MADISON, Wis. (1/18/12)--A Credit Union National Association (CUNA) economist offered some tips on finding the best certificates of deposit (CD) in a low-rate environment, in an article in Bankrate.com (Jan. 11).
"Look for specials," Bill Hampel, CUNA chief economist, told Bankrate. "Some financial institutions sometimes have strong loan demand for whatever reason and have a need for money for a certain period. They could be offering a relatively more attractive rate on one kind of CD."
Also, consumers looking to save who have debt may be better off paying off their debt with their savings rather than putting savings in a CD, because it is hard to rationalize an investment returning less than 2% while having to pay out 16% interest to credit card companies, Hampel said.
To read the article, use the link.