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Getting Higher Returns From CD's
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by Paul A. Merriman
Publisher and Editor
If you invest in CDs, you can make your money do more for you. With a little savvy shopping, you can easily put more money in your pocket without taking any more risk. You might be surprised how much more you can make it you shop around for the best rate.
Start by shopping locally, beyond your own bank. Call around to banks and savings associations (and don’t forget to check your credit union if you belong or are eligible) in your own area. Then shop nationally. Every week, Barron’s publishes a list of top savings deposit yields. On the Internet you can search for the best rates in the country at www.bankrate.com by clicking on "high five" at the top of the page. This site will also send you free e-mail, if you wish, to keep you informed of the best CD rates. If you want somebody to shop for you nationally, stockbrokers can help. But you won’t necessarily get the highest rates.
We spent 20 minutes calling eight banks and one credit union in Seattle late in August asking for yields on one-year CDs for $5,000. We got quotes ranging from 5.0 percent at the state’s largest bank to 5.6 percent at a small community bank. In less than two minutes on the Internet, at bankrate.com, we found a rate of 6.2 percent offered by two banks: NetB@nk in Alpharetta, Ga., and Bank Direct U in Dallas. When we called a broker at Merrill Lynch, we were quoted a top rte of 5.65 percent. At 5.0 percent, a $5,000 one-year CD will mature for $5,250. At 6.25 percent, it will mature for $5,312.50. The difference, $62.50, can be yours in return for less than half an hour of shopping. For larger CDs, the differences are bigger, but the shopping takes no more time.
Source: http://www.fundadvice.com
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