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Are you looking for a safe way to save your money and earn interest? Certificates of deposit, commonly known as CDs, might be a good choice for you—and they're available at the Central Bank branch near you. Let’s look at what CDs are, how they work, and why they could be a helpful addition to your financial strategy.
A CD is a type of savings account. Unlike a regular savings account where you can deposit and withdraw money at any time, a CD is issued for a fixed period of time—usually from a few months to a few years. And while you can always withdraw your money from a CD at any time, you may have to give up some of the interest if you take out money before the CD matures (reaches the end of the fixed time period).
CDs offer several advantages, making them an attractive option for savers:
Before opening a CD, consider your financial situation and goals. CDs are ideal for money you won’t need immediately, offering a secure and predictable way to save. However, because your funds are locked in, make sure you have enough liquidity to cover any short-term needs or emergencies.
To help you navigate the world of CDs more easily, here’s a brief glossary of common terms you might encounter:
Here’s a simple breakdown of the process:
Central Bank makes it easy to open a CD. Check out our current CD specials to get started!