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• Are Interest Income on Certificate of Deposits Taxable

  Are interest income on your certificate of deposit subject to tax?

  Certificate of deposits can be a sound portfolio. It is considered to be the safest investment one can have. The certificate of deposit rates are pre-determined and you are guaranteed to gain interest income at the end of the maturity period. The term or maturity period of a certificate of deposit could vary. The term could be from 3 months to 10 years, which most banks offer.

  Certificate of deposits are a safe haven to investors as it guarantee a fixed interest income for a specific period of time. Best of all, the certificate of deposit itself is not taxable. The interest income varies depending on how much money is invested and for how long. In other words, the shorter you keep your money in a certificate of deposit account, the lower your rate of return. However, while a certificate of deposit is tax-exempt, the corresponding interest income is not. The interest you earn on your certificate of deposit account is subject to tax.

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• Best Certificate of Deposit Rates 12 months September 2011

  Searching as to which bank offers the best certificate of deposit rate? Below are the best certificate of deposit rates for a 12 month CD.

  1. AloStar Bank – 12 months CD at 1.21%APY. $1,000 is the minimum required to open. Also, it offers a 6 month CD at 1.05%APY that requires $1,000 minimum opening deposit.

  2. Discover – 12 months CD at 1.15%APY. Requires $2,500 minimum opening deposit.

  3. giantbank.com – 12 month CD at 1.15%APY. Also requires $2,500 minimum opening deposit.

  4. Ally Bank – 12 month high yield CD at 1.14%APY. No minimum deposit is required.

  5. GB - 12 month CD at 1.14%APY. Requires $5,000 minimum opening deposit.

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• AloStar Bank of Commerce IRA CD Rates September 2011

  AloStar Bank IRA CD Rates for September 2011 is quite competitive. Below are AloStar Bank’s IRA CD Rates accurate as of September 17, 2011. Please note that the bank’s IRA CD rate changes at anytime so it is best to check directly with the bank for updates.

  • 12 month IRA – 1.21%APY
  • 24 moth IRA – 1.37%APY
  • 36 month IRA – 1.37%APY

  You can open an IRA CD account online, which gives you 24/7 access to your account. If however you are not comfortable opening an online account, then you better visit one of its branch locations.

  AloStar also offers Express Deposit that allows you to transfer funds into your AloStar bank account from another financial institution.

  AloStar Bank of Commerce, headquartered in Birmingham, Alabama, is the successor of Nexity Bank, which was closed on April 15, 2011 by the State of Alabama Banking Department. The bank does business in 48 states with a commercial office location in Atlanta.

  If you are looking for a long term IRA CD, check out the best 7 year IRA CD rates offered by other banks.

   

   

   

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