All articles tagged with #fdic insured
Opening a $40,000 6‑month CD this March could earn roughly $792–$812 by its September maturity depending on the rate (about $800 total), with principal protected by FDIC insurance and the flexibility to access funds after six months. Rates vary by lender, so shop around and lock in quickly before rates drift lower with anticipated Fed changes.
Many people mistakenly believe that high-yield savings accounts are too good to be true, but these accounts are legitimate and backed by the FDIC. Online banks offering high-yield savings accounts have lower overhead costs, allowing them to offer higher interest rates. The average annual percentage yield for a traditional savings account is 0.46%, while high-yield savings accounts can offer APYs as high as 5% or 6%. It's important to research the bank offering the account to ensure it is FDIC insured and to check for any fees or minimum balances. High-yield savings accounts can be a safe and effective way to grow your money faster.
With interest rates high, now is a great time to grow your savings with a certificate of deposit (CD). Below are some of the CDs with the highest yields and no ongoing fees, including Bread Savings' 5.20% APY (1-year term), Bask Bank's 5.10% APY (6-month term), CIT Bank's 5.00% APY (6-month term), Citizens Access' 5.00% APY (1-year term), and Synchrony Bank's 5.00% APY (6-month term). All accounts are FDIC-insured and have early withdrawal penalties.