certificate of deposit vs savings account

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What is the difference between a CD and a savings account?

If you’re trying to choose between a CD and a savings account, it’s important to understand the differences: Access. When you put money into a CD, you agree to leave your money in the account for a specific “term” or length of time.

Which is better a certificate of deposit or a savings account?

Which is the better place to park your money: a certificate of deposit or savings account? Savings accounts give you more flexibility to make withdrawals, but CDs offer fixed interest rates that can boost some savings if you’re able to leave your money alone for a set time.

Is a certificate of deposit a good investment?

A certificate of deposit offers a fixed interest rate that’s usually higher than what a regular savings account offers. The tradeoff is you agree to keep your money in the CD for a set amount of time, typically three months to five years. If you withdraw your funds before the maturity date, you’ll probably have to pay a penalty.

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