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A brokered CD is a certificate of deposit you buy through a brokerage firm, instead of from a bank or credit union. Like traditional CDs, you choose a term length that comes with a set interest rate.
The service can place multiple millions in deposits per customer and make all of it qualify for FDIC insurance coverage. [3] [4] A customer can achieve a similar result, as far as FDIC insurance is concerned, by going to a traditional deposit broker or opening accounts directly at multiple banks (although depending on the amount this could require a lot more paperwork).
A certificate of deposit (CD) is a time deposit sold by banks, thrift institutions, and credit unions in the United States. CDs typically differ from savings accounts because the CD has a specific, fixed term before money can be withdrawn without penalty and generally higher interest rates. CDs require a minimum deposit and may offer higher ...
The list excludes the following three banks listed amongst the 100 largest by the Federal Reserve but not the Federal Financial Institutions Examination Council because they are not holding companies: Zions Bancorporation ($87 billion in assets), Cadence Bank ($48 billion in assets) and Bank OZK ($36 billion in assets).
Best CD rates today: Get ahead of the Fed's next decision with peak yields of up to 4.35% — Jan. 28, 2025
A brokered CD is a certificate of deposit you buy through a brokerage firm, instead of from a bank or credit union. Like traditional CDs, you choose a term length that comes with a set interest rate.
Bank of America's logo from 1969 to 1998 Bank of America Tower, headquarters for Bank of America's investment banking operations, seen from Bryant Park in Midtown Manhattan, in 2015 Following passage of the Bank Holding Company Act of 1956 by the U.S. Congress , [ 24 ] BankAmerica Corporation was established for the purpose of owning and ...
Key takeaways. The best big banks all had an iOS mobile app rating of at least 4.8. The absolute largest banks – based on branch locations – didn't make Bankrate's best bank list.