Say someone has $100,000 to deposit in the 30-day CD. As many as I know I have review which the many we can deposit (to be insured) in the CD is capped during $100,000 (correct me if I am wrong). Say the “credit union” is charity rates on normal for their thirty day CD’s during 5%. Now patently I have never invested in CD’s so I am meditative this chairman would have approx. $5,000 per each thirty days with an investment of $100K. Is this correct? And if it is would it be intelligent to take the increase ($5K) as well as reinvest them over as well as over in to thirty day cd’s on distinction as well as provide it roughly as the primer compounding seductiveness strategy? This is the shot in the dim with no believe of CD investment. Any answers would be great!
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{ 2 comments… read them below or add one }
No, no, no. The 5% rate is the annual rate. You would make 5000 a YEAR, one-twelfth of that in 30 days. $416.66.
You can buy a CD in any amount, but only $100,000 of your deposits in any financial institution is insured by the FDIC. That’s why a lot of people limit it to 100K.
FDIC looks at the title of the ownership. For example, you can open one in your name, one in your spouse and third jointly. Therefore, in your household you are insured 300,000. Or you can open a CD in your name with an immediate family as your beneficiaries. Example, Title: You. POD(payable on death) your spouse or children or parents. If you have a revocable trust set up be careful with that also when titling your bank accounts. Also found out on how the CD is compounded. It makes a difference on whether the CD is compounded daily, monthly or semi-annually and when is the account credited the interest. That’s why APY is a good comparison to look at when shopping around banks. It sounds like it’s posted on a monthly basis, so take the 5000 and divving up by 12 months leaves you approx 416 the first month and a little bit more for the coming months.