3. Step-up CDs
As we mentioned earlier, you have to contact your bank to raise your rates if you’ve opened a bump-up CD. A step-up CD allows the bank to move you to a higher yield automatically. This can happen several times across the life of the term.
While you might find this advantageous at first you have to remember two things. First, step-up CDs are pretty hard to find. Secondly, nobody can guarantee you that the bumps up will help you earn more than you would with a traditional CD. Since the APY is essentially blendable, you could benefit from saving time and money by going for a traditional CD form the get-go.
But if this still sounds like a good plan, which it may very well be, check how much the rate will increase before making a choice.
1 thought on “12 Types Of CDs That Could Boost Your Savings”
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