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October 9th, 2008 (Modified on March 6th, 2009)

CDs — New Hot Spot for Cash

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In an effort to compete in a market where cash is quickly becoming the safest investment, banks are beginning to offer more competitive CD rates to attract depositors. Although the recent cut to the Fed Funds rate may lower overall CD yields, the competition for providing the highest rate is still there.

Sovereign Bank’s featured 12-month CD offers an annual percentage yield (APY) of 3.90%, while Citi offers a six-month CD with an APY of 4.00%. Wells Fargo currently offers a 7-month CD accompanied by a 3.40% APY.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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