Earn More Interest With Brokered CDs
Convenience is one big plus for brokered CDs. Rather than calling various banks around town or across the country, you can choose from a menu of hundreds of CDs with a wide range of yields and maturities. With one brokerage account, you can buy brokered CDs from more than one bank, says Mark Byelich, principal with Attleboro Wealth Management in Yardley, Pennsylvania.
One caution: Check to see whether the brokered CD you are considering is callable or not. Callable means the bank can call back the brokered CD before it reaches its original maturity date. More and more brokered CDs are callable, says Ken Tumin, senior industry analyst at LendingTree and founder of Deposit Accounts by LendingTree.