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About Liquid CDs Liquid CDs have not been major players in the world of bank certificates until relatively recently. Most people who want to stash their money in a CD go for the traditional version. But now banks are advertising the liquid CDs, hoping to attract business. You should know the pros and cons before making a decision. Liquid bank certificates of deposit enable investors to withdraw their money before the CD matures -- and without paying a penalty for doing so. As you know, with a traditional CD, cashing in early means a penalty of several month's worth of interest. If you contemplate being hit with unexpected expenses, liquid CDs make good sense because you can immediately tap into your money. On the other hand, if you know when certain financial commitments will occur, such as buying a house or car, remodeling your kitchen, paying college tuition bills, taking a vacation -- then regular CDs are a far better choice because they pay a higher interest rate. Of course, you want to time their maturity to coincide with your known need for cash. Comparing Interest Rates Liquid CDs are not the only choice for handling financial emergencies, such as a layoff, illness or perhaps the need to help an adult child struggling financially. If you are concerned about handling unforeseen expenses, you may get a better rate with an FDIC-insured savings account than with a liquid CD -- and, at the same time have immediate access to your money. (Note: Online banks tend to pay higher rates than the one around the corner, but not always, so check your local banks as well.) Some considerations:
RECENT COLUMNS by Nancy Dunnan Checking Your Risk for Fraud If you want to suggest a column topic for Nancy, drop her a line. |
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