I dont invest within CDs due to the fact that they dont keep up with inflation. Go to treasurydirect. Gov and get yourself a inflation protected I saving bonds. This account will always keep your money above inflation
Take Care
If you get a $5000. CD the interest rate will not change for the duration of the CD. A 7 year CD at 1.06% will earn less than $40.00 total. CD's are not good investments at the current low interest rates.
You would get 383 dollars interest over the 7 years.
Hello everyone!! I am very very interested in opening a certificate of deposit account with my bank. I am looking to make an opening deposit of $5000.00. The rate is at 1.06% for a duration of 7 years. I need help doing the math on this please! I keep coming up with a crazy amount. I know rates are expected to increase in the future, I am just trying to get ball park figures if I decided to go through with it!
Thanks for the help/advice!!
