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A jumbo CD is a safe way to earn money on your savings. Bankrate explains what it is.
A jumbo CD is a savings certificate that has a specified interest rate, fixed maturity date and a minimum investment requirement of $100,000.
A certificate of deposit is a savings account that requires an investment of a certain amount of money for a set period of time. CDs offer higher interest rates than regular savings accounts. Most CDs are available with maturities ranging from a few months to several years, with longer maturities earning higher interest rates. CD savers are penalized for withdrawing the money before the maturity date.
Jumbo CDs require investments that are larger than those of regular CDs. When the CD matures, the customer can withdraw the money without penalty and collect the interest the CD earned. Many people like CDs because they are low-risk investments.
There are two types of jumbo CDs: negotiable and non-negotiable.
All CDs that have been purchased at banks insured by the Federal Deposit Insurance Corp. (FDIC) are insured for up to $250,000. The National Credit Union Administration (NCUA) insures CDs from credit unions.
Jake decided to put $100,000 into a jumbo CD at his local bank because he felt comfortable with the safety of a CD investment. The bank was offering 2.5 percent with a five-year maturity. When the jumbo CD matured, Jake’s $100,000 investment was worth $113,140.82.
Use Bankrate’s CD calculator to find out how much interest your certificate of deposit will earn.