How to Get Jumbo CD Rates
Investing in certificates of deposit is a good way to make money. These kinds of investments differ from regular CDs in the fact that you must invest a much larger amount of money. This amount is typically $100,000. While the returns aren't as high as other investments, the risk of losing money is much lower.
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Instructions
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Go to a website like Jumbo Rate News or Best CD Rates to view their lists of jumbo CD rates. These lists includes current rates, the locations of the banks, phone numbers to contact the institution as well as the durations of the CDs you need to purchase in order to get those jumbo rates.
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Determine the term you most desire for your jumbo CD. If you are expecting to make a large purchase such as a home or a boat in a year, you might not want to invest in a long-term jumbo CD.
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Invest a sizable amount of money. You need to invest a certain minimum to buy jumbo CDs. Make sure you have enough liquid assets required to meet the particular bank's minimum. The minimums for jumbo CDs are larger than for traditional CDs. To earn a jumbo amount of money, you need to invest a jumbo amount of cash.
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Compare the ways the banks calculate interest. Most banks will offer interest compounded on a monthly or quarterly basis. The more frequently your interest is compounded, the more money you will make.
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Scrutinize the final documents relating to your jumbo CD before you finalize the transaction. The rate that you expected should be the rate you get.
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