YOUR FINANCIAL QUESTIONS ANSWERED
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“How much money do you need to open a Certificate of Deposit (CD) account?”
A Certificate of Deposit (CD) can boost your savings by offering a relatively high interest rate on a set amount of money. An initial CD investment is required from banks and credit unions. The initial investment can range widely, from hundreds of dollars to over a hundred thousand dollars depending on the financial institution and the type of CD account.
The initial funding can prove to be worth it, though, because CDs serve a dual purpose of preserving long term savings and earning consistent interest. Plus, the higher the initial investment, the higher the interest pay-off.