Are you looking to grow your savings in Ohio without taking big risks? Certificates of deposit (CDs) might be just what you need. In this guide, we’ll explore what CDs are, how to find the best rates in Ohio, and how CD Valet can help you make smart choices with your money.
What is a CD?
A certificate of deposit, or CD, is a special type of savings account. When you open a CD, you agree to keep your money in the bank for a set amount of time. This can be a few months or even several years. In return, the financial institution pays you a higher interest rate than you’d get with a regular savings account.
CDs are a safe way to save money because the government insures them. The Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) protect your money up to $250,000 per depositor, per institution. This means you don’t have to worry about losing your savings if something happens to the bank.
What is CD Valet?
CD Valet is a helpful website that makes it easy to find and compare CD rates from banks and credit unions across the country, including in Ohio. It’s a big marketplace where you can compare lots of different CD options all in one place.
With CD Valet, you can:
- See rates from many financial institutions side by side
- Filter your search based on what you’re looking for
- Get updated information on new CD offers
- Make smart decisions about where to put your savings
Using CD Valet can save you time and help you earn more interest on your money by finding the best CD rates available in Ohio.
Where Can I Find the Best CD Rates in Ohio?
Finding the best CD rates in Ohio is easier than ever, thanks to online tools like CD Valet. Instead of visiting each bank’s website, you can use CD Valet to compare rates from many banks and credit unions all in one place.
Here’s how you can use CD Valet to find great CD rates in Ohio:
- Visit the CD Valet website
- Look for Ohio in the list of states
- Compare the rates offered by different banks
- Filter the results based on how long you want to save (3 months, 1 year, 5 years, etc.)
- Check if there’s a minimum deposit required
Remember, rates can change often, so it’s a good idea to check CD Valet regularly to find the best deals in Ohio.
Want to find great rates in other states? Find them here.
FAQs About CD Rates in Ohio
Are CD rates in Ohio better than in other states?
CD rates can vary from state to state. Ohio often has competitive rates, but it’s always a good idea to compare using tools like CD Valet.
Can I take my money out of a CD before it’s matured?
Yes, but you might have to pay a penalty. It’s best to choose a CD term that matches how long you can leave your money in the bank.
How often do CD rates change in Ohio?
CD rates can change frequently but rates on CD Valet are regularly reviewed by our team of Ratewatchers, who find and validate published CD rates daily. It’s a good idea to check rates regularly.
Is there a minimum amount I need to open a CD in Ohio?
This varies by bank. Some CDs require as little as $500, while others might need $1,000 or more. CD Valet can help you find options that match your savings amount.
Are online banks safe for CDs?
Yes, as long as they’re FDIC or NCUA-insured. Many online banks offer great CD rates because they have lower costs than traditional banks.
