Trading Blogers

When I graduated from varsity after spending more than 5 years studying a four year course, my bro gave me a present check worth $1,500.00 as inducement for having finally made it. Well, he finished a 5-year course in just over 4 years and they were all anxious when I haven’t finished mine after 4 years. Anyway, since I was living at home at the time and my parents were still giving me my usual monthly allowance, I decided to start saving money and put it in the bank.

I actually have a checking account so I must choose between a savings account and a certificate of deposit (CD) account which is more commonly known as time deposit. While saving accounts are due on demand, CDs have particular and fixed terms and must be withdrawn only on maturity, otherwise, a penalty is imposed on the account if you withdraw it before the cited date.

Since I have no fast plans of using the money, I decided to place it in a CD account. Besides, CD rates are higher compared to the rate of interest of a deposit account, although both accounts are insured by the FDIC (if you deposit it in a bank) or by the NCUA (if you deposit your money in a credit union).

CD bank rates rely mostly on the quantity of money that a customer deposits and on the time period that he is prepared to leave his money with the bank. I learned that tiny finance establishments and those that are not covered by the FDIC and NCUA often offer increased interest rates than the bigger, better established firms.

Aside from banks and credit unions, there are also agents which offer brokered CDs. Investing your cash in these firms is dodgy though, you need to make certain it is a stable and trustworthy broker.

There many ways and means you can employ if you would like to find the best CD rates. You can search the internet sites of each money institution or you can check out the following web sites: BankRate.com, MoneyRates.com, Bankaholic.com and About.com just to name a couple. These web sites have a list of banks and their CD Rates.