In this economy, it's hard to think about saving a lot of money long-term. However, even just putting a little bit away is better than nothing at all. As we all know, it's extremely difficult to find good interest rates in today's market, but Astoria Federal Savings is offering a five-year CD with very competitive 2.65% APY. This CD only requires a $500 minimum deposit, so even if you only have $500 to invest, the CD will offer you the peace of mind that your small investment is safe, secure, and earning you one of the best interest rates available in the market. Interest is compounded daily, credited quarterly and also at maturity.
One of the disadvantages of CDs is that your money is tied up and you cannot access your deposit without penalties until the CD matures. Although the Astoria Federal Savings CD also does not allow you to withdraw your initial deposit without penalty, it does give you a different option: you are able to withdrawal your credited interest, without any penalty at all. Of course, you won’t have the same liquidity that you would have with a money market account, by any means, but it's nice to have the option to at least withdrawal be interested, if needed.
Astoria Federal has 85 banking offices throughout Brooklyn, Queens, Nassau, Suffolk and Westchester counties.
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