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Thread: Can someone explain

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    andreacn's Avatar
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    #1

    Can someone explain

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    in easy terms how CD's work.
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    #2
    Put money in an account for X amount of time, for an X amount of interests, and then you cant touch it for that X amount of time. If you dont want to take it out early, you will have to pay a fee...
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    #3
    Quote Originally Posted by His*PITA* View Post
    Put money in an account for X amount of time, for an X amount of interests, and then you cant touch it for that X amount of time. If you dont want to take it out early, you will have to pay a fee...
    What she said.
    CD's usually range from 9 month terms all the way to 5 year terms. Though personally, if you're going to do something longer than a year, it's worth it to put that money in a moneymarket account.
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    #4
    Quote Originally Posted by mushortgurl03 View Post
    What she said.
    CD's usually range from 9 month terms all the way to 5 year terms. Though personally, if you're going to do something longer than a year, it's worth it to put that money in a moneymarket account.

    Agreed. CD interest rates are pretty terrible lately, and when you purchase the CD, you're locked into that rate. i.e. you won't derive any benefit if rates go up. You can get a much better return on a money market if you are willing to hold it. CDs are not an investment vehicle to derive income, more as a measure to save. The reason people are drawn to them is that they are VERY safe, due to the low risk, and they are FDIC insured.
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