Top CD Rates | FDIC Increases Insurance Limit

On October 3, 2008, President Bush signed the Bail-out plan into law. Part of the package was an increase in the FDIC insurance limit to $250,000.00. At this time, however, it is only temporary. This part of the plan is set to expire on 12/31/2009.

In the meantime, as long as you keep the maturity of any new CDs before or on 12/31/09, you can increase your deposits at banks you already have funds at to a maximum of $250,000.00. Review your portfolio of CDs. Many of the current bank rates you have will still be paying a top CD rate. Go ahead and put more funds there.

If you are opening up jumbo CDs, just make sure you keep the principal and interest below the new FDIC insurance limit of $250,000.00. That way it is all insured.

Good luck and happy jumbo CD rate hunting.

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