CD ladders are a strategy for collecting high interest rates on long term certificate of deposit accounts while also having access to some of your money. 1st Mariner Bank is offering an exceptional 2-Year CD rate at 1.98% APY. You can incorporate this CD into your ladder to earn a great interest rate associated with a long-term CD.
The terms for qualifying for the high 24-month CD rates include:
- Minimum deposit of $500 required
- Early withdrawal penalties may apply
- Interest rate is fixed for entire 2-year certificate of deposit terms
- FDIC insured
1st Mariner Bank can be found in multiple locations throughout Maryland. If you are interested in applying for the 24-mo CD stop by any branch in the following locations: 1st Mariner Tower, Annapolis, Arbutus, Bel Air, Canton (drive through), Carroll Island, Cockeysville, Columbia, Dundalk, Easton, Ellicott City, Glen Burnie, Hickory, Lutherville, Odenton, Owings Mills, Perry Hall, Pikesville (plus a drive through branch), Severna Park, Shrewsbury, Towson-Loch Raven, Westminster, White Marsh and Woodlawn.
Other Terms and Conditions may apply. Additionally, rates may have changed since this offer was posted. Please contact the financial institution for the most recent rate updates and to review the terms of the offer.
A Certificate of Deposit, or CD is similar to a savings account in that it earns interest, but different in that you can set a length of time (anywhere from 3 months to 5 years) that you will not touch your savings. The reason you may choose this option is that banks typically offer higher interest rates because they know you are not going to withdraw the money. Banks can then loan your money out, and pay you a higher Bank Rate to allow you to earn even more money.
Most investing options do not require a strong credit score to become an investor. However, there are a few who do, particularly high interest rate savings accounts. Even if they do not require a credit check, it is a good idea to always remain on top of your credit.
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The most difficult, and important, decision to make when investing your hard-earned money is which type of investment account should you choose. Certificate of deposits mature at a fixed rate on a fixed length of time, so you know what you’re getting up front. Mutual Funds may give a higher return, but are risky because they rely on the success of the stock market and the choices of the firm doing the investing on your behalf. Be sure to do your research on Baltimore Banking Rates before you decide.
Common types of investment income accounts:
- Certificate of Deposits (CDs)
- IRAs
- Savings Bonds
- Stock and Mutual Funds
- Money Market Accounts (MMAs)
No matter what type of investment you decide to make, or even if you’re just seeking more information to help you make the right decision, Baltimore Banking Rates can help make that decision easier.
Submit your information today to learn more and see available rates for CD rates and investments.
Baltimore Banking Rates want to help you earn money, save money and put yourself in the best position for your own financial situation. If you have a savings account that you do not need for the rest of this year, it may be a good idea to invest into a 6-12 month CD and take advantage of the higher interest rates. You can earn up to 1% or more in a CD versus a savings account with a $5000 CD over 10 years; that can be over $500-$1000 more in interest payments with the higher CD rate.
Many local Baltimore credit unions offer competitive CD rates, money market accounts and IRAs, as do the larger national banks. If you want to get the highest interest rates, be sure to thoroughly research banks with the best offers before you make your decision. Baltimore Banking Rates has relationships with many banks to maximize the potential of finding the best rates.
