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CDs are a great alternative to traditional savings accounts for businesses with extra cash. CDs, or Certificates of Deposits, are a low-risk investment for businesses. Interest rates are typically higher than regular savings accounts and vary by institution. CDs are purchased in various fixed periods of time and the time period you choose can affect the rate you will receive.
CD rates can be slightly complicated and it is important for businesses to fully understand the terms and conditions of their CD before they invest. CD rates can be fixed or variable. A fixed rate will not change while a varied rate can increase or decrease over time. Business owners should be sure to read the fine print to understand how the rate may change over time.
Rates can vary based on the CD timeframe. Many banks offer better rates on longer-term CDs. A 6-month CD may have a lower interest rate than a 1-year CD purchase. CDs are FDIC insured for up to $250,000.
Businesses should spend time reviewing the different CD options available in order to choose the best rate and timeframe for their needs. Please visit the links on the left for current rates and further information.