There are many ways to put your money to work. You want to find a secure place to save your money that will yield maximum returns. While most depositors use savings accounts to stash their cash, putting your money in a certificate of deposit (CD) gives a higher return in exchange for locking their money away. Savers want a financial strategy that yields maximum return with minimum risk. That’s why more savers are purchasing CDs (also called “share certificates” at credit unions).
Read on to learn what CDs are and get answers to questions such as how do certificates of deposit work, and what are their advantages?