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Finance Tip of the Day

Investing Basics: Certificate of Deposit

  • 2016 24 May
  • COMMENTS
Investing Basics: Certificate of Deposit

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Investing Basics: Certificate of Deposit

If you’re in a place where you can put your money to work for a period of at least 6 months without needing to tap into that stash then opening up a certificate of deposit could be your next best option. CDs range from 6 months all the way to 5 years, and the longer you’re willing to keep your hands “off,” the higher the interest rate will be.

CDs are still quite liquid, meaning that you can access the funds in case of emergency, you’ll just have to pay a much steeper penalty (even up to 3%); so make sure you understand the financials and penalties before you opt for a CD.

You don’t have to open your CD in the same bank you have your savings and checking accounts at.  Call a few local banks or even credit unions and compare the rates and fees. Only then, make a decision.

Opening up a CD is very easy, and maintaining it is effortless. If you’d like to read about various CD options, here is a great simple summary from bankrate.

Today's tip brought to you by Mvelopes and Money4Life Coaching.


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