Which interest bearing account is best for people who won’t need access to their money for several months or longer?

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10-03-2019
Computers and Technology

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Which interest bearing account is best for people who won’t need access to their money for several months or longer?

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MrsSeifried MrsSeifried · Answer 1 · 2019-03-11T01:09:20+01:00

The correct answer to this question is a certificate of deposit.

A certificate of deposit is an interest bearing account that pays a higher rate of interest than a savings account or interest bearing checking account because you are committing to leave it in the bank for a specified period of time. The CD could be for serveral months, or extend out to multiple years. Normally the interest rate will increase as the length of time increases.

vtkarishma vtkarishma · Answer 2 · 2022-06-04T07:31:22+02:00

The correct answer to this question is a certificate of deposit.

What is interest bearing account?

An interest-bearing account is a type of bank account that pays the customer an interest rate in exchange for them depositing their money at the bank.

A certificate of deposit is an interest bearing account that pays a higher rate of interest than a savings account or interest bearing checking account because you are committing to leave it in the bank for a specified period of time. The CD could be for serveral months, or extend out to multiple years. Normally the interest rate will increase as the length of time increases.

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