Rates Current as of Friday February 10, 2012

« I am trying to decide whether to open a savings account or a CD. Which type of account is better?

The bank where I have my CDs says that interest on the CD account is compounding daily. If the interest earned from the CD is paid monthly, how can they say they are compounding it daily? »

My mom has a certificate of deposit that is coming due in a few weeks, but I can’t find her paperwork for it. Does the bank require the original certificate or documents to redeem the CD and the accrued interest?

For the most part a certificate of deposit isn’t really a certificate anymore. Most banks issue receipts, rather than actual certificates of deposit and the account is primarily a computer entry. All the owner normally needs to claim the deposit is proper identification to prove they are the owners of the CD account. If your bank did still issue an actual certificate or passbook for the CD they will have a procedure to claim the CD if the documents have been lost. The CD is not an instrument of value by itself.

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