How would I go about with getting a CD with my local bank?
Answers:
1) Find out what the minimum opening deposit amount is for a Certificate of Deposit at your local Bank or Credit Union?
2) Determine the time period you want to invest in with the CD for 6-months? 1-Year? 2 Years?
3) Find out if you can ADD money to the CD account after its opened?
4) A CD is a SAFE investment since its FDIC insured by the government.
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BOND = Issued by a government agency, utility, school, or corporation you buy it from them or through a Bank. Think of it as a CD from another entity. It's NOT FDIC insured like at a Bank and the minimum deposit amount and terms may vary?
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CD - AKA. A time deposit. You make an initial investment and its for a specific term or time limit until maturity. You don't loose your principal investment amount and you earn INTEREST on your deposit (CD).
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Visit these Banks for more info:
www.bankofamerica.com
www.wellsfargo.com
www.citibank.com
www.wachovia.com
www.usbank.com
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Have a great week!
GOOD LUCK! :-)
walk in...ask for one...cut them a check...a little paper work...done.
I'd check rates first to make sure that your getting the best deal...
www.bankrate.com
a cd = certificate of deposit = a set period of time at a fixed rate...FDIC insured
bond: there are lot's of type's of bonds from government, corporate to junk...with a bond they are generally not insured, they are considered to be a riskier investment and like wise pay a higher return...
CDs generally have a high interest rate. You need to call around to find out the interest rates because different banks will be higher. All you have to do is go in with the money or a cashier's check and you should be able to. You also need to think about how long of a cd you want, they have some starting out at 90 days and so forth..
first call around or go wo cd rate website, get teh highest interest for the shortest time
To buy a CD, you go to the bank and talk with a personal banker, or in some cases you can call the bank or do it online.
CD's are deposits with a bank, insured by the FDIC up to the maximum allowable limit. Bonds are issued by public or private companies (city and state governments are some of the most common issuers). It pays interest, but is not insured. If the city or state goes bankrupt, you are out the money. Bonds are often very long term, 20-30 years. CD's have various time lengths, but more than 5 years is not common. Bonds can be traded similar to stocks, CD's are fixed for whatever term you choose unless you choose to pay a penalty for early withdrawal.
Just walk into the bank and tell them you want a CD.
A CD is a cash instrument that you normally buy at a bank. They take your money and lend it out to others at a higher interests rate. They keep the delta as profit. These are usually insured by the FDIC. A bond is a loan that you make to a corporation or government entity. They are ususally in denominations of $1,000. You give them the money, they pay you a semi annual interest rate and at the end of the term (anywhere from 3 months to 30 years), you get your money back. (of course your can sell on the open market before maturity). While not insured, this is a legal obligation to you. As long as the entity stays solvent, they have to pay you back.
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