This post is was originally published on Investor Junkie
If you’re looking to save money over the medium term, certificates of deposit, or “CDs,” as they’re often called, might be a great solution for you. Most of the major online banks offer these savings vehicles, which typically earn higher rates of interest than standard savings accounts.
The catch? CDs hold your money for a set term, usually six months to three or five years. During this period, you can’t withdraw your money without having to pay a penalty. (However, penalty-free CDs are occasio… Read more →