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Money Markets Vs Certificates of Deposit
Will CD rates beat the stock markets? First, what exactly are these certificates? Abbreviated as CD, these certificates verify that you deposited a given amount in a bank for a given time in return for a guaranteed interest rate. CD’s offer guaranteed returns, no risk, insured accounts, and no rollover penalties.
Deciding between money market accounts and certificates of deposit is a matter of determining the length of time and level of security you desire when investing. Both forms of investing can be very beneficial to your assets, but they satisfy different goals. Therefore, to decide between them, it is important to determine your goals.
Let’s look briefly at some goals you may have in mind:
Long-Term Savings – If you’re looking for a way to invest that can guarantee the amount of funds at maturity then certificates of deposit are probably the best way to go. They are debt instruments that are issued by banks or other financial institutions in exchange for money paid by an investor. The CD is given for a predetermined amount of time with a fixed interest rate until maturity. The trade-off in this is that you may not have access to your money for a while, anywhere from weeks to years. However, if you’re not interested in having access to your money (and like investment growth) the CD is a good option.
Easy Access to Funds – If you are looking for an investment tool that allows you access to your funds whenever you want them then money markets would be a better choice. You can open your account at most any financial institution, from which you should receive a checkbook that will give you the ability to regularly invest in the form of purchasing stocks, bonds or mutual funds. Also, you can deposit cash easily in these accounts.
If you’re still not sure of which route to take, here are some other ideas to keep in mind:
• Certificates of deposit are FDIC insured up to $100,000, much like money in a savings account; however, if you decide to opt for a longer maturity period (and higher interest rate), you may have to wait a very long time to access your funds.
• Money Market Rates tend to keep their share price right at $1 per share, which works out nicely for some; however, if you want to take advantage of interest rate maturation you will have to deposit more money instead of waiting over a period of time like with CDs.
Making the decision of what you should do with your cash can be a tough one. But with certificates of deposit and money markets both clearly offering unique perks, your biggest job will be to decide which goals are most important to your investment future.
Saving Accounts
Saving accounts are always a good thing, in the past it used to take some time until you could have opened an account and it would be time consuming to check up on it every now and again, the internet has changed all of this and now internet banking allows you to open your own account with a press a few clicks, and it also allows you to do your research work just in front of the computer screen.
The interest earned on savings accounts can be widely varied. Most banks give as little as one-fourth of 1% annually. For most people, interest rates offered by savings accounts are too low, if not downright unfair. If you want to earn higher interest, you might consider opening high-yield savings accounts that are found online.
An online bank account that commonly offers high-yield savings account, is relatively simple to open. However, not everybody may feel comfortable with such type of account because it will require submitting personal information over the Internet that could ruin one’s privacy. Also, if ever you enjoy walking to a local bank and talk to the bank manager every time you want to make a deposit or withdrawal, high-yield savings account may not be right for you.
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