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A certificate of deposit (CD) offers a hig
With CD rates t
Here are some common mistakes people can make when using a CD and how to avoid them.
Mistake #1: Not Shopping Around for Rates
Thousa
Take some time to res
Explore the Best CD Rates
Visit the MarketplaceMistake #2: Picking the Wrong Term
CD rates c
Recommended CD Accounts
Account | 1-Year APY | 3-Year APY | 5-Year APY | Learn More |
---|---|---|---|---|
|
0.30%
Annual Percentage Yield is accurate as of April 2, 2024. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice |
0.40%
Annual Percentage Yield is accurate as of April 2, 2024. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice |
0.50%
Annual Percentage Yield is accurate as of April 2, 2024. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice |
Open CD |
|
4.00% | 4.00% | 3.50% | Open CD |
|
4.10% | 3.65% | 3.60% | Open CD |
|
4.10% | 3.50% | 3.40% | Open CD |
|
4.00% | 3.25% | 3.00% | Learn More |
That said, if you pick a term bas
On the flip side, if you pi
CD Ladders Are an Incredible Savings Strategy, Here’s How to Build One
Mistake #3: Overlooking Penalties
Mo
For example, if your CD has a term of less than 12 mon
Before you open a CD, mak
Mistake #4: Choosing the Wrong Type of CD
There are a few different types of CDs, some of which off
Standard CD
There are n
No-Penalty CD
As its name suggests, a no-penalty CD wo
Step-Up CD
With this type of CD, your acc
Bump-Up CD
If interest rates go up over ti
Brokered CD
A brokered CD is offered by a brok
It's important to keep in mind that n
Mistake #5: Forgetting to Withdraw at the End of Your Term
After your CD mat
That said, if you forget or d
Mistake #6: Not Diversifying Your Savings
While a CD can be a great w
As a result, it's a good idea to keep s
Best High-Yield Savings Accounts (December 2024)
Mistake #7: Playing It Too Safe With Your Cash
A CD offers a s
While the stock market can b
Bottom Line
Like other financial products, CD