Anchorage is the starting point for the world-famous Iditarod Trail Sled Dog Race. Participants train all year-round for it, and it all pays off at the end. That’s not too different from your investment strategy–put money aside nowand it pays off later. Anchorage Banking Rates wants to help you train for your financial goals, by helping you find the best Anchorage CD rates,money market rates and rates on other investment vehicles.
Training for the Iditarod is grueling, but finding the right investment information for your needs doesn’t have to be. Anchorage Banking Rates is here to help.
| Featured Rate | Bank / Credit Union | Account Type | |
|---|---|---|---|
1.80% As of August 30, 2010 |  View Rate Details |  Discover Bank | CD Account |
| Highest Rates Recent Rate Changes | |||
| Best Rates (APY) | Bank / Credit Union | Account Type | |
1.60% As of September 2, 2010 | View Rate Details | Credit Union 1 | CD Account |
0.20% As of September 2, 2010 | View Rate Details | Wells Fargo Bank South Central, National Association | CD Account |
| Bank / Account Type | Rate Change | Date | |
|---|---|---|---|
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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A traditional savings account interest rate is not very high in comparison to other investment options available today. A certificate of deposit, or CD, is similar to a savings account with some advantages. CDs provide higher interest rates on your investment. The only potential drawback it that you cannot access the funds for a set period of time. However, the longer you invest you money, the higher the interest rate a bank will be willing to offer.
Anchorage Banking Rates compiles CD interest rates from a variety of financial institutions to help you find the perfect place to secure your funds. If you are concerned about locking your money into an account for an extended period of time, a solution known as laddering solves the issue.
Laddering allows you to take advantage of the higher interest rates associated with longer-term CDs while still maintaining some liquidity in your portfolio. By always having an account maturing in the near future, you can access funds when needed without incurring early withdrawal fees. The following is an example of how to ladder your CD portfolio:
Begin by investing $1,000 in a one-year CD. Then, continue investing increments of $1,000 into CDs of longer and longer terms (2-year, 3-year, etc.) until you have invested your last sum into a 5-year CD. The long-term CDs will collect higher interest rates as the shorter-term accounts mature.
When the first year-long CD has matured, re-invest the funds into another 5-year CD. This way, a CD will mature every year while you continue to take advantage of 5-year CD interest rates. This solves the issue of liquidity when it comes to long-term CDs.
Check Rates in These Cities Near Anchorage: | Serving the Following Anchorage Zip Codes: | |
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Other Anchorage Specials: Anchorage Insurance Rates