CD Rates - Part 2

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Part 2

02. Look at the fees:

There are so many banks out there and each of them varies. You'll find that some want you to invest $25,000 at the beginning while others will only want you to invest $5,000. Make sure you know what you can afford to invest and what you can't

Because generally the more you invest, the more you can get in terms of your rate. The amount of interest that you can get on a CD can be determined with the help of Certificate of Deposit Calculator Which requires you to feed up some details regarding the amount of deposit, required rate of return etc.

03. Verify the bank is federally insured on the FDIC

CDs in the U.S. are protected by the Federal Deposit Insurance Corporation (FDIC) if they are issued through a bank. You must verify the bank is federally insured on the FDIC.

I assuming that they are, look at the size of the bank (assets), their capital (or equity), the Equity/Asset ratio (look for 7% or greater), their profit (or loss), age of the bank (new banks usually carry an operating loss for about 3-years), And finally their total risk-based capital (should be 10% or higher and this means the bank is considered to be well capitalized)

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