The one year CD from E-Loan has no monthly or maintenance fees. But, as with all CDs, if you withdraw the money before the maturity date on the account has been met, there will be a penalty. Usually the penalty is three months worth of interest on the amount withdrawn.
- The minimum opening deposit for this CD is $10,000, and you must maintain a monthly balance of at least $10,000.
The application process is easy and can be done online, through .
Certificates of Deposits can be a great way to ensure your hard earned savings stays where it should be, at the bank. However, one draw back about investing large amounts of money in CD accounts, is you never know when you might need the money.
E-Loan also offers CDs that have a shorter maturity date, but consequently have a lower APY, as well as CD’s that have a longer maturity date and higher APY’s. Finding the best CD for your needs can help you save more of your own money, as well as make some extra money off the interest. This one year CD offers a great APY, but it could quickly change, so don’t hesitate to .
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