Is now the time for CDs?
I am weary of trying to figure out the stock market and don’t want to lose 30% of my savings in another “downturn” as I did in 2008 and 2009. I asked at my bank, Chase, about CDs. They are paying approximately 1%.
I am seeing newspaper ads for CDs that pay 2 -2.5 %. However, most of these banks (online banks?) are not familiar to me. Are they safe? Can you recommend any?
Also, do you think these rates will continue to rise?
Terry Says
I think rates will continue to rise, and I know that banks are lagging in paying savers. Think of how much money they are making because people are too lazy to check out the market. You can go to an online bank — check rates at Bankrate.com. They are pretty aggressive.
OR read my recent column on How to Buy Treasury Bills — here’s a link to it. You’ll get higher rates and won’t pay state income taxes on these IOUs directly from the U.S. Government–the safest place you can be.
