Update 2013: As of this year, Ameriprise Financial’s 3 month deposit is yielding between just 0.10% APY and 0.30% APY depending on how large your deposit is. This is a far cry from where these rates were just a couple years ago. Currently, their highest yielding deposit product is the 5 year CD which features and APY of 1.35%.
Deposit rates in general are at historic lows and likely to remain this way until 2014 – the FED’s current time line for raising key rates. We would suggest investing in a liquid savings account until interest rates rebound.
Ameriprise Financial controls roughly $4.90 billion in deposits and services almost $1.37 billion in loans. They are FDIC insured (number 58303).
- Offer from Archive -
We just got tipped off on a fairly decent deal coming out of Ameriprise Financial over the weekend. Currently they have a 3 month online CD (certificate of deposit) yielding a very respectable 2.00% APY.
This 3 month CD is – unfortunately – only available through tomorrow (June 1, 2009).
If you are unfamiliar with Ameriprise Financial, they are one of the largest financial planning institutions in the United States. They have been in business for 110 years and represent over 2 million individuals, business and institutional clients (as of December 31, 2008) and reported $372 billion in assets owned, managed and administered.
The 3 month CD is not a common duration for CD’s, however, if you are looking for a short term investment, this may be your best bet. Often times banks, and online banks in particular, offer certificates of deposit with oddball maturity dates as promotional offers. And these products tend to come with annual percentage yields that are substantially higher than the current national average.
I have contacted Ameriprise to see if this CD is FDIC insured. I didn’t seen the standard FDIC logo on their site, so this has yet to be determined. If you have experience in opening savings accounts or deposits with Ameriprise Financial please share your experience by leaving a comment.