What Is A Certificate of Deposit?
A certificate of deposit is a financial product offered by banks and credit unions. CD’s are different than traditional savings accounts because they have specific, fixed time frames and offer a fixed interest rate. Each CD has a maturity date based on the fixed term CD that you choose. Common options include 6 month, 1 year, 3 year, and 5 year CD’s. As a general rule of thumb, the longer the term the higher the interest rate. But this isn’t always the case.
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What Benefits Do CD’s Offer?
- FDIC Insurance for banks/NCUA Insurance for credit unions
- Higher Interest Rates vs. Checking/Savings Accounts
- Option To Receive Interest Periodically Or At Maturity
- Automatic Renewal
- Fairly Easy Access To Your Money (There may be penalties)
Good News!
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