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Share Certificates Can Offer More for Your Money July 18, 2023

Looking for a safe alternative way to save money? With a Share Certificate or Certificate of Deposit, you’ll receive guaranteed returns.

Here are helpful tips when considering a share certificate:

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Identify your needs and goals up front.

Do you need income now or later? Plan your investing to meet your needs and goals.

Choose the longest term you can afford.

The longer the term, the higher the interest rate.

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Allow the interest to compound.

If you are not relying on the interest as part of your income, don’t spend the interest when you receive it. Let it build up so that you can earn interest on your interest.

Determine how much liquidity you need.

Keep only the amount of money necessary to cover short-term needs in a short-term CD. Keep the rest in longer-term, higher-interest CDs.

It’s always helpful using an online calculator to determine how long you want to invest and how much you can earn. Test it out!

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