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"This can be a good option for someone looking to park their cash for a short period of time and earn more than a general savings account," Anjali Jariwala, a CFP and certified public accountant at, told Business Insider."The nice part about a CD is there is no downside risk like you would experience with investing in the stock market."
CDs are a type of savings account with a fixed interest rate and time period ranging from three months to five years. When money is deposited in a CD, you lock in an interest rate that lasts throughout the term length — the longer the term, the higher the interest rate, generally. This can be highly beneficial when interest rates are high.
Some people use CDs as part of a larger savings strategy to optimize fixed interest rates and different term lengths.
pays 6.5% and you can withdraw anytime.