Tuesday, February 27, 2007

Different Certificate of Deposit Products

There seems to be too many CDs (Certificate of Deposit investments) to choose from. I'm trying to invest some money I have gotten in a windfall for a 'rainy day' but I'm struggling to choose a bank to go with.
Should I just look for the highest CD rates? or should I be looking at the penalties attached if I decide to withdraw the money early (for example, to buy into my brothers business, or maybe buy a new car :))... it is so hard to decide on a product.
I found some good advice on the RateTrackr website, defining what you want and need is the important thing, deciding how long you can lock the money away for, and what your ultimate aims are for the money.