Have you heard of a CD before? No, not a compact disc (CD), a certificate of deposit (CD). So what is a Certificate of Deposit by the way? A Certificate of Deposit is a type of savings account, in which you “lock up” a certain amount of money for a defined time frame (3-months, 6-months,…
Category: Banking
Do you want to earn a 6% interest rate? Find out how!
It’s rare to find a financial institution nowadays, that pays an interest rate for anyone to get excited over. While traditional banks continue to pay little to nothing, and online banks seem to be the new favorite with rates a little over 2% (Barclays, Ally, Synchrony Bank), I was lucky to find a credit union…
How my bank interest increased from $66 to $1200 in a year
For years I earned the lackluster interest rate that most traditional banks pay, a mere 0.10%. Thinking of it, the interest received did not even keep pace with the cost of inflation. It always fascinated me and sometimes angered me, to learn that banks lend customer’s money to borrowers for 6% – 8% interest rate,…
