If you need to save time shopping for a high yield CD, we’ve done some of the work for you. Several considerations come into play when figuring out which investment will result in the most money in your pocket, including the interest rate, how often interest is compounded, the duration of the CD, and even the reputation of the bank. You want your savings and investing plan to be convenient, practical, and lucrative, and you want your investments to be safe. The number that matters, that will tell you how much you’ll actually make is called the APY or annual percentage yield. This number takes into account both the interest rate and how often the bank compounds interest to allow you a thorough understanding of the yield on your investment.
Investors without a lot to put into a CD are looking for a high yield and a low required minimum deposit. While there are several good high yield options available, even with moderate minimum requirements, the highest APY choice is Intervest Bank. Online applications are available at intervestnatbank.com and a one year CD with a $2500 minimum deposit has a 4.71% APY. The GMAC Bank in Fort Washington, PA offers certificates of deposit with an APY of 4.20% on a $500 minimum deposit. Accounts may be opened online at gmacbank.com, and the bank has a good overall rating. If you have $1500 to put into a CD, EverBank in Jacksonville, FL offers a 4.50% APY. More information about EverBank and the investments available may be found at everbank.com. Investors with $2500 for their high yield savings deposit may want to consider GiantBank.com at giantbank.com with a 4.31% APY.
If you are looking for a more substantial investment option, good high yield accounts are also available with excellent interest rates and higher minimum deposits. The Excel National Bank offers a 4.5% APY on CDs with a $10,000 minimum. Online banking services are available at bankexcel.com. With a $25,000 minimum deposit on a one year certificate of deposit, MetLife Bank offers a 4.5% APY. More information may be found at metlifebank.com.
Managing your investments and banking needs on your own is not as difficult as it might seem. If you need multiple services, take the time to compare the available options at each bank, and choose the one with the right combination of features for your particular needs. Many people find it most convenient to maintain the majority of their accounts in one place, and perhaps one of these banks offering high yield CDs also maintains a branch in your area if you prefer to do your banking face to face.