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What is Types and Benefits of Certificates of Deposit about?
Certificates of deposit (CDs) are agreements to deposit money for a certain period with a bank in exchange for interest. CDs have term lengths ranging from days to decades. There are different types of CDs including no-penalty, high-yield, jumbo, IRA, bump-up, step-up, and brokered CDs. When choosing a CD, factors to consider include rates, terms, type, and laddering to reduce risks. CDs are advantageous for saving as they provide higher rates than cash and convenience despite the inaccessibility of funds d
- Author
- Gwyneth Malaga
- Language
- EN