Feb 26, 2009 6:11 pm US/Pacific
Save With Dave: Shopping Around For Investment CDs
SACRAMENTO (CBS13) ―
With Wall Street suffering more down days than up lately people are looking for safer ways to invest.
"I'm fortunate to have some cash," said Marty Leamy, bank shopper.
Businessman Marty Leamy wanted to put his $5,000 into a CD, but, he couldn't find a rate that hooked him until he checked out moneyaisle.com.
"You have over 100 banks bidding for your CD amount it's very easy," said Marty.
All you have to do is input how much you have to invest, for how long, and watch dozens of banks will be bidding to win your business for both high-yield savings accounts and CDs.
"I wanted to get the best return," said Marty.
And, he did. Marty received a 2.86 percent rate on a $5,000 six-month CD from Troy, Michigan's Flagstar Bank.
"It's protected to $250,000," said Marty. "It's a good investment short-term."
The day we looked up rates on moneyaisle.com for an investment of $5,000 we found a six month CD for 2.25% and a high-yield savings account for 3.25% -- both from out-of-state banks.
Let's take that last savings account as an example. Your standard interest rate these days is only about one percent -- often times less. But, if you put $5,000 in a savings account with a 3.25 percent rate for a year, you'll save at least $112 more per year.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
Click to enlarge
Stumble It!
Reporting
Comments