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I Am a Foreign National — What Should I Do With My 401(k)?

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Thanasis Konstantinidis didn’t know what a 401(k) was when he got his first job in the United States almost four years ago. He just thought the term sounded a bit strange.

The 34-year-old software engineer from Greece eventually learned the basics of the classic American retirement investment account. But it didn’t exactly seem like the wisest move. He was granted a temporary work visa for three years. If at the end of three years he wasn’t granted permanent residency in his host country, there was a chance he would have to leave the country all together.

“My future was very uncertain at the time, and I wasn’t sure if I’d stay in the U.S.,” Konstantinidis told MagnifyMoney.

In 2016, there were 27 million foreign-born workers in the U.S., according to the Bureau of Labor Statistics. These workers made up nearly 17 percent of the American labor force that year, up from 13.3 percent in 2000.

Many non-native workers in the U.S. are young professionals hired by firms seeking workers with highly valued skills. In 2016, more than 870,000 foreign nationals were granted the most common temporary work visas. The U.S. has also seen a dramatic increase in the number of international students at colleges and universities in the past decade. After graduation, these students are often eligible for visas that allow them to pursue jobs in the U.S.

It is tricky enough for the average millennial to think about the future. The temporary immigration status of foreign nationals and the fact they may travel between countries in the future add additional layers of complication when it comes to retirement planning. How can they make long-term financial plans when they aren’t sure if they’ll be able to continue working in the U.S.?

In this article, we answered typical questions foreign nationals may have about 401(k)s as they pursue careers in the U.S.

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Should foreign nationals contribute to a 401(k)?

The answer here may seem intuitive to those who, like Konstantinidis, think they will only stay in the U.S. for a few years. Tying up their funds in a 401(k) in a country they may be leaving soon might seem unwise. And by choosing not to participate in a 401(k) plan, they may have more cash available for their immediate needs.

In truth, there are pros and cons depending on a few factors, so you have to ask yourself a few questions first:

Do you view this 401(k) as part of a long-term investment plan or only as a short-term savings account?

When you are young and start saving early, you have a huge advantage on your side — time.

“Most of those folks who are here on a temporary visa tend to be young,” said Chris Chen, a Waltham, Mass.-based wealth strategist at Insight Financial Strategists. “They happen to be able to take the advantage of the power of compounding. That is truly a gift that you can’t get when you are older.”

It’s also an opportunity to invest in the U.S. market, which is among the strongest economies in the world and has a relatively mature and stable market with lower fund fees than many other countries.

Are you a high earner, which would increase the tax benefit of opening a 401(k)?

Another immediate and major benefit that you would lose is the tax advantage. Especially for those high-income earners, you are saving money by not paying taxes now, and when you withdraw the money at retirement, you will pay fewer taxes because ideally, you will be in a lower income bracket.

Is there an incentive to contribute to your 401(k), like a company match?

If your employer offers a match, you would be walking away from additional income if you fail to contribute. Many U.S. employers offer to match up to a certain percentage of employee 401(k) contributions.

For example, an employer may offer to match up to 3 percent of the employee’s contribution.

Let’s say you make $60,000 a year and contribute 6 percent (or $3,600) into a 401(k) for the year. Your company would match up to three percent (or $1,800) of that contribution. This means you would only contribute $3,600 to your 401(k) but end up with $5,400 thanks to the match.

“They would be leaving money on the table by giving up on the match,” said Chris Chen.

How certain are you about returning to your home country in the near future?

It may not feel like your odds of needing a U.S.-based retirement fund are certain, especially if your circumstances are anything like those of Konstantinidis.

However, Chris Chen argues that an international worker’s future isn’t all that uncertain. In fact, if anything is certain at all, it’s the fact that they will likely retire at some point.

“Whether it is India or China or Europe, when you go back to your country, you are going to have to use the tools available there for retirement,” he said. “And in the meantime, you will still have an extra little [retirement fund] out there in the U.S.”

If you were to leave the U.S., you have several options on managing your U.S.-based savings, some of which will require some administrative hassle. We’ll cover these options later.

Furthermore, your plans may change. You might have planned to stay in the U.S. for just two years, but you may end up staying longer. In that case, it could be wise to start saving for retirement early.

Can your 401(k) help with non-retirement goals?

Hui-chin Chen, a financial planner with Arlington, Va.-based Pavlov Financial Planning, who works with foreign nationals in their 20s to 40s, told MagnifyMoney some have other plans for their 401(k) than just retirement.

Many of her clients stayed in the U.S. for jobs after completing their college or graduate studies here. Although some eventually left the country, they still wanted their children to have the same study abroad experience. So they considered their 401(k) an education fund.

“They think, ‘Okay, I can leave some money in the U.S. I don’t care about taking it with me,” Chen explained. “‘And if I leave the money in the U.S., I might as well get some tax benefits. I can wait until I am older and I can take that money out to pay for their college.’”

Just keep in mind that if you try to tap your 401(k) for funds before you turn 59 1/2, you will likely face early withdrawal penalties and could be hit with income taxes.

The disadvantages of contributing to a 401(k)

While financial planners encourage foreign nationals to invest in their 401(k) in general, they would advise against the idea in some cases.

For those who are certain that they are just staying in the U.S. for a very short time, are in a relatively low tax bracket, and don’t see 401(k) as a long-term savings plan, experts suggest they open a taxable account — like a brokerage or savings account — or send money back home if they have better investment choices over there.

But do take note that you are a considered a U.S. resident from the tax perspective as long as you live in this country. This means if you invest outside the U.S., your income from those investments are still subject to U.S. taxes.

The tax benefits could justify the administrative hassle for those who have worked in the U.S. for a long time and have a big 401(k) balance. That’s because they are able to save a potentially significant sum of money without paying taxes upfront. And when they withdraw those funds later, they will likely be at a lower tax bracket and, hence, enjoy big tax savings.

For international workers whose stay in the U.S. is shorter, however, that tax benefit doesn’t necessarily pack the same punch, especially if their account has a smaller balance.

“It’s OK if [your 401(k) is worth] $200,000. If it’s $18,000, the benefit is offset,” said Andrew Fisher, president of Worldview Wealth Advisors, a financial advisory firm that specializes in working with cross-border individuals with U.S. connections.

How much should I invest and where do I invest?

If you’ve decided to open a 401(k) with a U.S. company, the next challenge is figuring out how much to save and where to save it.

The answer to the first question — how much to save — is simple if your company offers a match.

Sirui Hua, 26, a producer with a New York-based digital media company, told MagnifyMoney that he saves 4 percent of his income in his 401(k). His employer offered to match up to 4 percent of his income and he didn’t want to give that up.

“If I don’t save the money now, I’d have nothing when I go back,” Hua said. “At least I would have a little something one day I go home.”

Hua, originally from China, was recently approved for his work visa by his employer, which allows him to continue working in the U.S. for up to six years. Knowing that he has a full six years of stable work ahead of him, he is planning to increase his 401(k) contribution. He’s still not sure if he’ll use it as a retirement account if he returns home to China, but he would rather take the opportunity while he has it.

At least contribute enough to capture the full match. From there, consider increasing your contribution based on your other financial goals.

Depending on your personal goals and future plans, contribute more if you are able to. Just remember the legal contribution limit for 401(k)s is $19,500 in 2020.

It may also make sense to save cash in a standard savings account so that you can access money in an emergency. Remember, early 401(k) withdrawals come with potential tax penalties.

What do I do with my 401(k) if I leave the country?

This is the question that has deterred many foreign workers from investing in their 401(k) accounts.

There are basically two solutions: You can either leave it in the U.S. or take the money out and deal with the tax and early withdrawal penalties — and the potential hassle of getting a U.S.-based bank to transfer funds to an international account.

Leaving your 401(k) in the U.S.

You can leave your 401(k) with your employer’s plan administrator or you can roll it over into an IRA.

In general, pros recommend that you do not cash out your 401(k) before age 59 1/2 (to avoid penalty) if you don’t have to. Keeping your 401(k) is the easiest solution.

“It’s less likely that [the plan providers] will say, ‘We have to close your account,’” Hui-chin Chen said. ”Because as long as you are still a plan participant, they cannot kick you out unless there is plan provision specifying it.”

That being said, you will want to check in every now and then to be sure your investments are properly allocated based on your needs. Hui-chin Chen notes that companies may offer good low-cost index funds with balanced asset allocations for employees. However, it’s important to be sure your investments are well-balanced and you’re not taking on more risk than is suitable for your age and goals.

You can keep your 401(k) with most plan providers even after you leave the company, she added. However, there are exceptions. Check with your HR department and read the details in your plan documents to find out specific plan rules.

Rolling it over into a traditional IRA

Another option for workers who leave the country is to roll the funds into a traditional IRA (Individual Retirement Account) that you can control yourself. Just like a 401(k), you may be able to defer paying taxes on money contributed to an IRA.

A major difference between an IRA and a 401(k) is that you are limited to a total annual contribution of $6,000 ($7,000 for those over age 50) with the IRA. But an IRA may potentially offer a wider variety of investment choices than a typical employer-sponsored 401(k).

The challenge with opening an IRA for foreign nationals is that not many plan providers work with people with foreign mailing addresses because they are seen as a potential risk, experts said. You should check with brokerage firms to see whether they will hold accounts for people with international addresses.

The advantages of keeping your 401(k) in the U.S.

Potential tax benefits

When you withdraw your 401(k) funds from a U.S.-based account, it’s likely that your home country will not treat it as taxable income.

Tax laws in different countries vary. There is a grey area whether other countries respect the tax benefits of the U.S.-based 401(k) or IRA.

Fisher of Worldview Wealth Advisors explains that in his experience, most countries have not expressly accepted or denied the tax-deferred status of funds held in a 401(k) or IRA, but most foreign tax preparers are treating it as such. In other words, you may continue to enjoy a tax-free growth investment vehicle even if you move overseas. But you want to check your country’s tax laws to make sure this is the case.

The magic of compounding

Before you take this road, remember you could face a 10% early withdrawal penalty plus a hefty income tax bill.

If you’re a younger worker, you’re also missing out on potentially decades’ worth of growth that you might enjoy if you leave your funds where they are.

Let’s say you save $18,000 in a 401(k) over your time working in the U.S. It might seem like peanuts to you. But consider this: If you never contribute another penny to the account, you could grow that savings to over $317,000 over the next 40 years (assuming an average annual return of 7.2%).

“It’s no longer peanuts,” said Chris Chen. “When you take [the money] out, think of that $18,000, what are you going to do with it? People often do that without much savings, so they will end up spending it.”

Cashing out your 401(k)

If you don’t want to leave the money in the U.S. to invest for the long run, there are more tax complications and administrative hassle to contend with.

You’re allowed to withdraw the money from your 401(k) when you leave the country, experts say. The amount you withdraw will count as taxable income unless you’re 59 1/2 or older. You’ll also face a 10 percent penalty.

You have to notify your plan provider when you leave that you are no longer a U.S. tax resident. The provider most likely will withhold taxes on the money withdrawn, and you will have to file a U.S. tax return for that income the following year, Hui-chin Chen said.

If you want to save money on taxes, Hui-chin Chen suggests you wait until the year after you leave or even later to take the funds out. When your U.S. income becomes just the amount of money you withdraw from your 401(k), you may be put in a lower tax rate than when you had full employment income in the U.S., Hui-chin Chen said.

But note that you need a bank account to receive the distribution, and not every provider may be willing to mail a check to an overseas address. It is likely that you probably have to keep a checking account open in the U.S., which is also easier said than done — banks don’t like clients with foreign addresses, either, Hui-chin Chen said.

“In the grand scheme of things, [for] most people, if they don’t stay in the U.S. for the long term, taking the money with them is probably not that difficult the year they leave or the year after they leave when they still have some leverage with the bank,” she said.

If you have a sizeable 401(k), taking a small distribution each year to pay zero-to-minimum amount of taxes is doable, experts say. But then you are facing far more complicated ongoing maintenance, which includes filing taxes every year, and keeping a U.S. bank account and address live. You may also be subject to some state taxes depending on your resident country, Fisher said.

Although Konstantinidis didn’t contribute to his previous 401(k) plan, his employer invested 3 percent of his income in a 401(k) for him for free. Konstantinidis, who lived through nearly a decade of financial crisis in Greece, is ultimately skeptical about the stock market.

Now, the self-acclaimed “paranoid” computer scientist is considering contributing 3 percent of his income to the 401(k) with his current employer as he awaits his green card — he is settling down.

“I’ve actually seen my 401(k) go up,” he said. “That’s really impressive. Now I am convinced.”

401(k) Frequently Asked Questions

401(k) is the name of an account U.S. workers can use to save for retirement through their employer. The name 401(k) comes from the section of the U.S. tax code that it was derived from in the 1980s.

The traditional 401(k) allows workers to set aside part of their pre-tax income to save for retirement. It’s up to the individual to decide how much to save. Even if you are not an American citizen, you are eligible to participate in a 401(k) plan, experts say.

There is also a Roth 401(k) option, which is becoming increasingly common. With a Roth 401(k) you would contribute funds and pay taxes on them right away, with the ability to withdraw funds in retirement tax-free.

When an employee signs up for a 401(k) plan, they’re typically given a choice of different investments, such as mutual funds, stocks, or bonds. The benefit of a 401(k) is that you not only avoid paying income taxes on your savings now but you’ll have a source of additional income later when you are ready to retire.

The legal maximum amount you can save in your 401(k) is $19,500 in 2020.

Employers may offer to match employees’ contributions up to a certain percentage.

For example, an employer may offer to match up to 3 percent of the employee’s contribution. Say you make $60,000 a year and contribute six percent (or $3,600) into a 401(k) for the year.Your company would match up to three percent (or $1,800) of that contribution. This means you would only contribute $3,600 to your 401(k) but end up with $5,400 thanks to the match.

Some employers may vest your match immediately. That means as soon as they contribute to your 401(k) the funds belong to you. However, others may have a vesting schedule, which is a set timeline that dictates how long it takes for you to own the money your employer contributes.

Generally speaking, you can start taking money out of your 401(k) account when you reach age 59 1/2. There are ways to tap into your 401(k) sooner, but you’ll face an additional 10 percent early withdrawal penalty and you could owe income taxes on the amount withdrawn.

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Strategies to Save

A Guide to Keeping Cash at Home

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Man with cash in hand that he's keeping at home

Most people are used to keeping cash at home for emergency situations. But how much cash is too much, and where you should you keep cash at home that’s safe?

Unexpected expenses can pop up in all kinds of ways: A car repair or a medical bill can catch you off guard, you might need money to help out a friend or relative. The best way to be prepared for life’s unexpected developments is to have an emergency fund that can cover your basic financial needs for three-to-six months. It’s typically advised that you stash your emergency funds in a liquid, high-yield savings account.

But for many people, keeping cash at home provides them with the peace of mind that comes with being prepared for emergency situations. How much should you keep on hand? The average daily amount of cash Americans held was $59 per person, according to the 2018 Diary of Consumer Payment Choice compiled by the Federal Reserve.

In this guide, we’ll explain how much cash to keep at home and how to keep your physical money safely.

Why do people keep cash at home?

For most people, keeping cash at home is a basic necessity, for multiple reasons. Cash is most convenient for small-dollar payments or purchases. Almost 87% of Americans use physical money for transactions valued under $25, according to the 2018 Diary of Consumer Payment Choice.

Some people like to keep a portion of their emergency funds at home, just in case. They feel secure when they know they have cash on hand for when natural disasters hit, the power goes out and you aren’t able to withdraw money from ATMs or banks.

For some people, privacy concerns are a reason to keep lots of cash on hand, including at home. Credit card companies and businesses can track what you buy, how much you spent on your purchase and where you made the purchase with credit cards. Some people would like to keep some purchases completely private. The only way to avoid leaving a digital trace is to use cash.

How to safely keep cash at home

If you keep physical money at home, safety is your first and foremost concern. FBI data show that there were more than 1.4 million burglaries in 2017, nearly 70% of which occurred at residential properties. Victims suffered a total of $3.4 billion in property losses.

Ken Tumin, founder and editor of, which along with MagnifyMoney, is a LendingTree-owned site, suggests you only keep at home the maximum amount that could be useful during natural disasters when power is cut off and ATMs are down.

“I would say having between $300 and $1,000 of cash at home can be useful for unexpected expenses that require cash or times of natural disaster,” Tumin said.

A staff member at Frontpoint, a Virginia-based home-security system company, suggested that having a heavy safe that’s not easy to move is a good option to keep cash safe at home. For more peace of mind, Tumin suggests, the best place to store physical money is a fireproof safe that’s attached to the foundation of the house.

Break-ins are not your only concern. In general, you should save money in places not prone to burglary, fire or flood, or discovery from people coming and going. If you don’t have a safe, stash your cash in fireproof or waterproof containers that can be locked.

Where you shouldn’t keep cash at home

Burglars are usually in and out of properties quickly during a break-in. Be sure to hide your physical money in places that are out of plain sight or not easily reachable, such as your attic or deep in the back of a closet.

The mattress is certainly not a safe spot to store cash. According to market research firm Edelman Intelligence, about 1 in 10 older Americans report hiding cash in their homes, including under the mattress. If the mattress is a known place where people keep their cash, the burglar is likely informed about the secret.

While It makes sense to hide cash in spots where burglars wouldn’t think to look, Tumin advised you avoid locations too obscure. “You might forget where you stashed your cash,” Tumin said. “Also, it may be very difficult for your family to find if you die or become incapacitated.”

Keep extra cash at the bank, not at home

Here’s a final piece of advice: Keep most of your money in an interest-earning checking account or savings account. Sure, it’s not bad to stash money at home, and keeping the right amount of cash on hand is necessary. But letting money loaf around your house means you’re missing out on the interest you could be earning at the bank.

A better place for your excessive cash would be a liquid deposit account that can accrue interest over time. After all, you probably will not touch your emergency fund frequently. The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 of each person’s money deposited per account, per bank. There is a slew of online banks that are FDIC-insured and offer higher interest rates on checking and savings accounts than those of brick-and-mortar banks.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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The Ultimate Guide to Brokered CDs

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You may have noticed that brokered certificates of deposit (brokered CDs) are offered as an investing option by your wealth advisor or online investing platform. You may also be enticed by the better interest rates offered by brokered CDs, while also wondering about the extra fees charged for them. What gives?

Like traditional CDs, brokered CDs are interest-bearing accounts that have a set term and yield. But instead of depositing money in a bank’s CD, you purchase brokered CDs through a middleman — your stock broker or financial advisor. These middlemen buy CDs in bulk from banks, negotiate higher rates, and charge extra fees.

Taken together, these factors make investing in the brokered option a different experience than depositing money in traditional CDs. Let’s take a look at the differences and help you understand when buying a brokered CD may give you an investing advantage.

What is a brokered CD?

Think of these CDs as investment products that are more like stocks, bonds or mutual funds than a bank deposit account. They are called “brokered” CDs because investment funds and brokerages purchase CDs from banks, credit unions and thrift institutions, and then resell them to you.

When middlemen buy CDs from banks, they shop around for their best rates and purchase from different sources. In addition, they buy in CDs in bulk. Taken together, these factors let them offer their customers more competitive rates — and some other key advantages — but it’s also why they charge fees for that extra convenience and yield.

Brokered accounts generally credit you with simple interest rates rather than compounding interest. Holders of the brokered option normally get paid simple interest monthly, quarterly, semi-annually or annually. Simple interest is calculated only on the principle you deposit in your brokered CD account. If you invest $10,000 at an interest of 3%, you will earn $300 in interest at the end of the year, and there will be no compounding of that interest at given intervals.

Bank CDs must be held to maturity, and if you withdraw your money early, you’re charged a penalty. Holders of brokered CDs can resell them on the secondary market before maturity. Like with other fixed-income investments, the market value of these CDs fluctuates as interest rates rise and fall. If interest rates are higher, holders will see a net loss if they sell early, but then again they can end up with a net profit if rates fall.

Like traditional CDs, brokered CDs are covered by FDIC insurance up to $250,000 per account, per institution. This gives them a huge advantage over speculative investments: You’re guaranteed to get your money back. If you’d like to invest more than $250,000 and maintain FDIC insurance, you can distribute your money among different brokered CD issues sold by the same middleman, as long as you keep each deposit under the $250,000 FDIC limit per bank.

Who buys brokered CDs?

The conventional wisdom is that individual savers tend to buy traditional CDs, while bigger institutional investors tend to buy the brokered option, with the former investing smaller amounts and the latter moving large amounts of money in and out of these brokered accounts as broader markets rise and fall.

But Ken Tumin, founder and editor of, another LendingTree-owned site, said that individual investors have more and more options for buying brokered CDs.

“For example, at Fidelity, brokered CDs can be purchased with a minimum deposit of $1,000,” Tumin said. “There are actually lots of advantages for investors to use brokered CDs instead of direct CDs, especially inside IRAs.”

Many experienced investors say that buying these CDs via online investment platforms simplifies the process of managing their CD investments, especially redeploying balances once the CDs mature. Handled properly, it can be a more convenient strategy than opening traditional CD account that are separate from your online brokerage account.

Benefits of brokered CDs

  • Simpler access to a wider variety of CDs. If you choose to buy new-issue CDs directly from banks, it can be complicated to compare and evaluate offers from different institutions. If you purchase these CDs through a middleman, you can quickly and easily select CDs of different terms from a variety of issuers in different states.
  • You don’t have to pay an early-withdraw fee if you sell your brokered CD early. You would have to lose some interest earnings with a traditional CD if you withdraw your funds prematurely. But the brokered option can be sold before maturity on the secondary market.
  • Brokered CDs may bear higher rates. Rates on these brokered accounts are often more sensitive to ups and downs of Treasury yields than traditional CDs are. When Treasury yields are rising, the rates offered on the brokered accounts are higher than those for traditional CDs of like maturity. But there’s no guarantee.

Risks with brokered CDs

  • You may lose money from selling your brokered CD prior to maturity. In an ideal situation, you want to keep your CD, brokered or traditional, until maturity. But if you have to sell your brokered CD before maturity in a rising interest environment, the demand for these CDs falls on the secondary market, and so you may have to sell your CD for less than you paid.
  • Some brokered CDs are callable. This means the bank has the option to “call”, or redeem it prior to maturity at a given price, as stated in the CD contract’s terms. If rates slide after you buy your CD, then the bank will exercise the call option. And then you may have to reinvest the money at a lower rate if you want to invest in a fixed-income instrument.
  • Suspiciously high rates may be a scam. Unscrupulous brokers of advertising above-market CD rates to attract people. Never fall for high rates without doing research on the broker, you can be exposed to the risk of losing money to fraud.

Brokered CDs vs. traditional CDs

All CDs are issued by banks. You purchase traditional CDs from banks directly. But the brokered accounts are purchased by brokerages in bulk from one bank and then resell them to retail investors.


Brokered CDs

Traditional CDs





Simple interest

Compounding interest





Intermediary fee

Early withdrawal fee

For traditional CDs, interest is calculated on a compounded basis, while simple interest is applied to brokered CDs. If you deposit the same amount of money for the same period of time, in general, you will earn more in interest if it’s calculated on a compounded basis than if it’s simple interest.

The brokered options are more complicated and riskier than traditional CDs. The brokered accounts are more sensitive to market interest rates. You may lose money if you sell your CD before it matures because the value can slump due to rising interest rates, and longer maturities have higher interest rate risk.

You can incur early withdrawal penalties if you choose to close a traditional CD prior to maturity. In general, the longer the CD term, the bigger the early withdrawal penalty you may have to pay.

If you buy a CD through a middleman, such as a brokerage or your financial advisor, you may have to pay a fee, and there also is a transaction fee when you sell your CD. Sometimes the costs are worth it if they provide you with CDs that bear higher interest than that of traditional CDs. But that’s not always the case.

It makes sense to buy a brokered account when the interest is greater than the yield on Treasury bonds with a similar duration. In addition, unlike traditional bank CDs that pay your interest at maturity, some brokered accounts offer the flexibility of periodic payments. You can be paid monthly, quarterly, annually, or at maturity.

Making the right CD choice

Compare rates for traditional CDs and brokered CDs. In general, you go for the most competitive rates possible. But you should also factor in the minimum deposit, the payment period and potential costs associated with each CD.

If you are more of a risk taker who prefers the flexibility of closing a CD at any time, then the brokered option is for you. Likewise, if you have lots of money to invest in a deposit account and don’t want to be subject to the $250,000 FDIC-insured limit, the brokered option is the way to go.

But if you plan to invest your funds for a long term and don’t want to handle the complexity and risk associated with a brokered CD, then you will be better off with a traditional CD.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.