If rates are falling, and may do so for some time (as they did from 2008 through 2013), then it may make sense to open a 3, 4 or 5 year CD to lock intoĪ higher rate before it drops. If interest rates are rising, it may not be advisable to lock money away for three years when rates The top 3 year CD rates, as listed on the rate table above, are significantly higher than online or offline savings account rates.Īnother factor to consider when opening a 3 year CD is the rate environment. Currently, their average yield is comparable to the average yield of an online savings account Online savings accounts allow consumers to withdraw money atĪny time so consumers should consider whether they want to lock their money into a CD when there is little premium versus an online account. A three year CD is an intermediate CD, sandwiched between the popular one and five year CD terms.
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