Experts are now saying that with Federal interest rates on the rise, one of the best ways to get the most bang for your buck is to put your savings into a short-term CD or time rate option These products usually have a term of either 6 to 12 months.
Of course, the downside to choosing a CD or time rate program is that there is often a penalty if you withdraw the money before the end of the term. In addition, there are often minimum deposit amounts to participate – usually starting at about $500.00, but in some cases as high as $5,000.00 or more. However, if you can afford to have your money invested in a CD or time rate account, as opposed to a savings or money-market checking account, you’ll be reaping much greater short-term rewards in terms of overall interest rates. And that’s a smart investment.
One of the best ways to get the most out of a CD or time rate account is through the Stark Federal Credit Union. For information on how we can help you make the most of your savings interest rate, call 330.4938325.