Aug 27, 2024
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Where do you keep your savings?
If you’re like most Americans, you might be missing out on an FDIC-insured savings vehicle that pays well above the interest rate of traditional savings accounts.
According to a survey by CNBC Select and Dynata Banking Behaviors, over 82% of Americans aren’t taking advantage of savings accounts that offer a higher rate of return.
The same survey found that 57% of Americans put their money in traditional savings accounts, which have an average percentage yield of only 0.46%.
But if you are willing to park your money for a little over a year, you can get a rate of return over ten times higher with a certificate of deposit (CD).
What is a CD?
A CD is a savings product that offers a fixed interest rate for a specified period. You get a higher interest rate as a reward for that commitment. If you’re looking to earn a steady, predictable return on your savings without the risk of market volatility, a CD is for you.
With CD Valet – an online CD marketplace – users can shop and compare top certificates of deposit rates from various banks and credit unions nationwide.
Their extensive database shows the most competitive rates, with daily rate updates and earnings calculators that give consumers an array of free tools to help them find the right CD to meet their savings goals.
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Phil is a writer at Moneywise, bringing a strong background in public relations, financial communications and copywriting. Educated in Cambridge, U.K., he has created content for several blue-chip companies, combining clarity with strategic insight.
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