Things You'll Need:
- Money
- Time
- Bank Account Or Credit Union Account
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Step 1
Look for a possible simple CD that will fit your life. A regular CD (Certificate of Deposit) might be your best bet because it will earn interest and as well should be Federally Insured. As well, you should be able to have the money you earn each month compound back into the CD or have it deposited where you would like. This type of CD usually comes in terms of 3-6, 12, 24, 36, and 48 month terms.
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Step 2
Looking for a way to consistently increase your savings. Look for a CD (Certificate of Deposit) that allows unlimited additional deposits without any penalty's. As well it will earn interest and should be Federally Insured.
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Step 3
If your looking for the best rate out there consider a Flex Certificate. With this CD (Certificate of Deposit) you can bump it up a certain amount per term to take advantage of any rate increases that might have happened. This as well should be Federally Insured.
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Step 4
If your looking to save for your child's educational future consider a Coverdell Educational CD. This will earn interest and allows unlimited contributions until the child reaches 18. As well, if used for certain purposes it could be tax free which is huge.
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Step 5
As well always consult the financial consultant at your Bank or Credit Union to get any exact terms and legalities. This should help you out in choosing a great CD (Certificate of Deposit)
