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 To the people who Know about money....HELP!? |
ok so i have saved 3grand in the bank...its in a savings account... how can i make this money grow by minumum 25% in one year???
Additional Details
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pulchritudinous | What is a "CD"? What exactly is a "CD" when it comes to banking? |
Additional Details
Please explain what it is.
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Dr.Know
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A CD is a certificate of deposit.
Basically, you buy a CD for a certain amount of money and for a certain period of time. The longer you hold the CD, the higher the interest rate will be.
For example, if you buy a $1000 1-yr CD, you will get your money back in 1 year and get 3% interest (you will get $1030 back).
If you buy a $1000 5-yr CD, then you get you money back in 5 years and the interest may be 5%. (You will get $1276.28 back)
The catch is that you can not withdrawl your money until the time has expired or you will have to pay a penalty. |
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*****
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It is a certificate of deposit, which you put up a certain amount of money for a fixed amount of time, like 6 month to a year. During that time you cannot draw your money without incurring penalties. Once the CD matures at the fixed time interval, you get the full amount of interest agreed upon, and you also have the option of renewing it, taking your money out, or doing what you want. |
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Black Fedora
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certificate of deposit |
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Richard H
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A Certificate of Deposit ("CD") is a special kind of account where your money is locked in (you can't withdraw it) for a specific period of time. It's also called a "time deposit". THe money in a CD account earns a higher interest rate, and can be setup to renew or liquidate after the term ends. There are varying periods for the deposit length, and varying opening deposit requirements. That all depends on financial institution you choose to open the account at. |
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robertspraguejr
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Certificate of Deposit. It differs from a passbook savings account in that it is for defined periods of time, anywhere from 30 days to 10 years. They pay higher rates of interest than savings accounts. The longer the duration the higher the interest. Caution! Interest rates are going up. If you lock in your money for too long, you'll lose the opportunity that comes later. |
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hogan.enterprises
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A "CD", or "Certificate of Deposit" is a guaranteed fixed-term investment.
Probably the best way to think about a CD is as a savings account with a timer. You give the bank Ex amount of dollars and tell them you won't take the money out for a certain amount of time (6, 12, 36 and 60 months are common time frames for CDs). If you need that money back, you agree to pay the bank a penalty. Because you've guaranteed the bank will have that money for a period of time, you can normally earn a higher interest rate on a CD than on a regular savings account. |
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Physiologist
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Certificate of Deposit |
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supermontage1975
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A "CD" is a certificate of deposit. Basically it is savings account that you cannot withdraw money from for a specified period of time without paying a penatly. For this you are rewarded with a higher rate of interest than an ordinary savings account. CD's are typically an extremely safe investment but they are also not worth tying your money up. If you have money to invest see and investment advisor and they can discuss risk and return rates to find what makes you comfortable. My personal suggest is to explore using ETF's. |
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SLOPPY JACK
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CERTIFICATE of DEPOSIT |
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chicky
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"CD" stands for certificate of deposit. You invest a certain dollar amount in one and it gains interest over a specified time period. Good investment if interest rates are high. |
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jgcii
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Certificate of Deposit. You purchase a set return on your cash based on prevailing rates and the amount of money you deposit. Most banks have rules on whether you can access the cash prior to the maturity date of the CD |
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kja63
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Banking CD = Certificate of Deposit
You give them money. After a certain period of time, they will give you back your money plus a guaranteed amount of interest. |
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mrcarter82
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Certificate of Deposit. |
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d-Bo
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Certificate of Deposit. Usually a higher interest rate than a savings account. Only downfall is you can't touch your money when you want it or you'll face penalties. This should be money that you can probably do without.
Most people do CD's on a Ladder. 1 cd for 6 months, 1 for 9, 12, etc. This way they'll always have money coming available. |
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maboot24
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Certificate of deposit is a time deposit, a familiar financial product, commonly offered to consumers by banks, thrift institutions, and credit unions.
Such CDs are similar to savings accounts in being insured—by the FDIC for banks or by the NCUA for credit unions—and thus virtually risk-free; they are "money in the bank." They are different from savings accounts in that the CD has a specific, fixed term—often three months, six months, or one to five years—and, usually, a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest. |
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bequalming
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I like your name. Thy pulchritude o'erwhelms me.
It's a somewhat quickly-maturing bond or deposit. Instead of 20 years or so, it's more like 1 to 5 years. |
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