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How To Maximize Interest Earned On Cash Type Investments

Bank Accounts and Certificates Of Deposit

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You can compare rates at a variety of websites. For example:

  • www.Bankrate.com offsite link
    • Bankrate includes rates from banks across the country, including banks that only exist on the internet.
    • Bankrate tells you whether the bank is FDIC insured, as well as other information such as a bank's financial rating.
    • Click on Compare Rates. For savings and checking accounts, click on "Checking & Savings." For CDs, click on CDs)
  • www.MoneyAisle.com offsite link
    • Banks bid against each other to offer teh best rate on savings accounts or certificates of deposit.
    • You have to register to follow through on an offer. Offers include expiration times.
  • www.CheckingFinder.com offsite link
    • Find banks in your area.

Keep in mind that while the FDIC only insures up to $250,000 per depositor per insured bank, you can increase the insured amount by opening an account with another person or persons and by opening accounts in different banks.

To put money into more than one bank, the Certificate of Deposit Account Registry Service (CDARS) spreads your money into different banks. You deal with one bank, but your money is in multiple banks. To see if your bank is part of the service, see www.cdars.com offsite link Tel.: 866.776.6426. NOTE: Each bank in the network sets its own rates. Check various banks for the highest rate before choosing an originating bank. The originating bank can work with the other banks to stagger the dates when CDs come due to help maximize your return.  You can choose maturities from four weeks to five years.  You get one statement and one form at fax time.

If you want to check to be sure that a bank has FDIC insurance, go to www.fdic.gov offsite link  or call 877.275.3342, press "0" for "information specialist."  To check to see that your accounts are under the insured limit, use the FDIC's interactive tool at www.MyFDICInsurance.gov offsite link. If you need assistance, call the 877.275.3342.

To learn more about FDIC, see: www.fdic.gov/deposit/deposits/insuringdeposits/

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