Bitcoin may be all the latest craze, but if you’re looking for a secure way to grow your money, a CD could be right for you. CD interest rates can be higher than a typical savings account.
A certificate of deposit (CD) is a low-risk way to save money for short-term of long-term goals. The risk involved with a CD is minimal because you can open one at an FDIC-insured bank or financial institution. If you do, the federal government will insure your funds up to the maximum allowed by law.
CDs make an attractive savings vehicle because you can pretty much predict your earnings and establish a reliable income stream. Earnings are higher because CD interest rates are often higher than what a savings account offers.
Earn a high rate (1.85% APY) with the CIT No Penalty CD
Typically, a CD with a longer term, comes with a higher rate. However, that also means you won’t have access to the money for a longer period of time. CD terms typically run anywhere from three months to 10 years. If you cash out early, you may face an early withdrawal penalty that would impact your interest.
With a no penalty CD there is no charge or fee for early withdrawal.
The no-penalty CD kicks into full effect seven days after your deposit is made. But more than that, a CD is designed to increase your savings because regardless of what the market does, money you put into a certificate of deposit grows.
With a CIT Bank No-Penalty CD, you get the security of an 11-month CD and know you can withdraw the total balance and interest earned without penalty. Here are the details:
- Minimum deposit of $1,000
- You may withdraw the total balance and interest earned, without penalty, beginning seven days after funds have been received for your CD. No withdrawals are permitted during the first six days following the receipt of funds
- No account opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
All deposits, no matter the amount will receive a 1.85% APY. You can’t go wrong with the CIT Bank 11-Month No Penalty CD.