Transcript:
Let's talk about CDs.
Not that kind of CD!
In banking, CD means "certificate of deposit".
It's a type of savings account…
…that you agree to keep your money in for a fixed term.
In exchange, the account will generally offer you a higher rate of interest than a standard savings account.
When that fixed date is reached…
…you can withdraw your money and the interest earned without penalty.
You may also be able to re-enroll your funds into the same or another CD, to allow your money to grow even more.
Certificates of deposit at FDIC member banks are also insured.
So if you're looking to save, the benefits of a CD might be music to your ears.
Find more ways to know and grow your money at vividcrestonline.com.
LEARN MORE: Money: Know It to Grow It - Savings Account