CD rates

[Scharnhorst]

Maybe the wrog forum guys but bear with me please

any suggestion for any good CD rates I looked that CIT bank is online only and have a good rate for a  5yr CD at 1.8 %

but what about taxes on it ? will I get anything back? I plan to put 100,000 for 5 yrs

[llecs]

---

@Scharnhorst wrote:

Maybe the wrog forum guys but bear with me please

any suggestion for any good CD rates I looked that CIT bank is online only and have a good rate for a  5yr CD at 1.8 %

but what about taxes on it ? will I get anything back? I plan to put 100,000 for 5 yrs

---

Right spot. I don't know the rates out there and certainly haven't looked in a very long time since rates are low, but I think you can do better. I was in my local NFCU branch today and they were advertising 3.5 on a CD. I didn't catch all the terms, like limit or IRA requirements if any, but I know the term length was a year on it. If NFCU has a rate like that,, then there has to be better out there somewhere. Personally I would be wary in locking in a rate for 5 yrs since it's highly likely rates will have gone up beyond the 1.8% offered before then.

[AndySoCal]

I would also check on how they calculate the penalty if you need to do an early withdrawl. It used be some many days (90 to 180 ) of interest at simple interest. Some of the banks have changed this to a flat fee  or 1% to 3% of the amount withdrawn whichever is greater the flat fe or the 1% TO 3%