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How realistic is it to think that you can walk into a bank and argue for better CD rates?
When protecting insured deposits, the FDIC sometimes sells the deposit base to another bank.
The bank gets to loan out your money, less any reserve requirement, at a net interest margin.
When mired in a low-rate environment, it can be tempting to shorten the CD ladder.
The SEC, which oversees the selling of CDs, offers the following tips.
For better than average rates you'll need to shop for high-yield CD rates or money market accounts.
Check the bank's CD rates and penalty provisions before making a long term decision.
Bankrate.com's home page, allows you to "compare CD rates in your area."
FDIC insurance covers both principal and accrued interest, up to the limits of deposit insurance.
CDs are typically low-risk investments because they have insurance coverage from the FDIC.
Get paid to let banks use your money. CDs offer a fixed rate of return for a specific time.
When investing money, it can be hard to find safety, high returns and liquidity.
Banks are free to set their own penalties. Be careful when cashing the CD before it matures.
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