Savers who are on the hunt for the right account to help them grow their balances could benefit from a short-term certificate of deposit (CD). CDs are offered by most financial institutions and typically boast higher interest rates than an average savings account.
Why? Well, CDs require you to lock your money into your account for a set period of time, known as your CD term. At the end of that term, your CD will mature and you can tap into your principal balance (plus any interest earned).
