Saturday, August 9, 2008

Best CD Rates Update for August 2008

You can often get higher than advertised rates at your local branch if you do your homework.

Print out our latest "Very Best CD Rates with FDIC Survey" and bring it in with you.

Print out some of the advertisement of rates advertised on your bank's competing web sites so you have proof.

Highest CD Rate Survey" for 8/9/08
Rate (APY)
(Click link for Full Rate Sheets)
Daily Savings
Vanguard Prime Money Market Fund
Tax Exempt
Vanguard Tax Exempt Money Market Fund
Online Savings 3.50%
HSBC Bank Online Savings
6 Months 4.05%
Corus Bank & 4.01% @ Ascencia
7 Months 4.00%
Wachovia Bank
1 Year
VirtualBank and 4.30% at AmTrust Direct
1 Year Treasury 2.17%
US Treasury Rates
18 Months 4.35%
AmTrust Direct
2 Years
4.41% Geauga Savings Bank & 4.36% @ E-Loan
3 Years 4.80% Geauga Savings Bank & 4.61% @ E-Loan
4 Years
4.81% Discover Bank & 4.80% @ E-Loan
5 Years
5.12% Discover Bank
5 Yr Treasury
US Treasury Rates
7 Years 4.60% PenFed CU
10 Yr Treasury
US Treasury Rates
30 Yr Treasury 4.53%
US Treasury Rates

Definition: A Certificate of Deposit or CD is certificate from a bank stating that the named party has a specified sum on deposit, usually for a given period of time at a fixed rate of interest. Often there is a penalty for early withdrawal (taking your money out before the specified period of time.)

Definition: A Liquid Certificate of Deposit gives you a CD rate that is usually better than most checking accounts while allowing more fluid access to your money. That is you can take money out of the CD before it matures. They usually pay higher rates than the offering bank's money market account but not the top rates of CDs held to the full term. They are sort of "half and half" and thus offer rates that are inbetween the two.

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