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5 Best One-year Jumbo CD Rates of 2022

5 Best One-year Jumbo CD Rates of 2022

A certificate of deposit, commonly referred to as a CD, is a financial product offered by banks and credit unions. When individuals purchase a CD, they agree to leave a certain amount of money on deposit at the financial institution for a certain period. Typically, a CD is referred to as “jumbo” when it requires a higher minimum deposit. Today, many banks and credit unions offer attractive interest rates on one-year jumbo CDs.

Credit One Bank
Credit One Bank is a technology and data-driven financial services company that has been around since 1984. It has only one physical office in the country but offers CDs and credit cards to online customers. Credit One Bank’s 1-year jumbo CD has an annual percentage yield (APY) rate of 1.85%, which is currently the highest on the market. The minimum deposit amount is $100,000. The financial institution charges 90 days of interest as an “early withdrawal penalty” to customers who withdraw money before maturity. Every CD offered by Credit One Bank is Federal Deposit Insurance Corporation (FDIC) insured up to the maximum amount allowed by law ($250,000.) The bank enables customers to manage their CDs via their website or mobile app and offers a Loyalty Rate increment of 0.05% when customers renew their CDs.

Luana Savings Bank
Founded in 1908, Luana Savings Bank is a well-known agricultural lender operating in six locations. The bank also offers a wide range of personal banking options, such as CDs, home loans, auto loans, and more. Its 1-year jumbo CD is FDIC-insured and comes with an APY of 1.56%, one of the best CD rates on the market. To open a jumbo CD account with Luana Savings Bank, customers must deposit a minimum of $100,000. The bank charges a certain fee if customers tap into their CDs before the maturity date.

Latino Community Credit Union
Latino Community Credit Union has been in operation for more than two decades. It provides a wide variety of financial products and services, from term certificates to credit cards to personal loans. The credit union has a total of 14 branches and more than 90,000 members. It offers a one-year jumbo CD at the rate of 1.50% for a minimum deposit of $100,000. All CDs are federally insured for up to $250,000. The bank charges fees for early withdrawals, so one must ensure they have sufficient funds at their disposal before purchasing a CD.

Navy Federal Credit Union
Established in 1933, Navy Federal Credit Union is the world’s largest credit union with more than 11 million members. Military veterans and those actively serving in the military, Department of Defense, or National Guard, and their families, can become members of the credit union. The credit union offers CDs, both regular and jumbo, ranging from 3 months to 7 years in term length. A 1-year jumbo CD from Navy Federal Credit Union has an APY of 0.75% on a minimum deposit of $100,000. People who withdraw early from certificate accounts will incur a fixed penalty.

Consumers Credit Union
Consumers Credit Union has been providing financial services to its clients since 1951. Today, it has more than 178,000 members and over $2.8 billion in assets. Its 1-year jumbo CD comes with an APY rate of 0.70% and requires a minimum deposit of $100,000. CDs offered by the credit union are federally insured by the National Credit Union Administration (NCUA.) The credit union allows customers to manage their CDs through their website or mobile app available on the App Store and Play Store. Like all financial institutions, Consumers Credit Union may impose a penalty for early withdrawals from CDs.

What is a jumbo CD?
A jumbo CD is like a regular CD but requires a higher minimum deposit. There’s no set standard for how high or low the minimum deposit should be, but most banks and credit unions require CD buyers to deposit $50,000 to $100,000 to open a jumbo CD. Many people believe that jumbo CDs always have higher APY rates than regular or traditional CDs, but that’s not so. Sometimes, opening a regular CD and putting a large deposit into it is a more lucrative option, so it’s important to carefully compare various CDs from different financial institutions before choosing one.

How to choose the best 1-year jumbo CD rates?
Consider these factors when determining the right jumbo CD for one year:

APY
Annual percentage yield or APY  is the most important factor when shopping for a CD. Shortlist banks that offer the best interest rate or APY for the one-year term. As mentioned earlier, not every “jumbo” CD has higher interest rates, so check out the non-jumbo CD from the same financial institution.

Minimum deposit requirement
Don’t have $100,000 to stock away in a CD? Look for banks or credit unions that allow customers to open jumbo CD accounts with lower minimum deposits.

Safety
While CDs are amongst the lowest-risk investments, it’s still important to pick a financial institution that is insured by the FDIC or NCUA. This way, an individual’s money would be insured for up to $250,000, leading to safety in an unforeseen financial situation.

Early withdrawal penalty fee
If CD buyers, whether jumbo or regular, access their money before the term ends, they usually get hit with an early withdrawal penalty. The penalty fee varies depending on the financial institution, but it’s often the total interest earned through the period. If the early withdrawal fee is high, individuals may hardly make any profit if they touch their CD savings before the maturity date.

Compounding method
Different financial institutions have different compounding schedules for their CDs. If the CD compounds more often, the savings grow at a faster rate. Therefore, one must prefer CDs that compound daily rather than monthly.

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Top 4 Car Insurance Companies for Seniors

Car insurance is mandatory for all drivers, and while senior citizens may not get behind the wheel as often as they used to, auto insurance for them too is a mandate. Insurance companies offer special discounts, tailored policies, and perks for senior drivers who might not want to use their car often. Mature drivers can compare and choose best priced car insurance plans from insurance companies that offer them. Best car insurance for seniors  These four companies offer the best combination of affordable premiums, senior-specific discounts, and exclusive policies to save money on car insurance. Nationwide® Nationwide® car insurance rates are 21% lower than the national average for drivers over 60. For a cheaper premium, the insurance company pays for all liabilities related to bodily injury, personal injury, property damage, uninsured/underinsured motorist protection, treatments, and comprehensive collision coverage. Nationwide® also ensures quality customer service, a grievance-free claims handling process, and ranks among the top vendors for customer loyalty. One of the company's key highlights is the SmartMiles program beneficial for senior drivers with limited mileage after retirement. The yearly car insurance premiums are calculated based on the total number of miles driven with SmartMiles. This policy, available in 40 states, is suitable for seniors who commute less than 12,000 miles per year and can still afford to pay for car insurance after retirement. Overall, the estimated savings with Nationwide® can go upwards of $400 each year, given seniors meet all the driving criteria specified by the company. GEICO Due to competitively lower rates, GEICO ranks among the popular picks in best car insurance for seniors. Drivers between the ages of 65 and 85 can benefit exclusively from additional discounts. One of the key highlights of the policy is the guaranteed renewal program. Policyholders aged 50 and above qualify for the renewal program and may avail of the Prime Time contract features. For this contract, the company specifies that policyholders cannot have any operators/drivers below 25 for the insured vehicle. They should not have been involved in violations or accidents in the three years prior to application with GEICO. But this contract is currently available in only 30 states. Policies also cover accident forgiveness and feature innovative usage-based insurance for good drivers with a clean driving record. GEICO offers exclusive discounts for careful driving habits, retired government & military personnel, and owners with multiple vehicles using the same policy. State Farm® State Farm® is a more lenient option for commuters who may not have a clean driving record. Key highlights of the insurance include a usage-based policy and decent rates for drivers with DUI (driving under the influence) violations. Senior drivers with prior speeding records or driving offenses can also benefit from better rates for insurance premiums. Policyholders earn exclusive discounts and rewards with the company’s patented Drive Safe & Save™ program. Download the app and let the company actively monitor driving and overall performance. Those who match the criteria can save up to 30% on auto insurance rates for the year. Senior drivers with good credit enjoy excellent policy renewal scores and pay 22%-24% less insurance premiums than the national average. State Farm® operates in all 50 states, making it one of the best car insurance for seniors. Allstate® Seniors can save a lot on the best-priced car insurance policies with Allstate®. The company is the fourth largest auto insurance provider in the business. Allstate® also ranks among the best for customer service and claims handling processes. One of the key highlights is the pay-per-mile insurance policy that allows seniors to get affordable rates as per the number of miles driven in a year. The Drivewise® program monitors daily driving habits and provides the insurance company with on-time updates. Also, seniors with the best driving score and a good driving record can avail of low premiums. Allstate® offers addons, including accident forgiveness that prevents a premium increase and features loan or lease gap insurance. It also has an exclusive app that lets all policyholders review their profile, make payments, and monitor insurance status on the go. How to choose from the best car insurance for seniors Since most insurance companies offer various senior discounts and special deals to lower the premium rates, it can be challenging to make a choice. So here we've listed a few things you can consider to make the right choice and get competitive rates. Update driver status online After retirement, seniors should update their status from regular commuters to driving only for leisure. Insurance companies offer unique low-mileage plans or pay-per-mile policies for seniors who drive a limited number of miles in any given year. This detail can be updated while requesting quotes online. Learn defensive driving Some states, by mandate, require seniors to learn defensive driving. Drivers over the age of 50 can benefit from lowered premium rates and enjoy exclusive discounts on the quotes for qualifying for this eligibility criterion. Seniors can consider courses offered by AAA and AARP and spend no more than $20 for the short refresher course. Maintain a proper driving record The number of traffic violations and even accidents determines how much of an insurance risk seniors pose. Having a clean record with minimal infractions increases the chances of getting affordable premiums. Those who have multiple priors should alternatively consider applying to insurance companies that offer policies for average drivers. Compare multiple insurance companies Seniors must compare premium rates and check available discounts across top insurance providers in the country. It may so happen that a company may offer reasonable rates but no special discounts for seniors. Understand that insurance quotes are subject to changes deemed fit and necessary by the insurance provider. Please check and read all contract terms before giving any consent.

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4 Tips to Choose a Burial Insurance Plan

While saving for retirement is essential, buying funeral insurance can also help. It covers the costs associated with a funeral, burial, and other end-of-life expenses. However, finding a suitable policy can be overwhelming. It requires understanding a few unique concepts and comparing several terms and conditions. Further, there are different policy types to choose from, which can be confusing. But following the right tips can help you select the best funeral insurance plan. Estimate your final expenses According to the National Funeral Directors Association, the median funeral and burial cost is $9,420. Apart from that, other expenses like pending hospital bills, legal fees, and credit card bills need to be taken care of when a person passes away. These are called "final expenses." The question is, will your dependents have sufficient funds available for these? It is best to consult a financial advisor if you are unsure of leaving behind enough money. If you have sufficient funds, decide whether you want to save them for the funeral or buy insurance. Most people get insurance as they do not wish to deplete the savings they leave behind for their loved ones. Choose a suitable type of funeral insurance After deciding to get insurance, learn about the types of plans available. There are many options, but the primary ones are discussed below: Preneed insurance Also called prepaid burial insurance, you can purchase the policy from a funeral home by paying a lump sum or monthly installments. It is like a prepaid contract, where you finalize the arrangements with the chosen funeral home in advance. Then the payout goes directly to them to cover your end-of-life expenses when the time comes. There is no death benefit, which means dependents do not get any amount. Final expense insurance People buy this policy from an insurance company. It includes a death benefit, so the payout goes to the family or beneficiaries instead of a funeral home. However, they have to make all the arrangements themselves for the burial service. Besides funeral-related costs, beneficiaries can use the payout to repay debts and meet other final expenses. It is best to choose a final expense plan with no waiting period because it can sometimes take two years or longer before the benefits come into effect. Also, check if a health exam is required to qualify. While most providers have physical exams, some only ask questions regarding the policyholder's health. However, they come with high premiums. Plans that have a level premium, or premiums that do not change for the entire policy tenure, are the best. Decide the level of coverage Funeral insurance plans cannot be offered at discounted rates as they are a highly regulated product. Providers decide the rate depending on the policy's features, and they can vary from state to state. Hence, it is crucial to read the fine print carefully. If the quote exceeds your budget, rework and reduce certain policy features. Choose from the best companies The following are some of the best companies providing funeral plans: Mutual of Omaha They provide funeral insurance plans to seniors aged 45 years and older compared to other companies that offer coverage starting at 50 years. Mutual of Omaha claims to pay around 85 percent of the amount within a day, helping your loved ones meet funeral costs and other immediate expenses. The plans are available in all the states. State Farm State Farm offers up to $10,000 in their burial policy. It gains cash value over the years, which you can withdraw during your lifetime. Since it is a mutual policy, it also pays dividends. Further, premiums can be paid monthly or annually. Transamerica Transamerica is among the best for plans with no waiting period. Available in all states, the company provides instant coverage that takes care of all the expenses from the same day or as soon as the policy goes into effect. It also has one of the broadest age eligibility ranges, from 15 days to 85 years. The payout amount is between $1,000 and $50,000. Foresters Financial Foresters Financial is among the few companies offering free riders. For instance, their PlanRight Whole Life Insurance comes with a Family Health Benefit Rider and Common Carrier Accidental Death Benefit Rider. The policy's coverage ranges between $5,000 and $35,000 for ages 50 to 85. It is available in all the states. AARP AARP has partnered with New York Life to provide various policies, including whole life and burial insurance. Their Guaranteed Acceptance Life Insurance is popular, with coverage ranging from $2,500 to $25,000, depending on the policyholder's location and age. It is available in all states, and those between 50 and 80 can apply. AARP is known for fewer consumer complaints, making it a trustworthy option. Apart from a funeral insurance plan, many people rely on the following alternatives to cover their final expenses: Term life insurance It offers protection for a set period and expires if not renewed on maturity. Also, the plan gets expensive with age. Try to see if it can be converted into a whole life policy for better, more reasonable coverage. Simplified issue life insurance It is for people who cannot qualify for traditional plans due to age or health restrictions. The policy has a short health questionnaire, and beneficiaries can use the amount received as a death benefit to cover funeral costs. Guaranteed life insurance Although expensive, this policy does not require any health qualifications and physical exams. Upon the insured's passing, beneficiaries can use the money for anything, including hospice care and burial expenses.

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