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Certificate of Deposit (CD) Rates? |
I was just looking on yahoo for CD rates...and it looked like the 3 and 5 year rates werent even as good as a 1 year rate? why would this be? wouldnt the bank rather you have a longer investment with their bank? Seems to me the 5 year rate should be MUCH better than the 1 year rate. Anybody know why? Don't get a long-term CD. The reason why is because rates always change, majority of the time it goes up. So just pretend you put in $5,000 for 3 years at a 4.5% APY, while on the other hand you also put in $5,000 for 1 year at the same rate of 4.5%. At the end of of 1 year, the rates goes up to 5%. You can renew the 1 year CD, but you can't for the 3 year one. Your money is tied up if you open up a CD since its very time-based and has penalty fees for withdrawing money earlier then maturity date. Go for 4 or 6-month CDs, and 1-year max. |
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