BankOfInternet.com is an online bank that offers competitive rates on certificates of deposit (CDs) to their customers. Their CDs are completely FDIC insured up to the Federal limit of $250,000 per depositor so there is no need to worry about the safety of your investment. Whether you are looking for a 3 month CD or a 5 year CD, BankOfInternet.com can help you with the planning of your financial future. There is a minimum deposit of $1,000 per each CD that you open.
Interest compounds daily on a Bank of Internet CD ensuring that you get the most out of your investments. As with all CDs, there is a penalty for early withdrawal, so you will want to make sure that you do not choose a time period too lengthy for your situation. A good strategy to employ with CD investments is to stagger the lengths of time that you invest in so you will always have some sort of income coming in. Instead of a single large CD, consider breaking it up into chunks and buy three or four different length CDs instead. This will decrease your chances of needing to withdraw your money too early.
The interest earned on a Bank of Internet CD can be applied electronically to your bank account automatically at the intervals that you deem best for your situation, thus saving you the trouble of having to wait for a check in the mail each month. Bank of Internet prides itself on its ease of service. If you have any problems or concerns, their customer service is top notch