Flagler Credit Union is currently offering a limited-time 12-month Certificate of Deposit (CD) with an impressive 10% annual percentage yield (APY) for deposits of $1,000. However, this enticing offer is only available to residents of select areas in Michigan and Florida, which may exclude many potential investors. While the high APY is attractive, it's important to consider other options that may yield better returns over time. For instance, investing in a six-month CD from Barclays at 5.0% APY with a $5,000 deposit could net you around $123 at maturity, surpassing the earnings from Flagler's CD. Similarly, a four-year CD from Discover at 3.40% APY could yield approximately $140 on a $1,000 deposit. Therefore, even though Flagler's CD shines with its high APY, exploring alternative CDs with different terms and higher deposit amounts can lead to greater overall earnings.
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