Comparing CDs isn’t entirely about rates. To have a solid understanding of any CD you commit to, here are the critical numbers to look at before you buy.
Certificates of deposit are in the financial spotlight this year. The best CD rates are higher than 4% annual percentage yield even for one-year terms, which is worlds better than they were years and even months ago.
“If there has been any silver lining to the market turmoil investors have experienced over the past months, savers are experiencing it through opportunities to invest in safe instruments like CDs at improved rates,” Elisabeth Mesquit, certified financial planner and owner of the firm Soaring Investment Management in Portland, Oregon, said in an email.
You can open a CD at a bank or credit union, the not-for-profit equivalent. Credit unions often call CDs “share certificates.” Investment firms also have CDs available to buy and sell, known as brokered CDs, but we’ll focus on regular CDs here, including the five numbers to look at.1. Interest rate The interest rate determines how much money you earn on the funds in a CD. Unlike regular savings, most CDs have fixed rates.
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