A brokered CD is different from your plain-vanilla bank CD. If you're interested in using brokered CD's you may benefit from reading Brokered CD's: Caveat Emptor. It is a tale of how buyers should know what they're getting into. Another good resource to help you stay out of trouble is the SEC's 9 Tips for CD Buyers.
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The crybaby in the “Borkered CD’s: Caveat Emptor” should have done his own due diligence on brokered CD’s. Also he shouldn’t have invested in a 10 year CD without intending to keep the money tied up for 10 years. I suppose the broker who completed the transaction is just that, a broker, and NOT registered investment adviser. People should take more responsibility for their investment decisions!!
For older investors!!
It should be noted that a “Survivor Option” can be attached to the Brokered CD’s which will allow the Estates or heirs to choose how to deal with it. They can immediately cash in at full face value, or choose to keep the CD until it is called or matures.Ask your broker to assure this at purchase.