Time to Snap Up a Cd or Two? ; As Interest Rates Climb, Banks Have Good Reason to Tout Certificates of Deposit.
Portland Press Herald › April 17, 2005
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Summary
Kevin Savage's bank had a small problem.
The amount of outstanding loans last year at Saco & Biddeford Savings Institution grew by 17 percent, while deposits increased by just 2 percent. So the bank's top management crunched the numbers and came up with a plan - offer a 24-month certificate of deposit that pays a 4.07 annual percentage yield.See the full content of this document
Extract
Time to Snap Up a Cd or Two? ; As Interest Rates Climb, Banks Have Good Reason to Tout Certificates of Deposit.
It's been years since banks, credit unions and other financial institutions were offering customers 4 percent or more for their money, especially for a relatively short two-year term that requires only a $500 minimum deposit.
Southern Maine residents seem to recognize that. Last month, deposits at Savage's four-bran...See the full content of this document
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