There are several different
types of deposit products available to fit your needs.
Not exact matches
The amount
of interest paid on savings accounts in Canada vary by institution,
product, client
type, as well as
deposit balance.
+ National Average APYs are based on specific
product types of top 50 U.S. banks (ranked by total
deposits) provided by Informa Research Services, Inc..
In his self - published book (available from Amazon), Turnbull explains that when he worked as a broker he would «recommend stocks, bonds, mutual funds, preferred shares, structured
products, term
deposits, new issues, and other
types of securities, according to client preferences.»
In many ways these two leading no - penalty certificates
of deposit have the best features
of all
deposit account
types rolled into one
product in a way that's relatively free
of tradeoffs:
+ National Average APYs are based on specific
product types of top 50 U.S. banks (ranked by total
deposits) provided by Informa Research Services, Inc. as
of 11/01/2016.
+ National Average APYs are based on specific
product types of top 50 U.S. banks (ranked by total
deposits) provided by Informa Research Services, Inc..
As time goes on and balances begin to grow (as unused funds carry over from year to year,) I expect to see
products that will sweep funds, let's say in excess
of your annual insurance deductible, to a certificate
of deposit type product, to maximize interest for consumers.
Two cautions about this
type of product though: Make sure the fee the broker charges does not wipe out the rate advantage they are able to get you, and ensure the CD lists you as the account's owner at a FDIC - member institution, or else your
deposit may not be eligible for FDIC insurance.