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Answered 2011-10-31 16:52:14

A CD savings account is the same as a regular savings account, but for a fixed term such as 6 months or a year or five years. The interest rate on a CD savings account is typically higher than a standard savings account because you are keeping your money in the account until maturity. Once it matures, you can withdraw the amount plus interest accrued.


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A CD savings account might earn money for you. This type of savings account earns interest for the person who purchases the CD.

No, CD rates are higher, but you cannot withdraw the funds as easily as a bank savings account.

In order to open a CD savings account one would need to go to the bank in which one wants to open the account at. Once there, they will be asked to fill out paperwork and provide a valid photo ID as well as other identifying information. It should take a few minutes tops to open a CD savings account.

M&T Web banking has a checking account, a savings account, a passbook savings account, a CD account, a Holiday/vacation account, a loan account, a mortgage account, an overdraft account, an equity line account, an IRA account, a PMA account and a MTB money market fund account.

Because they earn a higher interest rate than savings accounts. The interest on CD's is atleast 2-3% higher than savings accounts. On the downside, the money in your CD is not as liquid as your savings account and your bank may charge you a penalty if you withdraw the money before maturity date.

A high interest CD is a CD that collects interest at a higher rate than a regular CD, but is more risky and short term. A normal savings account is trustworthy and can be used anywhere.

A savings account would still allow you access to those funds. However, if you please your money in a CD it can gain interest that is compounded daily, but you cannot cash in the CD before it's due date without risking cost to you.

Basically in a savings account you put in a certain amount of money and based on the amount that you put in, there will be a specific interest rate. In a CD account you can put in money and the interest rate will raise as time goes by, usually starting at 0.01% the first year.

The main difference between a savings account and a checking account is that a savings account has an interest rate. A savings account is also mostly used for saving money, although, both accounts allow you to take money from them as you please.

A Converdell Account is used for serious savings. It is also known as Converdell Education Savings Account. It is meant to help parents and students save for education expenses.

There are five types of savings account available at Hancock Back online. These include Silver Savings, Christmas Club Savings, Certificate of Deposit, IRA CD, and IRA Savings.

A CD is a Certificate of Deposit, which is a financial product that pays a higher rate than a traditional savings account in exchange for an agreement that the deposit will remain in the bank for a fixed period of time. Periodic statements are not typically issued for a CD. Some banks such as Bank of America offer a hybrid or flexible savings plan that combines elements of a savings account and a CD. With these accounts, it is possible that a monthly or quarterly statement would be issued.

A CD savings account is an excellent idea. Talk to your bank or investment representative to help you find a good percentage interest rate that will help your money grow while it's in storage, and make sure it's FDIC insured!

You may be able to add someone to your savings account the bank where you have the savings account for details

The differences are:Savings account earn higher interest than current accountsThere are limits on number of transactions per year in a savings account but there are no such limits for current accountsCurrent accounts are used by businesses and companies while savings accounts are used by normal customers

It wouldnt be wise to combine unless you are putting money from checking into your savings. A savings account is a little more protected and shouldn't be used as a checking.

Yes. Any money in your savings account is your property and it can be used to pay off any debt that you have.

Once a CD Key is used, it can not be used again for another account.

For you can put money in it. Like it is an savings account.

A current account is an account used predominantly by businessmen. There usually a higher number of transactions that are allowed in a current account when compared to savings account and it also earns much lesser interest than a savings account. Savings accounts are much more common in India than current accounts.

No, the Egg savings account called "Egg Savings Account (internet) Issue 2" does not have a monthly service charge. This type of savings account is accessible online.

If you have given an auto debit instruction then the bank can deduct the money from your savings account. If you default on the payment continuously, then the bank would send you a legal notice and then confiscate all your deposits with the bank to recover their amount.

Its where your savings account earns interest on the interest.

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