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Weekly CD Rates: April 21

By Brian O’Connell
Despite slivers of sunlight in the economy in the form of stronger bank balance sheets, investors still seem to be okay with shopping for the best rates on CDs and money markets than to plow big money into equities.

Category Product: 
CDs
Category Finance: 
Personal Finance
Symbols: 
GM
Keywords: 
CDs, CD Rates, Interest Rates, Interest, Brian O'Connell, Financial Investments, Money, Money Markets, Equities
Introduction: 

By Brian O’Connell
Despite slivers of sunlight in the economy in the form of stronger bank balance sheets, investors still seem to be okay with shopping for the best rates on CDs and money markets than to plow big money into equities.

True, the stock market has recorded its bottom line in black ink over the past six weeks, but as the market took another tumble on April 20, it’s clear that a ton of risk still remains in equities, and investors are in no mood to stick more than a toe in the turbulent waters.

With CD rates relatively unchanged this week, as evidenced by sbup’s National Average Rates, the hunt for top-notch bank rates continue with undiminished force.

For the week, CD yields on the long-end posted the biggest gains. Four-year CD returns rose from 2.13% to 2.24%, while five-year CDs climbed from 2.30% to 2.34% since last week. Two-year, one-year, and six-month CDs remained relatively stable, at 1.67%; 1.48%; and 1.11%, respectively.

Of course, for the CD investor with an eagle eye and the patience of a saint, some banks are offering double the rate return on six-month CDs. For example, GMAC bank, the online financial arm of struggling auto giant General Motors (Stock Quote: GM), is offering a 2.25% APY, with a minimum deposit of only $500.

Since few banking industry observers believe that interest rates will be climbing anytime soon, savvy CD investors are playing the rollover game by finding the best deals and then moving their CD money into relatively short-time investments; a low risk for investors and for bank customers, a comfortable reward in volatile times.

But not every CD customer is that comfortable. Check out what some are doing to guarantee high “reward” rates on their checking accounts.

—For more ways to save, spend, invest and borrow, visit MainStreet.com.

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True, the stock market has recorded its bottom line in black ink over the past six weeks, but as the market took another tumble on April 20, it’s clear that a ton of risk still remains in equities, and investors are in no mood to stick more than a toe in the turbulent waters.

With CD rates relatively unchanged this week, as evidenced by sbup’s National Average Rates, the hunt for top-notch bank rates continue with undiminished force.

For the week, CD yields on the long-end posted the biggest gains. Four-year CD returns rose from 2.13% to 2.24%, while five-year CDs climbed from 2.30% to 2.34% since last week. Two-year, one-year, and six-month CDs remained relatively stable, at 1.67%; 1.48%; and 1.11%, respectively.

Of course, for the CD investor with an eagle eye and the patience of a saint, some banks are offering double the rate return on six-month CDs. For example, GMAC bank, the online financial arm of struggling auto giant General Motors (Stock Quote: GM), is offering a 2.25% APY, with a minimum deposit of only $500.

Since few banking industry observers believe that interest rates will be climbing anytime soon, savvy CD investors are playing the rollover game by finding the best deals and then moving their CD money into relatively short-time investments; a low risk for investors and for bank customers, a comfortable reward in volatile times.

But not every CD customer is that comfortable. Check out what some are doing to guarantee high “reward” rates on their checking accounts.

—For more ways to save, spend, invest and borrow, visit MainStreet.com.

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