Certificate of Deposit

Question: What are the tax rates for a CD (Certificate Of Deposit) versus tax on interest gained on a savings account?

And what is that rate(s)?

Answer: tax rates are the same. The interest rate you get depends on the bank that is holding your money. Some pay a lot more than others. It also depends on the length of the CD…. I know that PayPal, which is not a bank at all, but a Money Market, pays toward the top end. You can search for high paying banks on line. The tax rate depends on how much other money you are earning. It is impossible to say hwat you rate is without a lot more information.

Sick of Low Interest Rates on CD’s? It’s Time to Make a Better Plan.wmv