Investing in a Recession – Top Certificate of Deposit Rates
April 14, 2009 by Banker
Filed under Certificate of Deposits Investments
The top investment right now during our economic downturn has been an old classic, the Certificate of Deposit. A Certificate of Deposit is also known as a CD, and is one of the most popular and common private investments. Individuals who are seeking a safe investment often turn to a Certificate of Deposit, or Certificate of Deposits for their security. A Certificate of Deposit can vary in range, lower investment Certificate of Deposits are valued as low as $1,000, while there are higher Certificate of Deposits valued as high as $100,000. The higher amount invested in a single Certificate of Deposit the higher the interest rate return the investor will receive.
What makes Certificate of Deposits so secure is that they are FDIC insured up to $100,000.
Some great 36 month Certificate of Deposit Rates
The GMAC Bank is currently offering a 3.20% APY with only a $500 minimum investment
| Balance | Rate | APY |
|---|---|---|
| $0 – $499.99 | 2.23% | 2.25% |
| $500 – $4999.99 | 2.23% | 2.25% |
| $5000 or more | 2.23% | 2.25% |
Discover Bank is also offering an amazing 36 month Certificate of Deposit rate
3.10% with a minimum investment of $2500
| Discover Bank | National Average | ||
|---|---|---|---|
| Term | Interest Rate | APY2 | APY3 |
| 3 Months | 1.25% | 1.25% | 0.67% |
| 6 Months | 1.74% | 1.75% | 0.94% |
| 9 Months | 1.89% | 1.90% | 1.03% |
| 12 Months | 2.33% | 2.35% | 1.22% |
| 18 Months | 2.33% | 2.35% | 1.25% |
| 24 Months | 2.72% | 2.75% | 1.35% |
| 30 Months | 2.72% | 2.75% | 1.29% |
| 3 Years | 3.06% | 3.10% | 1.54% |
| 4 Years | 3.20% | 3.25% | 1.79% |
| 5 Years | 3.54% | 3.60% | 2.06% |
| 7 Years | 3.64% | 3.70% | 1.99% |
| 10 Years | 3.93% | 4.00% | 1.98% |