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Best CD Rate, $10,000 for 1 year?
Bank of America has a great rate.
The interest rate on a CD can be different in each bank, and they change all the time. Generally, the interest rate is stated at the time you buy the CD, and it doesn't change on that one once you've bought it ... the rate won't be different "after 1 year".
The rate for certificates of deposit depend on the amount of money and how long it is deposited for. 1 year CD's have about 1.3% with a $1,000 minimum, whereas 3 year CD's have 2%, and 5-year CD's have 2.75%.
% rate = 1/3 * 100% * 1000 = 33333.33%
1% of 11,000= 1% * 11000= 0.01 * 11000= 110
CD rates will vary anywhere from 1.3% for 1 year CD's up to 2.75% for 5 year CD's. Occasionally you will find a local bank with offers with an added incentive, in order to get your business.
The curent rate of a 12 month cd from Chase bak is .25% with a $1,000 minimum deposit.
11000 - 18% = 11000 x (1 - (18/100)) = 11000 x 0.82 = 9020
Six month CDs average from 1% - 1.5%. One year CDs range between 1.3% to 2%.
To calculate the annual percentage yield (APY) on a certificate of deposit (CD), you can use the formula: APY (1 (interest rate/n))n - 1, where the interest rate is the annual interest rate and n is the number of compounding periods per year.
The highest rates for a 1 year CD with no minimum balance are 1.58% at Ally Bank in Midvale, UT and 1.5% at American Express Bank. For 1 year CDs with a minimum deposit of $1000, the best current rate is 1.59% at Aurora bank in Wilmington, DE. The best rate in the country, currently, is a 1 year CD with a minimum deposit of $2500. It yields a 1.7% APY and is available at Tennessee Commerce Bank in Franklin, TN.