When you’re looking for a place to park your cash, there are several types of savings vehicles you can consider that will not only keep your money safe, but help it grow at a faster rate. One popular account type: a certificate of deposit (CD). These accounts are usually offered at most banks and credit unions and come in all shapes and sizes.
In exchange for putting your funds in a CD and agreeing to leave that money untouched for a certain amount of time, you’ll benefit from a higher APY than you'd get with a savings account. For anyone who struggles with dipping into their savings account from time to time, this could be your best bet for hitting some of your financial goals. And some CD term lengths can be as short as a few days, or as long as 10 years. If you’re looking for something a little longer-term—we’ve got you covered with our list of five-year CDs.
