Highest Bank CD Rates and Certificate of Deposit explained

So many different ways of investments and it always sums up to the same level of understanding, you earn more money from institution if your willing to give up liquidity. I’ve been doing some research on cd’s and have been looking into them once I saw they started getting athletes and celebrities to promote them at chase. And honestly it’s a little crazy and in a lot of cases not even worth the hassle and I will explain why in the video.

Key Questions Answered

1. Why would you get a cd over a Savings or investment account?

2. What are the benefits and what are the penalties?

3. How does it work and what is it exactly?

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[TommyBryson]

So many different ways of investments and it always sums up to the same level of understanding, you earn more money from institution if your willing to give up liquidity. I’ve been doing some research on cd’s and have been looking into them once I saw they started getting athletes and celebrities to promote them at chase. And honestly it’s a little crazy and in a lot of cases not even worth the hassle and I will explain why in the video.

Key Questions Answered

1. Why would you get a cd over a Savings or investment account?

2. What are the benefits and what are the penalties?

3. How does it work and what is it exactly?

*Pro Tip*
Information is key

[MsScarlett]

I liked the video at the exact moment when he said " I'm saying this to you because eventually you will have a lot of money, " thanks friend.

[samuelteddy.]

*Rich people plays the money game to win.* *Poor people plays the money to not lose.* *The goal of the truly rich people is to have massive wealth and the poor sees a surplus as an opportunity for consumption instead of investing it.* *change your mindset and do what the rich does, * *which is investing, * *investing and investing.*

[josephjones]

CDs make sense if u want to borrow against to buy a car; you can flip the redeploy the cash at the end of loan for your loan for another cash. Or your saving to buy a house.

[sindiaperez]

The fact you are so young, a man and interested in things like investing and invest is pretty mindblowing!

[rigocervantes]

How about doing a one yr cd every month for say $1000? So one matures every month the following year, not once a year. Then reinvest it and it grows exponentially.

[SamSteincamp]

Good info on CDs however, compound interest can significantly boost investment returns over the long term. While a $100, 000 deposit that receives 5% simple annual interest would earn $50, 000 in total interest over 10 years, the annual compound interest of 5% on $10, 000 would amount to $62, 889.46 over the same period. If the compounding period were instead paid monthly over the same 10-year period at 5% compound interest, the total interest would instead grow to $64, 700.95. So don't think that you shouldn't be running the numbers on your compounding periods.

[aw]

"im gonna keep talking shit about chase" lmao love it

[jasmynesartstudio]

I use cds as a safety cushion while I do my investment ventures. I have 12 that are due every month in the amount of my living expenses, so if I lose my job or a deal goes wrong, I am good for a year without making another dime

I am doing this as I gain skills to make more money

[chinastar]

My bank has a CD program for 4.25 APY for 7 months. It sounds too good to be true. I gotta read the fine print

[henrybarrios]

You’re very knowledgeable on this topic. Honestly you helped me open up my mind on CD’s. I’m now seeing ways to flip my money to make more money.

[DJMadVibes]

My financial institution is currently offering 5.1 percent. I'm definitely going in on that with now having better understanding of how that works. Thanks

[kmzlwd]

So locking up $10k at .02 for a year and only getting $200 doesn’t seem very encouraging but I guess it’s better than just leaving it in the savings account

[slsslc]

with rates as low as they are right now, I've done much better opening checking and savings accounts taking advantage of new account offers. a recent one got me 700$ for opening and maintaining a $10000 balance for 6 months. a 6 month CD pays at about 1.8% right now. that would only have given me 90$ for the same 10000 investment over 6 months.

[michaeldiakite]

tiaa bank has a 3 month cd at 2%, crazy potential to become wealthy

[nathaleewolfrich]

I ask for it at bank of America and they offered me 5 dollar per seven months. I wanted to make a deposit of 10, 000.00. So, 5 dollar to hold on my money for 7 months is not enough

[summerlyric]

I love CDs. Fairly new to them. Wish I had known about them 20yrs ago.

[briaarie]

I’m a 19 year old entrepreneur (6 years jn) and I recently received my LLC so I am focusing on securing my future because I didn’t go to college and I don’t work a 9-5 so I feel like I have to be a bit more cautious with how I proceed with my finances. Lol long story short thank you for this video !

[Mimi]

So im assuming a .700% APY at a credit union is a bad rate?

[sekayiamatthews]

This is one of best videos I’ve seen yet — thanks so much for breaking this down! Really helped make a better decision.