According to a recent Primerates.com survey conducted on June 25, 2012 of Minneapolis/St. Paul CD rates offered by the area banks & credit unions, Minneapolis/St. Paul’s largest financial institutions offered short-term savers 6-month CD’s with rates between 0.05% at Wells Fargo (www.wellsfargo.com), and 0.20% at Bank of Elk River (www.thebankofelkriver.com). Bank of Elk River (www.thebankofelkriver.com) also offered the highest 2-year and 5-year CDs, with rates of 0.56% and 1.27% respectively.
CD’s are typically insured up to $250,000 by the FDIC. As CD’s mature, banks typically re-price the rates on deposits. Make sure that you track when your CD’s mature so that you can roll them over into new CD’s and keep your money working as hard as possible.
|Banks||6 month||1 year||2 year||3 year||4 year||5 year|
|Wells Fargo Bank||0.05%||0.05%||NA||NA||NA||NA|
|U.S. Bank National||0.05%||0.10%||0.40%||0.55%||0.80%||1.14%|
|M&I Marshall and Ilsley Bank||0.05%||0.15%||0.40%||0.55%||0.75%||1.10%|
|Bank of Elk River||0.20%||0.35%||0.56%||0.87%||1.17%||1.27%|
Rates from banks, thrifts and credit union were posted on their websites on the date indicated for a $10,000 certificates of deposit meeting the specific holding requirement. Data is believed accurate at time of collection, can change without notice, and will vary. Contact a specific institution for current rates.
This article was first published on http://moneyprime.com.