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12 However, this applies only to "average" CD interest rates.A longer term usually earns a higher interest rate, except in the case of an inverted yield curve (e.g., preceding a recession).14 Investors should be suspicious of an unusually high interest rate on.View 400 reviews, view 216 reviews, view 321 reviews.6 However rates will likely not be the highest available.Savings accounts can also be right for those who aren't too concerned about earning interest at the most competitive rates.Federal Deposit Insurance Corporation (fdic) for banks and by the.The terms and conditions may be changeable.
1 The second occurrence happened when Main Street Bank of Texas closed a group of CDs early without full payment of interest.
People may also think that the higher-rate situation is "better when the real rate of return is actually the same.These accounts are for those who know how long they will need to save their money, and are willing to trade easy access to their money for the increased interest they can earn with this type of account.Time Deposits require a substantial penalty for early withdrawal.The bank claimed the disclosures allowed them to."Upside of the Credit Crunch".A savings account may also require you to maintain a minimum balance to avoid a monthly fee, but it's often a low amount.This does not much affect a person with a short note, since they get their money back, and they can go somewhere else (or the same place) that gives a higher rate.Citation needed However, there have been cases in which a credit union modified its early withdrawal penalty and made it retroactive on existing accounts."Main Street Bank closes CDs early".How can small businesses compete against larger behemoths?