What are the benefits of using a Certificate of Deposit (CD)?
An example of an AI chatbot conversation about the benefits of Certificate of Deposit (CD) accounts.
What are the benefits of using a Certificate of Deposit (CD)?
Certificates of Deposit (CDs) offer higher interest rates than regular savings accounts, guaranteed returns, and FDIC insurance.
How do the interest rates on CDs compare to savings accounts?
CDs typically offer higher interest rates than savings accounts, especially for longer terms, making them a better option for saving.
Are there any risks associated with investing in CDs?
The main risk is that your money is locked in for a set term, and you may face penalties for early withdrawal.
Can I withdraw money from a CD before it matures?
Yes, but you may incur an early withdrawal penalty, which can reduce your earnings.
What is the minimum deposit required for a CD?
Minimum deposits for CDs can vary by bank, but they typically range from $500 to $1,000.
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