CDs?????????????

Question

what exactly is a certificate of deposit?? and what is the average interest rate for a 2yr $500 cd??? can you add money to them?? what are those things called where you agree to add a certain amount each month or something??

Answer 1

most CD need as little as 200 to open it.  but the more you put in they might gve you a higer % back.  the lenght of term you leave the money there with give you a different %.ive seen in my area 2.5-4% on cd's as high as 4.5% if i open it with $5000.  and no once the cd is opened you usually can not add to it for the lenght of time the cd was opened for

Answer 2

Go to a local bank and ask your questions there. I believe the minimum CD is usually $1000 but they may have some other product.

Answer 3

There are a few very good CD offers.  Do a search for the top interest on CD's and the list will give a minimum investment amount, length of CD and rates.