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CDs vs. savings accounts. CDs and traditional savings accounts both help you save money and earn interest, but choosing between them can be difficult. Each is useful for different purposes.
A CD is an interest-bearing deposit account that works much like a savings account. However, you cannot withdraw money from that account for a fixed amount of time.
A certificate of deposit — or CD — is a type of deposit or savings account that allows you to grow your savings at higher rates of return than a traditional savings account.
A certificate of deposit (CD) is a time deposit sold by banks, thrift institutions, and credit unions in the United States. CDs typically differ from savings accounts because the CD has a specific, fixed term before money can be withdrawn without penalty and generally higher interest rates. CDs require a minimum deposit and may offer higher ...
A CD is a time deposit account, so you’re making a commitment to keep your money in the CD for a set length of time. If you want to take money out of your CD before it matures, you’ll pay an ...
A certificate of deposit (CD) is a type of savings account offered by banks and credit unions that pays a fixed interest rate for a specific term, ranging from a few months to several years.