The term CD is used to describe a deposit account that you can open through a bank, credit union, or online financial institution. The purpose of a CD is for you to hold money for a specified period of time while that money is earning interest. Check out these 3 benefits of opening a Certificate of Deposit today.
To break it down, APY, or Annual Percentage Yield, is the interest you earn on money stored in a savings account, while APR, or Annual Percentage Rate, is the interest you owe when you borrow from the bank. It’s important to know the difference between these two key terms as they impact your finances, especially when investing or taking…