5 Reasons to open a Certificate of Deposit #growmoney #adultingtip #buildcredit #newtipsandtricks

5 Reasons to open a CD 1. Guaranteed return on your investment. The interest rates you agree to for the life of the CD are guaranteed by either the FDIC for Banks or NCUA for Credit unions. 2. Low risk since the CD can’t be touched until it matures or else you lose dividends. Make sure to read all the fine print. 3. Builds financial discipline. If you have to wait for 6 to 9 months to see dividends (financial earnings) then you start to learn habits of saving and seeing the rewards of being patient while your money grows. 4. Cd’s have higher interest rates than savings accounts. Search for CD rates and compare them to rates on a standard savings account. 5. CD’s can help build your credit. Any financial institution you ask to lend you money via a credit card or personal loan will see that you have the foresight to have a CD and that could mean that you are a forward thinker about how you are saving and spending your money.