Jul 07
Tip For High Yield Mid-Term Savings
If you have a mid-term goal that you need to save for, it might be best to invest in CDs right now. With the recent interest rate hikes from the Federal Reserve, the yields on short-term CDs are now the highest they've been in about 5 years.
The downside to CDs is that your money is tied up for a specific amount of time with steep penalties for early withdrawal. The average one-year CD rate is now 5.04% according to the best rate search website, bankrate.com. The highest one-year CD rate is 5.65% APY. These are some great yields.
Comments
Might be better to put money in an online savings where its not tied up. With recent interest rate hikes, HSBC Direct offers 5.05% and Presidential online offers 5.15%. Recently read Emigrant Direct has upped it rates to 5% too.
I agree with Bini123. With online bank rates so close to CD rates, for many it makes sense to place the money in online banks where they can earn a high yield without worry of penalty if they need the money. Many of these online banks also offer bonuses to sign up which makes more sense for those with $1000 or less that they want to save since the bonus effectively increases the interest rate for the year.
Citibank's eSavings offers 5% now and a 6-month CD has a 5.5% rate.
A person may also want to speak with a financial planner again at this point to see how you are doing.
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