If you have a lump sum that you’d like to save up without spreading it across various other saving platforms, it might be time to start looking into certificates of deposit, also known as CDs.
Most of us have at least some knowledge of traditional CDs- that they’re savings accounts that pay a fixed interest rate over a set amoutn of time such as 6, 9, 12, 18, 24, 36, 48 and 60 months. They pay more interest that other money market or savings accounts, which is why plenty of Americans use them in order to watch their money grow without so much as lifting a finger.
Once you open a CD you have to make a one-time deposit and then wait for the account to mature.
But did you know you don’t actually have to stick to a traditional CD? In fact, there are 12 other kinds you can choose from that fit your needs and your current situation as well as your projections for the future.
In today’s article, we’re going to look at all of them in order to decide which one is most beneficial to your household.