Just plain vanilla certificates of deposit.
But, hey, vanilla is good too.
College Savings Bank has a new addition to their selection of FDIC insured products. Fixed Rate CDs with 1- and 3-year maturities are now available and can be used as a college savings tool. It should be noted that the College Savings Bank Fixed Rate CD Series is not currently offered through either of our 529 plans or other tax sheltered college savings programs. Fixed rate CDs are open to all investors, including those interested in non -529 accounts.
With the new fixed rate CDs, you'll have the safety of FDIC insurance while earning great rates. The CD are updated weekly and are competively priced.
College Savings Bank is currently offering four different CDs at fixed rates. Rates as of July 24, 2008 were as follows. Check http://www.collegesavings.com for current rates of return.
|
|
|
| 1 Year (regular)
|
3.40% |
$10,000 |
| 3 Year (regular)
|
3.75% |
$10,000 |
| 1 Year (large)
|
3.50% |
$50,000 |
| 3 Year (large)
|
3.85% |
$50,000 |
College Savings Bank fixed rate CDs will earn a fixed rate for the entire term of the CD determined at the time of opening the certificate. The rate will appear on the deposit receipt along with the annual percentage yield (APY). Interest begins to accrue on the next business day after deposits are received and interest is calculated and credited annually.
Each account holder’s principal and earned interest held in the same right and capacity with the Bank are insured by the FDIC and backed by the full faith and credit of the U.S. Government at least to a maximum aggregate amount of $100,000. FDIC insurance is just one of the many ways College Savings Bank upholds its commitment to providing the highest degree of safety for your deposits.
Along with offering a competitive APY, College Savings Bank does not charge any maintenance or fees with the fixed rate CD. It is the perfect time to take advantage of these great rates and take comfort in the FDIC insurance that comes along with your investment.
To lock in the current posted CD rate, you can open and fund your CD online at http://www.collegesavings.com/csb/vanilla.csb. If you prefer to mail in a check to fund the CD, it will be opened at the highest available rate for the term selected when your check is received.
Please mail all checks to:
College Savings Bank ?c/o fixed rate CDs ?5 Vaughn Drive, Suite 100, Princeton, NJ 08540 or call a College Savings Bank Adviser at 1-800-888-2723 for more information.