Dear Dr. Don,
I recently read a Bankrate article that said an institution is paying 2% on a two-year CD. I would like to get that yield. Please give me information about that, right away, as I have a CD that has matured and I would like to know who is paying 2%.
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Bankrate lets you shop for your new CD, either in your area or nationwide, using its Compare Rates feature. Unfortunately, it no longer shows two-year CDs with a yield of 2%.
You can earn more than 2% by extending the term to three years. Two financial institutions currently offer annual age yields, or APY, of 2 or higher. Both have a minimum deposit of $1,000. Check Bankrate.com for the most current yields, however.
Make sure your current bank knows that you don't want to roll your maturing CD. Banks often have a window where depositors have to provide notice of their intent to withdraw the funds, and without that notice, the bank automatically rolls over the CD into a new deposit.
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