One of the most important financial tools you have available is savings accounts. These types of accounts are essential for anyone who is working to build wealth. They benefit consumers in a variety of ways.
Interest is a big reason why these accounts are so beneficial to consumers. Savings accounts will typically offer some amount of interest. If you don't know how interest works, it's time to learn.
Read MoreA certificate of deposit (CD) is one of the many financial management tools that is a low-risk investment and has many benefits. Just like a savings account, CDs also allow you to earn interest, are FDIC insured, and there are different options to choose. A CD will usually have higher interest rates than most savings accounts but those rates do change often.
With so many benefits of CDs, it can seem like a no-brainer to get one. However, there are some things you should know before getting a CD.
Read MoreFinding the best CD rates is just one of the many things you can do to save money and get some money handling skills. The best CD rates can usually be found at credit unions and online banks. If you don’t need immediate access to your money then a high yield CD can be a good way to build savings.
With rates on the rise for a six month or just a year-long CD, this could be a better option than some longer term CDs. With this, you will be able to access your money in months and then even reinvest it into higher rates.
Read MoreA Certificate of deposit (CD Account) is an agreement to deposit money for a fixed time period with a bank or financial institution that will pay you money. You can choose to invest your money for three months, six months, one year, or even five years. The longer your time commitment, the higher the interest rate.
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