Q:

What are good fixed deposit rates?

A:

Quick Answer

As of October 2015, national rates for a one-year deposit with a $1000 minimum investment hover around 1.3 percent, which is considered a reasonable rate. Fixed deposit rates depend on the amount deposited and the length of time the deposit remains. Local banks and credit unions may offer better rates.

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Full Answer

A fixed deposit is also known as a time or term deposit, and it consists of a minimum deposit that cannot be withdrawn for an agreed-upon amount of time. The advantage of a fixed deposit is higher rates than standard personal savings accounts. Fixed deposits are typically used for relatively short-term investments, but are reliable and carry a low risk.

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