What is a certificate of deposit
A Certificate of Deposit (CD) is a financial product offered by banks and credit unions that allows individuals to deposit a fixed amount of money for a specific period of time, known as the term or maturity.
Fixed-term investment
Fixed-term investments have a specified term, which can range from a few months to several years. During this period, your money is typically not accessible without penalties or fees.
Guaranteed returns
Investors are attracted to guaranteed results in a Certificate of Deposit (CD) because they provide a sense of security and certainty about the expected outcome.
Penalties for withdrawal
One key feature of Certificates of Deposit (CDs) is that they often come with penalties for early withdrawal, discouraging investors from accessing their funds before the CD reaches its maturity date.
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Features
A Certificate of Deposit (CD) is a fixed-term investment where you deposit a specific amount of money for a set period, typically ranging from a few months to several years, and earn a fixed interest rate on that deposit..
- Earn up to 0.10% AYP
- Free interest transfers
- No setup or maintenance fees
- CDs offer a fixed interest rate
- $100 minimum balance to open an account
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Fixed Term
Fixed-term investments provide a predictable and stable way to grow your savings over a specified period.
Interest Rate
The interest rate is the percentage applied to a loan or deposit balance, representing the cost of borrowing or the return on investment.
Guaranteed return
A guaranteed return refers to a promised minimum level of investment profit or income, typically backed by contractual agreements or specific terms and conditions.
Penalties for early withdrawal
Early withdrawal penalties are fees charged by financial institutions when funds are withdrawn from accounts or investments before the agreed-upon maturity date.
Nova Horizon Capital offers high rates of guaranteed returns fully secured
Banks offer CDs with fixed interest rates and guaranteed returns. These are low-risk investments where you deposit a specific amount for a fixed term, and upon maturity, you receive your principal amount along with the accrued interest.
Some banks offer high-yield savings accounts that provide competitive interest rates compared to traditional savings accounts. These accounts allow you to earn higher returns on your deposited funds while still providing the security of a bank deposit. Banks sometimes offer fixed-rate annuities, which are insurance contracts that guarantee a fixed rate of return over a specific period. These annuities provide a predictable income stream and offer security in terms of principal protection and guaranteed returns.
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