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Financial Advisor Gaithersburg MD: What is a Certificate of Deposit?


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What is a Certificate of Deposit?

Our financial advisors can lead you in the right direction for investing in your future today! First, what is a CD? CD stands for a certificate of deposit. A certificate of deposit is a bank certificate that allows you to invest your money into an account with a specific interest rate over a specific amount of time. It is a way of minimizing risk and ensuring a return on your investment. Although it tends to be a relatively low return, certificates of deposit are one of the safest investments, as you will always at least get back what you put in.

Generally speaking, certificates of deposit are meant for money that you will not need to touch over a specified period of time. The duration of a CD can range from a couple of months to several years and the end of this investment time, is known as the maturity date. The idea is that you will not need to withdraw the money that is invested in a certificate of deposit until after the maturity date. If you need an investment where you absolutely cannot lose your money, then our financial advisors may recommend that this is the right investment for you.

Our financial advisors can help you find the right CD for you and help decide the right length of time to let it grow. CD’s can be considered small or jumbo. Small CD’s are anything less than $100,000 and large or jumbo CD’s are anything over $100,000.

If you need more information about certificates of deposit, contact CIC Wealth today; our financial advisors are here to help.

Certificates of deposits (CDs) typically offer a fixed rate of return if held to maturity, are generally insured by the FDIC or another government agency, and may impose a penalty for early withdrawal.