Have you ever heard of an add-on CD? If you’re someone who’s always looking for ways to make your money work harder for you, then this may be the answer to your prayers. An add-on CD is a type of certificate of deposit that allows you to continue adding funds over time.
Basically, an add-on CD is like a regular CD in that it offers a fixed interest rate and term. However, unlike traditional CDs where you have to deposit all your money upfront, add-on CDs let you start with as little as $100 and make additional deposits at any time during the term.
Think about it – instead of having one lump sum sitting in a low-interest savings account or underperforming investment, why not put it into an add-on CD? You’ll earn more interest than traditional savings accounts while still maintaining access to your money if needed.
One perk of add-on CDs is that they often offer higher interest rates than regular savings accounts or even traditional CDs. Plus, since they’re FDIC-insured, there’s no risk involved with losing your principal investment.
Another benefit is the flexibility they offer. With traditional CDs, if something unexpected happens and you need access to the funds before maturity, you’ll typically face hefty penalties for early withdrawal. But with an add-on CD ,you can withdraw some or all of your funds at any time without penalty – just keep in mind that doing so will lower the overall rate earned on your investment.
In conclusion, if saving for long-term goals like buying a home or starting a business are important to you but still want flexibility and accessibility when it comes managing our finances then consider opening up an Add-On-CD today!