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.

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