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If you are going to put your hard earned money into a savings account or invest it into a certificate of deposit (CD) then you should be receiving the highest possible interest rate to make it worth your while. A lot of banks and CDs do not offer much of a return through very low interest rates, but ironically when you need to borrow money from them you will find the interest rates are much higher. This means you really need to comparison shop around to find the best interest rate possible whether you are going to put your money into a savings account or a CD.
CDs will usually pay a higher interest rate than a saving accounts and this is because if you put your money into a CD you cannot touch your money for a specified period of time, whereas in a savings account you can have instant access to your money. If you know that in the next 6 months or 1 year you will not need your money than putting it into a CD is wiser than putting it into a savings account due to the higher interest rate you will receive. But if there is a chance you may have a need for that money than you do not want to put it into a CD because that money is basically untouchable for the amount of time you agree to when you buy the CD. Here are a few articles that may help you with your decision.
How is interest calculated for savings and CDs?
What factors influence savings and CD interest rates?
How to get the best savings and CD interest rates?