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It's not often that I write about CDs — I don't really see them as a smart financial investment — but I got an email today from E-Loan about their new 3-month 5.55% APY CD.
With a minimum of $10,000, E-Loan will offer you a 5.55% APY with only a 3 month term.
"Now you can enjoy the higher rates of a certificate f deposit without any long-term commitment. It's the best of both worlds," says the email offer.
I currently have my online savings account with E-Loan, which pays 5.25%. If I felt comfortable that I could move that much money into an investment and not need to touch it, I'd probably do it.
With a chance that the Fed may lower rates (and, in turn, send savings accounts rates down), it's not a bad idea if you can handle it.
