I am trying to decide between opening a savings account or a CD. What is the maximum amount you can hold in a savings account before opening a new one? What is the average monthly interest rate on a savings account? What is the average interest on a 5-year CD? What about the average interest on a 10 or 20 year CD?
There is no maximum unless the financial institution sets one. However, you might want to inquire of the institution about how much you can deposit with them that will be insured either by a government agency or supplemental coverage. A general rule of thumb is $100,000 FDIC (or credit union) insurance per depositor.
Whether you invest in a savings account or a CD is a personal decision best made considering your need for access to the funds (a CD may tie your money up longer than you wish) and the return you're after. Again, a rule of thumb (not always true) is that the longer you agree to leave a deposit, the higher will be the yield.
Interest rates vary all over the map right now. It's not too difficult to find savings accounts paying over 4.00%, with CD yields being a bit higher. You're not likely to find any bank offering CD account terms much longer than five years. The best approach is to contact a bank you know and ask for their rates on various types of savings and CD products.
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There is no maximum unless the financial institution sets one. However, you might want to inquire of the institution about how much you can 