Details for RATESEEKER LLC - Ad from 2019-09-08
St. Louis Post-Dispatch Deposit & Loan Guide Institution Synchrony Bank Int Chking Money Acct Mkt Acct Min Min NA 1.20 NA 0 3 mo CD Min 6 mo CD Min 0.75 1.00 12 mo CD Min 18 mo CD Min 2.40 2.50 2,000 2,000 2,000 2,000 24 mo CD Min 36 mo CD Min 60 mo CD Min 2.50 2.55 2.60 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. edly need to access some, 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 Splitting CDs simply means opening a number with minimums of $1,000 or even $500, some of smaller CDs rather than a single certificate. require $10,000 or more. So check terms careSay you’ll be investing $20,000. Instead of fully as you shop around. opening one $20,000 certificate, you can opt to open two at $10,000 each, or four at $5,000 CDs are a great way to maximize earnings on your unneeded cash, and by splitting cereach, or even 10 at $2,000 each. tificates, you can minimize your risk at the The advantage is simple. If you unexpect- same 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.