Certificates of deposit

Certificates of deposit (CDs) is one of popular types of saving instrument. The CD’s key feature is that you must leave the money untouched for a set amount of time, ordinarily from three months to six years. There’s usually a minimum amount you have to deposit for a CD, but that amount varies.

CDs tend to move rapidly with overall changes in interest rates. CDs with longer terms to maturity typically offer higher annualized interest rates. Don’t take your money out of a CD before maturity unless it is for an emergency. If you cash in the CD before the maturity date, you’ll have to pay a penalty.

If you are in the market for a CD, a little shopping around could reap some rewards. Check out the financial pages of your newspaper to get the CD interest rates in your area. Internet can be another place to find the best CD rates. CD rates are easily accessible on numerous websites.

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