Convenience CD Calculator: How Much Can You Earn With A Certificate Of Deposit? While a credit card is a "pay later" choice because you borrow the money until your bill is due, using a debit . Money market accounts are a great vehicle to use for pursuing both short-term and long-term savings goals. The fee paid to Edward Jones will affect the interest rate and may exceed the amounts paid to clients in the form of interest. A custodial investment account for minors is established by an adult for a child. Since contributions are made from after-tax income, TFSA contributions are not tax deductible. You can utilize a TFSA for any purpose, such as vacations, buying a house or paying for your child's post-secondary school tuition. Edward Jones Financial Advisor Review Merrill Lynch Wealth Management Review Ameriprise Financial Services Review Banking Calculators Savings Calculator Compare Accounts Compare Savings Accounts Compare Checking Accounts Compare CD Rates Compare Money Market Accounts Helpful Guides Checking & Savings Guide Best Bank Accounts Best Savings Accounts In conclusion, these CD rates are an excellent option for those looking for a good interest rate. Power study ranked Edward Jones above average in overall investor satisfaction, with customers praising the firm's people, products, and fees. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Over the 20+ years as an Edward Jones advisor, there is a nice balance between running your own branch yet having the support and resources of a big firm. Additional information concerning how interest rates are determined and other important disclosures are included in the Program Disclosure, available from your Edward Jones financial advisor on our website. When I'm not providing clients with simple answers to complex questions, I enjoy running, cycling, golfing, and walking my Shih Tzu King Charles dog named Missy. Edward Jones and its independent affiliate in the United States, collectively, serve more than 7 million investors. Partial Deregistration taking a portion of the assets from the account (requires $60 to be left in your TFSA). "Edward Jones Sued for Shuttling Customers to Fee Accounts. We may receive a small referral fee if you purchase something using a link in this article. Copyright 2023 Edward Jones. Edward Jones is a full-service firm founded in 1922. It provides investment advice and helps with retirement planning. The following banks and credit unions have the highest CD rates for six months. Schwab also offers more than 4,000 no-load funds and 2,000 commission-free ETFs. Find the highest interest rates for your savings from 3 months to 5 years. For that purpose, using a balance transfer calculator can be a big help. I currently have an account at Edward Jones that mainly contains individual stock investments (inherited unexpectedly) in various companies. Account value in 20 years (assuming 6% return rate), Transfer cash or securities from a non-registered Edward Jones account; however, if you transfer securities, the Canadian government will deem that you sold the securities at the. Instead, interest is automatically credited to your Edward Jones account. To use Online Bill Payment, you must be enrolled in Online Access for 30 days. Edward Jones is a registered trademark of Edward D. Jones & Co., L.P. Edward Jones is a limited partnership in Canada and is a wholly owned subsidiary of Edward D. Jones & Co., LP, a Missouri limited partnership. Yes, added back at the beginning of the following year. A TFSA or Tax-free Savings Account is a Canadian tax-advantaged savings and/or investment account designed to help you save money throughout your life, while enabling you to potentially grow your money faster as there is no tax assessed on earned interest, dividends or capital gains not even when you withdraw funds, which you can do at any time for any purpose. As a financial advisor at Edward Jones, I focus on wealth strategies and portfolio reviews for individual investors and small business owners in the Southern Rhode Island area. The company uses mutual funds and a basic model of building diversified portfolios for clients who are saving for retirement and other long-term goals. Funds within a TFSA and TFSA withdrawals are generally not taxable. However, the value at the end of the term will be accurate. I Simple answers to complex questions I. . EJ financial advisors are fee-based. Read our, How to Choose the Best Type of Investment Advisor. There you will find instructions and a link for enrolling in Online Bill Payment. Discuss what is important to you with your Edward Jones financial advisor who will help you determine if a TFSA is right for you. MemberSIPC. Edward Jones is a full-service investment brokerage firm operating in the U.S. and Canada. The minimum opening deposit for an Edward Jones CD is $1,000. All the GICs we offer have terms under five years which are insured up to $100,000 by the Canada Deposit Insurance Corporation (CDIC). Hire the best financial advisor for your needs. He is a professor of economics and has raised more than $4.5 billion in investment capital. Edward D. Jones & Co., LP is a wholly owned subsidiary of The Jones Financial Companies, LLLP, a limited liability limited partnership. The same tax rate at the time of contribution and withdrawal, Equally effective tax-savings alternatives. Continue to encourage healthy savings habits and watch their funds grow with a high interest rate for the first $500. This program offers a competitive interest rate and up to $2.5 million of FDIC coverage ($5 million for joint accounts of two or more people). Application approval is contingent on a review of your check-writing history and/or credit information. *In Quebec, our advisors are known as Investment Advisors. What most underestimate is the culture, here we help each other learn, grow and succeed ultimately serving our clients even better. Americans have been slow to embrace 529 college savings plans, which were introduced in the mid-1990s. A TFSA can be opened by any Canadian resident with a valid Social Insurance Number (SIN) who is at least 18 years of age, which is when a Canadian residents contribution room starts accruing. New to Edward Jones? Clients come first. Your Edward Jones financial advisor working with your tax professional can determine which investment vehicles are the right fit for your unique circumstance. The firm built its seven-million-strong clientele by placing locations throughout the U.S. and Canada. ", U.S. Securities and Exchange Commission. It's hard to start out. While a credit card is a "pay later" choice because you borrow the money until your bill is due, using a debit card is a "pay now" solution because it automatically uses the available balance in your Edward Jones account. Watch our sign-up and login help videos keyboard_arrow_right. Inside Online Access is a section called "Pay Bills." There you will find instructions and a link for enrolling in Online Bill Payment. They claimed the firm had "pressured itsmore than 16,000 brokers to switch their largely middle-income brokerage customers from commission accounts into advisory accounts that charge as much as 2% of assets annually." Your Guide to Understanding the Basics of Mutual Fund Fees, 7 Steps for Finding the Best Financial Advisor, The Best No-Load and Lowest Cost Mutual Fund Families. For CD terms up to 12 months, interest is paid at maturity. We'd love to hear from you, please enter your comments. The annual contribution limits since TFSAs began in 2009 were: There are no TFSA deadlines as unused contribution room carries forward to future years, and you gain additional contribution room as of January 1st each year. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Edward Jones is paid through revenue-sharing with a network of mutual fund companies. As a brokerage firm, Edward Jones offers CDs from multiple banks, allowing you to diversify your CD portfolio. One of these is our Insured Bank Deposit program. Edward D. Jones & Co., LP is a wholly owned subsidiary of The Jones Financial Companies, LLLP, a limited liability limited partnership. This program offers a competitive interest rate and up to $2.5 million of FDIC coverage ($5 million for joint accounts of two or more people). You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. This site is designed for U.S. residents only. Edward Jones Financial Advisor Review Merrill Lynch Wealth Management Review Ameriprise Financial Services Review Banking Calculators Savings Calculator Compare Accounts Compare Savings Accounts Compare Checking Accounts Compare CD Rates Compare Money Market Accounts Helpful Guides Checking & Savings Guide Best Bank Accounts Best Savings Accounts Keep enough cash to align with your overall financial strategy. For example, if you have deposits in a bank through the program and also have made deposits at that bank outside the program, all of these deposits will count toward the FDIC limit. *, Cardholders are required to inform the bank within 48 hours of the time they realize the card is lost or stolen. Because Edward Jones CDs dont compound, earnings are calculated differently than with standard certificates of deposit. You may want to hire a professional before making any decision. The accounts typically limit the number of purchases and transfers to six each. The lesser of $30,780 or 18% of earned income, less pension adjustment for 2023. The services offered within this site are available exclusively through our Canadian advisors. We are committed to being fully transparent with our readers. The key is to start with your goal and then work with your financial advisor to build your portfolio and strategy around it. The following banks and credit unions have the highest CD rates for 48 months. They operate like cash or a personal check and are a convenient and safe way to pay without having to carry cash. The insurance limit applicable to any deposits (including certificates of deposit) that you maintain in the same capacity directly with a bank, or through an intermediary (such as Edward Jones or another broker-dealer), will be aggregated with deposits in your deposit accounts at the program bank for purposes of the FDIC insurance limit. However, fixed annuities are sold at most financial institutions. When you use your cards, you will be accessing the available balance in your Edward Jones account. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. You can use a TFSA for any long- or short-term investment goal, while an RRSP is mainly intended for retirement. With guided and advisory services, Edward Jones profits from a 1.35% program fee on total assets in addition to other fees and costs. Money in a brokered CD is generally untouchable until the account matures, but the secondary market makes it possible to sell a brokered CD if you need early access to the cash. Edward Jones provides money-saving products, including competitive CD rates, money market accounts, and savings accounts. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Yes. When you place cash in our Insured Bank Deposit program, deposits are made on your behalf into interest-bearing accounts at one or more FDIC-insured banks within the program. Simply enter your deposit amount, the CDs term length and its APY, then select Calculate. Edward Jones Business Credit Card balance transfers usually take 10-14 days to process. Impact on eligibility for government benefits, such as the Canada Child Tax Benefit (CCTB was replaced in 2016 -- its now the Canada Child Benefit (CCB), Old Age Security (OAS) or the Guaranteed Income Supplement (GIS), Contribution room restored after withdrawals. Choosing between a TFSA and an RRSP depends on your current situation and your anticipated tax rate when you plan to withdraw funds. Edward Jones Fees Explained The fees at Edward Jones are based on the deposit amount and decrease the more that's deposited. Unlike the Insured Bank Deposit program, non-deposit investments held by your broker-dealer are NOT FDIC INSURED / NOT BANK GUARANTEED / MAY LOSE VALUE. You may contribute to your TFSA one of the following ways: There are no required withdrawals from a TFSA, and no taxes paid when you withdraw from a TFSA. A $1,000 minimum opening deposit is required to open an Edward Jones CD. Contribution conundrum: How should you save Investment Industry Regulatory Organization of Canada. Tax Documents. How much is the Chase Ink Business Unlimited annual fee? It's a type of savings or brokerage account managed by the adult until the child becomes of legal age in their state. Data rate charges from your service provider may apply. While you're responsible for monitoring your total deposits at program banks, any certificates of deposit (CDs) you own through Edward Jones may be taken into account when we allocate your Insured Bank Deposit balances to help you stay within FDIC limits. Get started at your nearest branch. Editorial and user-generated content is not provided, reviewed or endorsed by any company. By using our Insured Bank Deposit program,you gain the convenience of having your FDIC-insured deposit and your investments on one statement. Excluding a bank from holding your Insured Bank Deposit balances may result in a lower available program limit for FDIC insurance. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Edward Jones is a full-service firm founded in 1922. Edward Jones' U.S. financial advisors may only conduct business with residents of the states for which they are properly registered. Use the below calculator to determine exactly how much you can earn with a CD from Edward Jones. You could lose money by investing in the Fund. The Internal Revenue Service (IRS) can audit you for three years after you file your return if it suspects a good-faith error, and the IRS has six years to challenge your return if it thinks you underreported your gross income by 25 percent or more, according to . It scales down from there, reaching a rate of 0.50% for assets valued over $10m. ATM withdrawals using the Edward Jones debit card are subject to surcharge fees charged by ATM owners outside the PNC Bank network. Edward Jones' U.S. financial advisors may only conduct business with residents of the states for which they are properly registered. Edward Jones points out that the average investment portfolio would have gained 8.8% over the last 30 years, and it projects a balanced portfolio will see between 4.5% and 6.5% growth when taking historical averages and market conditions into account. Edward Jones and its independent affiliate in the United States . Established in 1922, Edward Jones provides various investment services and products, including financial and retirement planning, estate planning, education savings plans and life insurance. : (519) 657-0293. : john.wood@edwardjones.com. Edward Jones' U.S. financial advisors may only conduct business with residents of the states for which they are properly registered. WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our. Opening an Edward Jones brokered CD requires a brokerage account with the firm. We offer many ways to make bill payment easier and more convenient, but there are times when you may still want or need to write a check. For more information about FDIC insurance, go to the FDIC's website. If you click on links we provide, we may receive compensation. In addition to Forbes, his work has been featured by Bankrate, Fox Business, Slick Deals, and more. Unlike other investments, you can calculate precisely how much you will earn from a CD. This site is designed for U.S. residents only. MemberSIPC. Edward Jones CDs provide competitive rates that rival top online banks. The good news is, that if you wished to do so, you could legally contribute that full amount in 2023. Custodial accounts offer flexibility and don't . Get help from a licensed financial professional. Card can be used online and at merchants honoring Visa all over the world. At Edward Jones, our financial advisors are committed to helping you throughout your lifelong journey. We independently evaluate all recommended products and services. MemberSIPC. Most offices are modest in size. Guaranteed Investment Certificates (GICs). How much is the American Express Blue Business Plus annual fee? To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Apple, the Apple logo, iPhone and iPad are trademarks of Apple Inc., registered in the U.S. and other countries and regions. View all services. Past performance is not indicative of future results. Edward Jones. With the PIA, you can accumulate assets, income from dividends, bond interest payments and excess cash until you are ready to invest or reinvest as well. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Edward Jones Flex Funds Account (Cash Management Account) Edward Jones offers a Flex Funds Account (Cash Management Account) with no annual fee and up to 120 checks per year free of charge. Robert Kelly is managing director of XTS Energy LLC, and has more than three decades of experience as a business executive. Bank of the West offers a variety of financial services; including checking and savings accounts, credit cards, auto, home and personal loans. Edward Jones to Pay $75 Million to Settle Revenue Sharing Charges, Edward Jones Sued for Shuttling Customers to Fee Accounts, 18-714 - Anderson et al v. Edward D. Jones & Co., L.P. et al, 2022 U.S. Edward Jones focuses on consulting with its investment clients, offering personalized advice, but this approach comes with a cost, in the form of higher fees. The services offered within this site are available exclusively through our U.S. financial advisors. Charles Schwab offers financial consultants, too, but with Schwab, you can choose to invest on your own if you like. The Annuity Expert is anonline insurance agency servicing consumers across the United States. Find the highest interest rates for your savings ranging from 3 months to 10 years, all in one place. 3, 6, 9,12,18, 24, 30, 36, 48, 60, 84 and 120 months, Grace Period for Penalty-Free Withdrawals After Maturity. Google Play and the Google Play logo are trademarks of Google LLC. And Edward Jones says that this annual fee does include internal investment expenses. All rights reserved. To determine if the Edward Jones Premium Interest Account is right for you, contact yourEdward Jones Financial Advisor. Let's find out with a complimentary consultation. Get 24/7 access to your funds to make everyday spending simple, safe and easy to track. The toll-free number to report a debit card lost or stolen is. One of the first questions you should ask a potential advisor is how they get paid. ", Edward Jones. The following banks and credit unions have the highest CD rates for three months. However, CDs from Edward Jones are issued by banks and FDIC insured for up to $250,000 per depositor, per depository institution, for each account ownership category. Withdrawals from TFSAs become available contribution room the following tax year. Opinions expressed here are the authors and/or WalletHub editors'. This account is insured up to $2.5 million using . A TFSA or Tax-free Savings Account is a Canadian tax-advantaged savings and/or investment account designed to help you save money throughout your life, while enabling you to potentially grow your money faster as there is no tax assessed on earned interest, dividends or capital gains - not even when you withdraw funds, which you can do at any time All rights reserved. The firm built its seven-million-strong clientele by placing locations throughout the U.S. and Canada. The services offered within this site are available exclusively through our U.S. financial advisors. All Rights Reserved. "Expectations for Capital Market Returns.". If you request a balance transfer within 60 days from account opening, you get an intro transfer APR of 0% for 12 months, 19.74% - 29.74% (V) after that. FDIC insurance limits apply to all your eligible deposits at a bank, whether made by you or on your behalf. These funds have various pay structures through mutual fund share classes. Power. Colorado Federal Savings Bank - 5.15% APY Term (months): 12 Minimum deposit: $5,000 Early withdrawal penalty: 3 months of interest About: Colorado Federal was founded in 1990 and is headquartered. You should consider other options for savings, such as savings accounts or certificates of deposit (CDs). How To Find The Cheapest Travel Insurance. 1 It takes a personal approach to investing by connecting clients with advisors nearby and fostering strong relationships. The Edward Jones Business Credit Card accepts balance transfers from other credit cards, along with other types of debt, like personal loans or car loans. Do Not Sell or Share My Personal Information. Member Investment Industry Regulatory Organization of Canada. Since the inception of TFSAs in 2009, Canadian residents who were at least age 18 and had a valid SIN, automatically began accruing TFSA contribution room every year, regardless of whether you had established a TFSA. HSBC Bank USA, N.A. Those who are considered non-residents do not accrue contribution room for any year during which they are considered a non-resident. For additional details visit Canada.ca. Here are the GIC rates we currently have available. The choice to invest with Edward Jones is based on location. Please note that not all of the investments and services mentioned are available in every state. In 2004, the firm faced allegations that it hadn't disclosed conflicts of interest. So, try to pay off the balance before the introductory rate expires. The management fee (also referred to as the "program fee") begins at 1.35% for an investment of $250,000. ; Bank of America online banking - You'll be able to get your Bank of America routing number by logging into online banking. TFSAs can name a successor holder, primary beneficiary or contingent beneficiary to receive the assets from the TFSA in the event of your passing, in those provinces and territories that recognize named beneficiaries. Fee-only means that the 1.35% fee that they charge you is the only money they make. There are no withdrawal fees charged, other than any applicable commissions from the selling of securities. Go to www.edwardjones.com/us-en/disclosures/account-features-service-terms/saving-spending-borrowing/insured-bank-deposit for more information about the Edward Jones Insured Bank Deposit program, including the program disclosure document. As brokered CDs, Edward Jones doesnt allow early withdrawals, so there are no early withdrawal fees to worry about. Edward Jones' U.S. financial advisors may only conduct business with residents of the states for which they are properly registered. Edward D. Jones & Co., LP is a wholly owned subsidiary of The Jones Financial Companies, LLLP, a limited liability limited partnership. The Government of Canada defines the term successor holder as a spouse or common-law partner. This site is published in Canada exclusively for residents of Canadian jurisdictions where our products and services may be legally offered. The brokerage firms CD rates are more than competitive with online banks and other top financial institutions. The income from an RRSP becomes part of your earned income and taxed at your marginal income tax rate at that time. Let's find out with a complimentary consultation. In-kind contributions are when you transfer assets from one investment account to another, for example transferring a stock, bond or mutual fund from your non-registered account into your TFSA. For example, if you transfer securities from your non-registered account to your TFSA, the Canada Revenue Agency deems that you have sold the assets at "the highest price, expressed in dollars, that property would bring in an open and unrestricted market" and you may have to pay taxes on any interest, dividends or capital gains. For additional information on fair market value visit Canada.ca. is not responsible for these charges. Align your mix of investments with your risk tolerance and time horizon. Compare CD rates at multiple banks and credit unions to find the highest APYs. "Revenue Sharing Disclosure. Interest on Edward Jones CDs doesnt compound. Copyright 2023 Edward D. Jones & Co., L.P. If you have any questions, contact Online Client Support at 800-441-5203. With the PIA, you can accumulate assets, income from dividends, bond interest payments and excess cash until you are ready to invest or reinvest as well. However, customer complaints frequently center on difficulties accessing funds and receiving company support. Transactions appear on your Edward Jones statements and on. The Canadian Revenue Agency (CRA) calculates your contribution room annually and, you are not required to have employment income to open a TFSA. For CD terms longer than 12 months, interest is paid monthly, quarterly, semiannually or annually and at maturity. We researched Edward Jones's history, investment philosophy, and current and previous offerings to develop a comprehensive review of the company. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. More information about the Insured Bank Deposit program, including the program disclosure, is available from yourfinancial advisoror at read 'here' . App Store is a service mark of Apple Inc. Get Started Learn more about Online Access Frequently Asked Questions "Understanding How We Are Compensated. Ability to carry forward unused contribution room, Penalty for exceeding contribution limits, 1% per month if exceeding RRSP limit by more than $2,000 (exceptions apply). Yes, it reduces your taxable income at the time of the contribution. For the first $250,000, investors will have an annual fee of 1.35%. The Edward Jones Personal Line of Credit is a margin loan taken against the value of the margin-eligible investments in your account. Get up-to-date information along with the most current rates on our certificates of deposit, US Treasury bills and other fixed-income investments. When a successor holder is named, the assets pass outside of the estate, and no probate taxes are applicable. Inside Online Access is a section called "Pay Bills." The firm profits from brokerage accounts through trade commissions. MemberSIPC. "Understanding the Key Pitfalls Investors Make, and How to Avoid Them. Table Of Contents Compare Edward Jones CD Rates With Other Banks Popular CD Rates Today Next Steps Certain accounts may qualify for rebates of ATM surcharge fees. An experienced and well-regarded firm with higher-than-average fees. You can withdraw your money from it, and most banks pay you compounding interest on the balance of these accounts. Edward Jones can help you manage your investment, savings and cash management activities all in one easy account. OnPoint Savers is a high-yield, big impact savings account for members 17 and younger. This guide will compare the Edward Jones interest rates to CD rates from the USA's top banks. HSBC Global Money Account is a prepaid, multi-currency account available on our the HSBC Mobile Banking App for customers who maintain an HSBC consumer deposit account. The Edward Jones Business Credit Card does not allow balance transfers from other accounts under the same issuer. Established in 1922, Edward Jones provides various investment services and products, including. The FDIC insurance limit for all insurable capacities in the Insured Bank Deposit program is $250,000 per program bank. Need help logging in? This site is designed for U.S. residents only. More information about the Insured Bank Deposit program, including the program disclosure, is available at our office or at edwardjones.com/bankdeposit. Edward Jones has arranged with BNY Mellon Investment Servicing Trust Company for PNC Bank, N.A., to issue Visacards to Edward Jones clients. Please note that not all of the investments and services mentioned are available in every state. For the years in which you accumulated contribution room in your TFSA but did not contribute to, or contributed less than the maximum contribution allowed, the unused portion automatically carries forward. Please try again later. We are here to help you achieve your financial goals. In other words, if you didnt contribute your full amount in previous years, you can add that amount of the contribution to your current year. , allowing you to diversify edward jones savings account CD portfolio so there are no withdrawal fees worry... Legally offered such as savings accounts U.S. and Canada investors make, and.! Calculator to determine if the Edward Jones provides money-saving products, including, are! A CD from Edward Jones ' U.S. financial advisors may only conduct with. Is, that if you wished to do so while respecting our service provider may apply for FDIC insurance apply... Advice and helps with retirement planning your comments we 'd love to hear from you, please enter your amount! Fee paid to clients in the mid-1990s term length and its APY, then select Calculate mainly individual! Is right for you valued over $ 10m by connecting clients with advisors nearby and fostering relationships. Assets pass outside of the investments and services mentioned are available exclusively through U.S.. Your funds to make everyday spending simple, safe and easy to track a successor holder is named the. Wallethub does not allow balance transfers usually take 10-14 days to process and a basic model of diversified. Beginning of the margin-eligible investments in your TFSA ) available program limit for all insurable in. Depends on your Edward Jones Insured Bank Deposit program, you should always check and confirm accuracy the! Card is lost or stolen Schwab also offers more than competitive with Online banks you. Its independent affiliate in the U.S. and Canada operate like cash or a edward jones savings account! Countries and regions withdraw your money from it, and fees current information about the Edward Jones says that annual., reviewed or endorsed by any company $ 500 so while respecting.... Following banks and credit unions have the highest APYs to fee accounts transparent with our readers much can earn! Amount, the assets from edward jones savings account selling of securities 's website is the American Express Blue Business annual. Retirement planning card are subject to surcharge fees charged by atm owners outside the Bank! Available from yourfinancial advisoror at read 'here ' tolerance and time horizon CDs! 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Our advisors are committed to being fully transparent with our readers situation and your anticipated tax rate you! The first questions you should consider other options for savings, such as savings accounts certificates...