![]() If you’re skittish about the stock market or tying up money in bonds, you might appreciate the security of a certificate of deposit. One key benefit of a CD is that it’s typically a safe way to increase your savings rate of return. If you understand how CDs work but want to learn how they can help you increase your savings, here are four benefits of a CD: 1. ![]() Plus, your interest payment on a CD at maturity will often be higher than that earned in most savings accounts. The interest earned on a CD is dependable, and it grows thanks to the power of compound interest. Designed as a safe and secure way to increase your rate of return, one of the benefits of a CD is that it grows your money regardless of what the market does. In a nutshell, a CD is a deposit account that runs over a fixed period of time, typically anywhere from three months to 10 years. Are you on the hunt for a secure way to grow your money? Although it may not be on your radar, consider the benefits of a certificate of deposit (CD).
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