CD interest percentages vary by bank and term length.

Certificates of deposit, often referred to as CDs, are time deposits.   Certificates of deposit are defined as low risk investments provided by banks and other lending institutions.  CDs are when you give your money to the bank and promise you won’t touch that money for a specified amount of time in exchange for a specified rate of interest. You are virtually loaning money to your bank.

Generally the longer you agree to lend this money to the bank, or term of your certificate of deposit, the more interest is paid… » Read more

Ally Bank (the internet banking division of GMAC) is offering a new type of 24 month CD – one that you can lock in it’s current rate of 1.50% APY now, and then if rates go up you have ONE chance to upgrade your CD account to the new rate. This is now called Ally’s Raise your Rate CD. Then if rates continue to go up you have to wait until your CD matures but at least you can participate in a major rate hike if one occurs during the next two years.

Unless there is another major financial meltdown, you can… » Read more