CERTIFICATE OF DEPOSIT CHART
If you’re looking for an investment that protects your principle while giving you a higher return than traditional savings accounts, Certificates of Deposit are a smart option. They are FDIC insured, which means that your money is protected by the US Government up to $250,000. To help you decide whether a short-, medium- or long-term Certificate of Deposit is right for you, compare your test score to the chart below.
If Your Certificate of Deposit Test Score is…
Under 70 points:
You need a lot of liquidity, so a Certificate of Deposit may not be right for you. Keep accumulating money in an investment savings account, like a Money Market Account.
70 to 80 points:
You require some liquidity, but you can afford to lock your money in for a short period of time. Choose a Short-Term Certificate of Deposit that matures in 7 days to 12 months, and match the maturity date to your needs.
85 to 95 points:
You will probably require access to your funds within the next 12 to 24 months. Select a Medium-Term Certificate of Deposit that matures in 1 to 2 years, and match the maturity date to your needs.
100 points or more:
You can afford to take advantage of the higher interest rates a Long-Term Certificate of Deposit yields. Consider a Certificate of Deposit that matures in 2 to 10 years, and match the maturity date to your needs.
The above chart is for your information only. Be sure to consult a customer service representative before opening a certificate of deposit or money market account. ©2023 BankSITE® Services, All Rights Reserved.