You can keep your savings goals organized and separate.So how can you maximize your earnings by using both of these account types? One strategy is to use your savings account as anThis way, you have a buffer of liquid funds for unexpected situations but still have the majority of your savings earning the higher interest rate of a CD.
that aligns with your savings goals, such as saving for a down payment on a house, to ensure you can afford to leave the funds untouched for the whole term.over time. This involves opening multiple CDs with different terms —for example, a 1-year CD, a 2-year CD and a 3-year CD. When the 1-year CD matures, you can renew it at the current interest rate or choose a different term.
It's also worth noting that some banks offer special savings account and CD packages that allow you to earn higher interest rates when you have both products with them. For example, you may be able to earn a bonus interest rate if you maintain a certain balance in your savings account and have a CD with a specific term. Check with your bank to see if they offer these types of promotions.
Of course, while the benefits of combining a CD and savings account are clear, it's important to do your research and choose the right accounts for your needs. Take into account any minimum deposits required, fees and penalties, as well as your own savings goals. Consider factors like the maturity date of your CD, the level of risk you're comfortable with, and the liquidity you need.while giving yourself easy access to your money as you need it.
As with any savings plan, it's important to choose an amount that works for your budget and goals. With a little planning and commitment, you can watch your savings account grow and thrive while still giving yourself the flexibility to address financial needs as they arise.
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