Advice Corner
FDIC insures deposits at FDIC insured banks and savings associations. Learn more about FDIC Insurance including the recent change that insures accounts up to $250,000 on CDs savings and other bank accounts.
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More banks are using the Internet to market and service their customers, and to offer savings and CD products. These Tips for Safe Banking Over the Internet help you make smart choices to avoid scams.
Bank CD Calculator
U.S. Bank failure continues to rise with the FDIC announcing more bank failures. This can affect you savings and CDs held by these banks. Since the credit and financial crisis began in 2007, U.S. Bank Failures have exceed $680 billion in assets.
Financial – Set Financial Goals
Setting clear and specific financial goals will help you plan for the future. Develop a spending plan to help you get on track to achieve your financial goals.
Debts – Pay Debts Wisely
First, you should enter into debt judiciously and cautiously. But, once you incur debt, set a goal to pay off debts in a way you feel is most manageable. Credit can be a useful tool if used wisely, but mismanaging credit can get you off financial track quickly.
Credit card debt calculator
Savings – Remember to Pay Yourself, Open a CD
Your financial plan should include savings as part of your short- and long-term goals. Whether for retirement, buying a new home or real estate, or just for a rainy day, saving is an important part of achieving financial freedom. Establish a savings account – whether it’s a Certificate of deposit or CD, 401k or mutual fund. Use this Bank CD Calculator to find out how much interest you can earn on a Certificate of Deposit.
Mortgage Finance: Calculate your monthly loan payments and generate a loan amortization schedule using this simple, easy to use Mortgage Loan Calculator.
Savings and CD Calculator/CD Ladder Calculator
Certificate of Deposit CD Calculator - Use this CD calculator to examine the benefits of investing and savings in a series of Certificates of Deposits with different maturities, also called a CD Laddering. With a CD Ladder, you can benefit from higher interest rates for longer maturities, while achieving better liquidity and maintaining certificates of deposit that are within FDIC insurance limits.
Certificate of Deposit - CD Ladder Calculator
- DefinitionsUse this CD Calculator to Maximize Earnings while balancing your Risk and Rewards. The advantage of Certificate of deposit ladder - CD Ladder - is that you lower your risk and increase your return without losing access to at least some of your cash. If you have saved a large amount of cash you want to invest in Certificates of deposit or CDs, then CD laddering is a good option to grow and protect your savings.
You start the CD ladder by buying several Certificates of deposit or CDs at the same time, each with a different maturity date. You may choose maturities of 3 months, 6 months, 9 months and 1 year, for example, if you want access to a portion of your cash every 3 months. Each Certificate of deposit or CD is like a rung on a ladder - CD Laddering. As the Certificates of deposit or CDs mature, you renew each with a maturity of one year, locking in the new Certificate of deposit or CD for a longer term at a higher interest rate thereby protecting you from interest rate fluctuations. Since FDIC insurance limit has permanently been raised to $250,000, if you have deposits in excess of $250,000 you may want to consider using multiple banks (not branches) so that each Certificate of deposit or CD is within the FDIC limit.
Total to invest - This is the total amount to invest in your CD Ladder.
Frequency of Maturing Certificates of deposit or CDs - How often you would like to have a Certificate of deposit or CD maturing. For example, if you choose six months, one of your Certificate of deposits or CDs in your CD ladder will mature every six months.
Amount in each Certificate of deposit or CD - How much you wish to invest in each Certificate of deposit or CD in your ladder. We use this amount to calculate the number of Certificates of deposit or CDs in the ladder. If the amount that you enter isn't evenly divisible by the total you wish to put into your CD Ladder, we will automatically adjust it up to an evenly divisible amount.
Certificates of deposit in your CD Ladder - The number of Certificates of deposit or CDs that will be in your CD ladder. Each Certificate of deposit or CD will have a different maturity, so that one of your Certificates of deposit or CDs will mature at the frequency you specify. This CD calculator assumes that you rollover all matured Certificates of deposit or CDs into new CDs that have a term of the longest maturity in your original CD ladder.
Interest is compounded - Interest earned on your Certificate of deposit or CD's accumulated interest. This CD Ladder calculator allows you to choose the frequency that your Certificate of deposit or CD's interest income is added to your account. The more frequently this occurs, the sooner your accumulated interest income will generate additional interest. You may wish to check with your local bank office to find out how often interest is being compounded on your particular Certificate of deposit or CD.
CD Saving and Deposit References
FDIC: Consumer Protection - Loans, Banking, Financial Literacy
FinAid.org: Student Guide to Financial Aid
Click here to compare bank CD Rates
Financial Plan – Stick to your Financial Plan
Remember that you are not alone. If you are unable to follow your financial plan, seek professional help. A professional financial advisor or credit counselor who can guide you to achieve your financial goals. Happy savings
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