CD Rate
Frequently Asked Questions
Do you have a question about CD rates, banking,
out-of-state accounts, shopping for the best CD rates, or any other related
topic? Send us an email an we will try to post the question and answer here.
While we cannot guarantee that we will answer every CD rate question in a timely
manner, we will do our best to do so.
Here are some common CD rate questions:
Do I need $10,000 or more to invest in a CD?
How do I open an out-of-state account?
Can I really get a higher
CD rate than just going to
my local bank?
Can I apply for an account at any hour?
How long does it take to open an account?
How can I change the address on my account?
How do I send a wire transfer?
How safe is sending my personal information over
the internet to my bank?
If I live outside the United States, can I open
an account?
Can I speak with a live person?
Are there any minimums to purchase a CD or open
an account?
What happens to my CD in the event of my death?
Which bank offers the highest interest rates on
CD's and savings accounts?
Do I need $10,000 or more to invest in a CD?
No. In many instances you can invest in a CD with
as little as $500. However, you will receive a slightly higher CD rate if your
investment is $2,500 or more. When opening a high rate savings account, you'll
get the best rate with an initial deposit of as little as $100.
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How do I open an out-of-state account?
To open
a savings account or to invest in a CD from an out-of-state bank, simply fill
out the one- page form by clicking on the link. You will receive the bank's
toll-free telephone numbers. The bank will give you simple instructions to
wire-transfer or send a check to open your account. Back
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Can I really get a higher
CD rate than just going to
my local bank?
Yes. Like any other business, banking is
competitive. The more banks that are competing for your business, the higher the
CD rate will be. If you choose between 2 local banks your CD rate will be lower
than if you have a choice between 2,000 banks nationwide. The more CD rates that
you compare, the higher rate you will find. However, you don't have to check
2,000 or more banks every time you wish to invest in a CD to find the highest
rate, we do that for you.
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Can I apply for an account at any hour?
Yes. The banks don't turn their computers off
just because all the employees lock the doors and leave at the end of business
hours. You can open an account and invest in a CD at any hour of the day.
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How long does it take to open an account?
That depends on your method of sending funds to
open the account. If you send funds by wire transfer, your account could be
opened within one day. If you send a certified check, it will take several days,
and if you send a personal check, it will likely take a week to 10 days.
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How can I change the address on my account?
All the banks listed have a simple process for
changing your address. With some it is as easy as filling out the form online,
with others you will need to call and talk to a customer service representative.
Another common method is a form that can be emailed or sent regular mail. Check
with your bank's customer service department.
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How do I send a wire transfer?
You'll need the bank's ABA routing number, which
is provided by the customer service representative. With this number you can go
to a local financial institution and wire the money anywhere you'd like. It
usually takes about an hour or two for the receiving bank to confirm receipt of
funds.
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How safe is sending my personal information over
the internet to my bank?
Very safe. Online banking security has become
extremely secure in the past few years as nearly all banks now use encryption to
transfer information, making the information nearly impossible to be stolen in
that manner.
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If I live outside the United States, can I open
an account?
Yes, however some banks will require you to have
an address within the United States as well as your foreign address.
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Can I speak with a live person?
Yes. You will be provided a toll free customer
service number for use when you'd like to speak to a live person. Some banks
provide 24 hour customer service representatives, while some only provide live
customer service during regular banking hours.
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Are there any minimums to purchase a CD or open
an account?
Yes, but they are small. In many instances you can invest in a CD with
as little as $500. However, you will receive a slightly higher CD rate if your
investment is $2,500 or more. When opening a high rate savings account, you'll
get the best rate with an initial deposit of as little as $100.
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What happens to my CD in the event of my death?
Whatever you would like. Simply include it in your will
along with the rest of your property to be distributed however you
choose.
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Which bank offers the highest interest rates on
CD's and savings accounts?
Unfortunately we cannot provide a permanent list. Since
bank's needs are constantly changing, the list of banks offering the
best CD rates is also in constant change. That is why we need to update
our list on a daily basis so that you can always get the highest CD
rates that are currently available.
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