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According to this past Friday's Bankrate.com website the national average that banks are paying for a one year CD (certificate of deposit) is currently 1.14 %.
Did you realize that you can get 1.64 % this past six months by having purchased a US Savings Bond series I Bond.
This rate is adjusted every six months, that being May and November of each year. The next adjustment will happen a week from Monday and the rate will be adjusted by the Treasury based on two financial factors.
I will update you as to the new rate as soon as it is published.
Stay tuned, I will post on May 2 the new rate and the specifics when buying savings bonds.
PS.... Forget series EE Savings Bonds; they pay almost nothing and lock the rate for a 30 year period.
When purchasing any US Savings Bond, you must hold for a mininium of one year before you can redeem and you will lose one quarter worth of interest if redeemed less than 5 years.
Daniel F. Iuculano, AAMS CMFC
Accredited Asset Management Specialist
Chartered Mutual Fund Counselor
