Deciding Between Certificates of Deposit (CDs) and Savings Accounts: A Comprehensive Guide
Wednesday, 8 May 2024, 12:00
CDs vs. Savings Accounts: How to Choose the Best Option for Your Money
Certificates of deposit (CDs) have surged in popularity in recent years, offering attractive APYs for savers looking to grow their money.
Key Points:
- Accessibility: CDs require a time commitment, while savings accounts offer easy access to funds.
- Interest Rate Locking: CDs provide fixed interest rates, while savings accounts have variable rates.
- Fees and Requirements: Compare fees and minimum deposit amounts for both accounts.
High APYs are currently available on both CDs and high-yield savings accounts, making it crucial to assess your financial goals and needs before choosing the right option.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.