Details for RATESEEKER LLC - Ad from 2019-09-11

Suburban Journals

Financial Guide
Deposit & Loan
Institution

Synchrony Bank

Int Chking
Acct
Min

Money
Mkt Acct
Min

3 mo
CD
Min

6 mo
CD
Min

12 mo
CD
Min

18 mo
CD
Min

24 mo
CD
Min

36 mo
CD
Min

60 mo
CD
Min

NA

1.20

0.75

1.00

2.40

2.50

2.50

2.55

2.60

NA

0

2,000

2,000

2,000

2,000

2,000

2,000

2,000

Great Rates + Safety = Peace of Mind. Member FDIC.

Phone / Website

800-869-3813
www.synchronybank.com

TO PARTICIPATE IN THIS FEATURE,
CALL SALES DEPARTMENT @ 773-320-8492
Savings Update

Try the CD splitting strategy to reduce your risk
By Sabrina Karl

It’s a simple contract: Deposit money in a certificate of deposit and
leave it untouched for a fixed period, and the bank will pay you a
higher interest rate than you’d earn from a savings account. Break
the contract by removing the funds too soon and you’ll pay an early
withdrawal penalty.
For those feeling certain they won’t need their funds during the CD
period, the risk is inconsequential. But if you’re not quite as confident,
or you’re willing to accept a slight administrative burden in exchange
for minimizing any earnings impact should you need to “break” your
CD early, a splitting strategy can be smart.

but not all, of your funds, you can break just one or two CDs (or
however many you need) instead of the whole lump sum. This limits
your penalty to what you actually withdraw, leaving earnings on the
rest unscathed.
Since most CDs are fee-free, there’s no added cost to opening
multiple certificates. You will, however, incur more paperwork since
each CD will receive its own statement. In these days of electronic
statements, however, it’s a minor trade-off.

You’ll also want to check a bank’s minimum deposit requirements.
Though many offer CDs with minimums of $1,000 or even $500,
Splitting CDs simply means opening a number of smaller CDs rather some require $10,000 or more. So check terms carefully as you
than a single certificate. Say you’ll be investing $20,000. Instead of shop around.
opening one $20,000 certificate, you can opt to open two at $10,000
each, or four at $5,000 each, or even 10 at $2,000 each.
CDs are a great way to maximize earnings on your unneeded cash,
and by splitting certificates, you can minimize your risk at the same
The advantage is simple. If you unexpectedly need to access some, time.
Rate Criteria: Rates effective as of 09/03/19 and may change without notice. RateSeeker, LLC. does not guarantee the accuracy of the information appearing above or the availability of rates in this table. Banks, Thrifts
and credit unions pay to advertise in this guide. NA means rates are not available or not offered at the time rates were surveyed. All institutions are FDIC or NCUA insured. Yields represent annual percentage yield (APY)
paid by participating institutions. Rates may change after the account is opened. Fees may reduce the earnings on the account. A penalty may be imposed for early withdrawal. To appear in this table, call 773-320-8492.

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