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Average student loan debt. Average college tuition. How to choose a student loan. Also, consider the economic environment. If it seems that interest rates may rise, or if you want to open multiple CDs, CD laddering can be a good option. However, if rates go down, you benefit: You still earn the higher rate that was offered when you opened the CD. CD laddering, buying multiple CDs of varying term lengths, can help address this concern. It can also be a way for you to take advantage of longer terms and therefore higher interest rates while still giving you access to some of your money each year.
With a CD ladder, you divide your initial investment into equal parts and invest each portion in a CD that matures every year. As each CD matures, he reinvests the money at the current interest rate or uses the cash for another purpose. If Leo reinvests his money, he might choose a new 5-year CD, which would ensure he has one CD maturing each year as long as he continues laddering.
Be sure to consider other options for saving or investing your funds. Different accounts offer different levels of risk and return. Read more about how CDs compare with other low-risk savings accounts. Always choose accounts that best fit your financial goals and your time frames.
Learn more about CDs at Bank of America. The material provided on this website is for informational use only and is not intended for financial, tax or investment advice. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.
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This allows you to reap the benefits of a longer savings timeline while still being able to access some of your money along the way. What do you do? Then, once you withdraw the money after a year or 2, you can decide whether to spend it or put it into another CD, either in a new 5-year CD or something altogether different.
Many banks also offer some flexibility around when you receive interest payments, allowing customers to decide whether to have the interest disbursed monthly, annually or at the end of the term. A bank IRA CD can be a good option for people closer to retirement, or anyone looking for a safe and predictable retirement savings option. More aggressive IRA investments, like stocks and bonds, carry the risk of losses. Everything else—the fixed term, the fixed rate and the early withdrawal penalties—are typically similar.
This site is for educational purposes. The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the availability or suitability of any Capital One product or service to your unique circumstances.
For specific advice about your unique circumstances, you may wish to consult a qualified professional. Lake, R. June 1, Taylor, P.
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