![]() ![]() ![]() If you want to withdraw your funds before the term ends, you'll typically face a penalty that could wipe away a portion (or all) of your interest earnings. ![]() That's because CDs require you to deposit the full balance upfront to lock in your interest rate over the account term (which typically ranges from a minimum of three months to 10 years). While high-yield savings accounts are ideal options for savers who want to build an emergency fund or contribute over time, certificates of deposit (CDs) offer the opportunity to put your existing savings in an account and lock in today's great rates long term, without worrying about interest falling in the future. Locking in a CD with a great APY can help ensure you're maximizing today's high rates.Īs the Federal Reserve continues to raise interest rates, savers are in a great position to boost their savings balances with interest. ![]()
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