Making Cents of Certificates of Deposit
“Today Ascentra is Making Sense of Certificate of Deposits”
If you are looking to stack up your savings, a certificate of deposit, or CD, is a safe investment option that locks in your funds while earning you higher interest.
When you put money into a CD, you make an agreement to let your financial institution hold onto your cash for a set amount of time. Most CD’s have a minimum deposit requirement, and can be opened with as little as $250.
Term lengths vary and are typically as short as three months or as long as five years. However, the longer the term, the more you can earn. For example, if you invest $10,000 into a 53-month CD with a 3% APY, you can earn more than $1,300 once the term is up.
Avoid closing or making an early withdrawal as it will result in a penalty fee.
If you don’t need quick access to your cash, contact your trusted financial institution to apply for a CD and sit back, relax and watch your money grow!
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