Birmingham Banking Rates want to help you earn money, save money and put yourself in the best position for your own financial situation. If you have a savings account that you do not need for the rest of this year, it may be a good idea to invest into a 6-12 month CD and take advantage of the higher interest rates. You can earn up to 1% or more in a CD versus a savings account with a $5000 CD over 10 years; that can be over $500-$1000 more in interest payments with the higher CD rate.
Many local Birmingham credit unions offer competitive CD rates, money market accounts and IRAs, as do the larger national banks. If you want to get the highest interest rates, be sure to thoroughly research banks with the best offers before you make your decision. Birmingham Banking Rates has relationships with many banks to maximize the potential of finding the best rates.
A Certificate of Deposit, or CD, is one of the safest and most reliable investment options available. They function differently than traditional bank accounts, yet still provide the reliability and security you expect.
CDs are a popular investment choice because of their simplicity — they are easy to obtain and require little or no maintenance until they have matured.
CDs also offer a higher interest rate than a traditional savings account rate. By committing to a long-term investment period, CDs can deliver a higher rate of return. Often, the longer your funds remain invested in a CD, the greater the return.
Once the rate of return has been set, it cannot change and remains fixed for the entire term. As interest rates fluctuate, your investment will benefit from a steady rate. They also offer virtually no risk and are protected by the FDIC in the event an issuing financial institution should go bankrupt.
Birmingham Banking Rates provides you with CD rate comparisons from various financial institutions within Birmingham so you can make an informed decision when investing your money.
