Best Bank CD Rates July 2009
As all investors know there are several factors when it comes to getting the best bank CD rates. July 2009 is no exception. The time you are willing to loan this money out and the amount you are willing to loan are 2 of the deciding factors on get the best CD rate available. Looking at bank CD rates online is a good place to start.
The best bank CD rates in July 2009 so far are from Pentagon Federal Credit Union. They are currently offering 4% interest for their 5 and 7 year CD’s. There is a minimum deposit of $1000, but this is the best advertised rates available. As with all CD’s the shorter the time period of the investment the lower the rate of return is. This is shown in the Pentagon Federal Credit Union 4 and 3 year CD rates which are current at 3.5%. The minimum deposit is still $1000.
The second best bank CD rates July 2009 are from the Discover bank. They have a 7 year CD with an APY of 3.5% interest. The deposit required to receive this rate is $2500. The 5 year CD from this same bank has just a little lower interest at 3.25% APY, but the deposit is the same at $2500. While not as good as the rates from the Pentagon Federal Credit Union, they are still respectable.
E-loan bank does have a 5 year CD with a rate of 3.75% interest but the deposit is $10,000. This amount of deposit is significantly larger than every other financial institution. The choice as an investor is yours, but that is a lot of money for not being the best rate.
The best bank CD rates July 2009 are from Pentagon Federal Credit Union at 4% for their 7 and 5 year CD’s.