If you like investing your money in a certificate of deposit, perhaps you are among those individuals who are always searching for banks that offer the best certificate of deposit rates. There are so many banks offering certificate of deposits with rates they consider to be the best in the market, but it is up to you, as the depositor, to make a comparison. The key is to compare which among these banks is offering the best certificate of deposit rate.
Investing in a certificate of deposit is a good investment strategy because certificate of deposits are safe investments. Here is why a certificate of deposit is a good way of accumulating wealth:
- The bank will return you money anytime you need it;
- The value of your investment is sure to never go down;
- The money is guaranteed to earn you a decent interest income; and
- The return of your investment is guaranteed.
Discover Bank, for example, is offering certificate of deposits with terms from 3 months to 120 months. In its rate sheet, updated as of October 22, 2011, Discover Bank certificate of deposit best rates are as follows:
- 3 month – 0.40%APY
- 6 months – 0.80%APY
- 9 months – 0.90%APY
- 12 months – 1.10%APY
- 18 months – 1.15%APY
- 24 months – 1.25%APY
- 30 months – 1.35%APY
- 36 months – 1.50%APY
- 48 months – 1.75%APY
- 60 months – 2.00%APY
- 84 months – 2.25%APY
- 120 months – 2.50%APY
In September 2011, Discover Bank’s 3 months, 6 months and 9 months certificate of deposit rates dropped 0.10%APY from the previous month. The same drop was seen on its 3 year term certificate of deposit. This time, the drop is o.05%APY on its 18 months, 24 months and 30 months certificate of deposit rates. There is also a drop of 0.10%APY on the bank’s 36 months certificate of deposit rate and a drop of 0.15%APY on its 60 months certificate of deposit rate.
Considered to be certificate of deposit best rates for Discover are those rates that stayed the same for months. For example, its 48 months, 84 months and 120 months certificate of deposit rates remained the same since September 2011.
If you like safe investments, investing in an IRA is another option. You can check the best IRA CD rates for this month. If you are interested in investing in short terms CDs, there are many banks offering 12 months certificate of deposits including Discover Bank.
Here is Discover Bank’s certificate of deposit rates for November 2011:
|Certificate of Deposit
All other rates remain the same. If you notice there is another drop of 0.05%APY for the 6, 9, 18, 24, 30, and 36 month term CD. While the 48 month and 60 month CD terms are experiencing a drop of 0.10%APY, the big drop is on the 84 month CD which stands at 0.15%APY.