How Do You Buy Jointly Held Certificates Of Deposit From A Bank?
Most commercial banks, savings and loans, and credit unions offer certificates of deposit, which are a good choice for savers who want a safe investment. If two or more people pool their money, they may open a CD account with joint ownership. Step 1 Decide with the other person what term you want for the CD and how much you both want to invest. A longer term will mean a higher interest rate, but you’ll lock up your money longer. Step 2 Look up interest rates either in your local newspaper or online. Bankrate.com is a good source for the best rates locally and nationally. Step 3 Visit the bank where you wish to set up a jointly owned CD account, and meet with a representative. Be sure the bank’s CD accounts are covered by Federal Deposit Insurance Corp. insurance so your money is protected in case of a bank failure. Step 4 Complete the bank’s paperwork for the CD. Each of the account’s owners will need to present a valid form of identification, such as a driver’s license or passport, as
