November 12, 2020
CD Alternatives
Faith & Finance with Rob West
For years, CDs have been the “go-to” place to keep your money with no risks. However, a lot of people aren’t happy with today’s low interest rates on CDs. Rob West and Steve Moore discuss the issues with CDs and the best alternatives to use.
00:0000:00
Show Notes
For years, Certificates of Deposit, or CDs, have been the “go-to” place to keep your money with no risks. However, a lot of people aren’t happy with today’s low interest rates on CDs. Host Rob West and Steve Moore discuss the issues with CDs and the best alternatives to use.
- With a CD, your money is deposited in a bank or credit union for a set amount of time, anywhere from 6 months to 5 years.
- The longer the term, the higher the interest rate. Right now, the best you’ll do on a 5-year CD is about 1.5%. That’s a long time to keep your money tied up for such a low rate.
- You need to have your 3 to 6 month emergency fund in place first. Rob recommends having it with a higher yield account at an online bank such as Ally, Marcus, or Capital One 360.
- You have the potential to earn more at an online bank because you’re not locked into a fixed rate like with a CD.
You Might Also Like
April 3, 2026
It Is Finished
On Good Friday Rob West reminds us that because of Christ’s finished work on the cross, we live not trying to earn God’s...
April 3, 2026
It Is Finished
“For you know the grace of our Lord Jesus Christ, that though he was rich, yet for your sake he became poor, so that you...
April 2, 2026
Did Jesus Condemn Wealth—or Corruption?
Did Jesus condemn wealth or the misuse of it? Rob West talks about what Jerry Bowyer pointed out... Jesus addressed peop...