What are Certificates of Deposit? (CDs)

What’s the best way to save and grow your money? Is it to dump it all into Bitcoin and hope it hits 100k? Or maybe you should put it all into gold and silver. Or… you could do neither of those things and put it something called a certificate of deposit.
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Most people are familiar with savings accounts, or bank accounts where you can park your cash and get paid interest by a bank, usually about half a percent per year. That’s not much, but savings accounts do allow you to draw money out of them every month. However, if you’re looking for a higher rate of return, and don’t want to invest your cash in the stock market, a certificate of deposit or CD might be the right choice.
Music:
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[@chadster7547]

Fast forward 3 years from this video... banks are now offering 4.5% - 5% APR on CDs..

[@zeem2524]

I litterley just opened a cd today. 7 months at 5% I feel like a badass investor now even though millions of people do it 😂

[@JoebsonOSRS]

I wish I knew about these 3 years ago, had 30k sitting in bank for 3 years earning nothing. Could've earned 5k over those 3 years

[@jollama]

So for 3 years you forgot what online resources were 💀

[@chadster7547]

@@jollama Don't feel bad, 3 years ago CDs were not paying squat...it's only been like the last year or so that they have these rates.

[@jollama]

@@chadster7547 Why should I feel bad for remembering what search engines are? 🤡

[@JustWoodlandFaerie]

I recently found out what a CD was from my mom and my best friend. The CD at my credit union says that I need $1,000 dollars to open one. It’s not the end of the world. If you didn’t know, you didn’t know.

[@coolguycorbproductions]

CD's nuts

[@mp3skully]

😂

[@juanpaz6707]

😂

[@vandrex]

Really can't believe I just recently retired in my early fifties with my lovely wife of about 46 years of age with our kids almost done with college. We're both worth over $2.7M with no single debt. We're living quite smart and careful with spending. Before we were struggling to raise the kids with the family bills and in deep debt. Now everything is going great, we now even contribute actively to community development in our neighborhood.

[@richmmdt4853]

Having true freedom in life is such a blessing! Only money can help you achieve that. With the knowledge that no one knows tomorrow. The concept of inv€$tments is great but I'm a newbie to all this. Would be grateful if you help me out with some advice?

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[@richmmdt7702]

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[@GigiLWalls]

This vid definitely help me understand CD’s better.

[@bell581]

Did you understand why one would not want to invest in a CD at their same bank where they keep their savings?

[@ramensospicy2992]

@@bell581 interesting! why is that?

[@cjjoer-3708]

nice video, good editing and very understandable. My one complaint is the spinning money background staring around 2:17 makes me feel dizzy especially with all the text to read and how long it continue for. might want to slow down spinning backgrounds in the future. I also have some questions: Are there other common "fine print" gotchas with CDs? What the benefit of CDs are for the banks? Why do they want your money there for a long time?

[@TimothySimpson-qf1xk]

I just saw one advertised, 6 month @ 4%, not appealing at all.

[@ilovenoodles7483]

Why not?

[@Trancer006]

2:04 as high as 3-4%? Oh man right now they're over 5%! but I wonder how long this will last

[@ConcerningReality]

lol the funny thing is comments on this video a year ago were “3-4% you’re crazy! I’m lucky to get 2”

[@Trancer006]

@@ConcerningReality What happens if the rates drop while my money is locked in CD?

[@ConcerningReality]

@@Trancer006 CD rates are locked for the term, one of the benefits over a savings account, so nothing :)

[@nathanjw940]

The interest rates on everything are higher so essentially you are getting it because the Fed is trying to slow the inflation by encouraging savings vs. buying

[@ambesa1]

how do the taxes work?v i'm in a 13-month term with a high apy, with a good monthly return.

[@bodega0]

you still have to pay taxes on thr interest that occured even if the CD hasnt matured yet

[@FABIOLAGARCIA-ze3if]

What happens after the term is up? do you stop receiving the APY?

[@paull.6026]

It rolls over automatically to the set term time period again or you can cash out. I'm not certain if you hold onto the same percentage still. Should ask the bank since that always fluctuates. But there is always a decent interest rate on CD's as long as you have the agreement.

[@jscottgp2011]

So like right now, Bank of Ozark is offering 5.40% for 7 months. So if I put money in, and leave it in there, in 7 months will I earn 5.40% interest on what I put in and be able to leave with my investment + 5.40%?

[@ConcerningReality]

Depends on if that 5.4% is APY or guaranteed interest over the 7 months. I’d guess it’s APY, so you’d earn 7/12ths of 5.4% interest on your money

[@tsholohelomoalahi1233]

Okay, But I need to ask. Do you neccesarily have to stick to the agareement tp not touch your interetsts, or there is an exception of receiving your interets on a monthly basis whereas you agree with the bank to take a percentage of those fees from your monthly interests?

[@_Super_Hans_]

The interest rates are still terrible it's not a good way of making money. Example you save a thousand dollars at 1% over 5 years you make 50 bucks... in 5 years.

[@ConcerningReality]

I totally agree. CDs are likely better for retirement when you have a ton of cash you need safely kept - but that verges on investing advice, so I didn't include it. If you're young and have cash, the stock market or an IRA is probably your better bet.

[@randomscience4k]

Wow! That’s pretty low. Doesn’t make much sense to deposit and keep in bank for interest. I used to get like 8% two years ago. Since pandemic it has dropped to 5.5%.

[@_Super_Hans_]

@@ConcerningReality I love you

[@jamclow]

@@_Super_Hans_ what's the secret ingredient?

[@merciful9695]

good ones have the minimum at $1000 with 5% interest

[@Deebie19]

do you think a CD is a good idea for people who have trouble touching their savings. I'm thinking about one do I can accumulate a savings I don't have easy access to so it can build

[@lenc3970]

That is exactly why I want a CD

[@RGTomoenage11]

Chase is offering 5% in 8 months

[@jollama]

*4.5% in 9 months

[@bryanvalencia5057]

I found a bank with 6% for 6 months ,

[@carsonrozier3136]

@@bryanvalencia5057 WHAT BANK?

[@brandonberrio7282]

@@bryanvalencia5057which one?

[@hotmama3172]

@@bryanvalencia5057Which bank is it?

[@MinisterRoy205]

so if i pu 5,000$ in a cd then wait 5 years with a 2% return. didn't i only make 500$ in 5 years? because if so, i could make double that in a month working at mc donalds

[@speedstr]

no i think it compounds

[@MinisterRoy205]

@@speedstr oh, cool

[@geekeduphonda]

But your not doing any work for that extra 500

[@MinisterRoy205]

@@geekeduphonda at sofi banking it gives you a 2.5 then 3.0 any on savings account after setting up direct deposit to checking account. So I think I'll just use my savings account

[@deltabeta5527]

In my country they are called FD's(Fixed Deposits)

[@LDarlong]

A certificate of deposit is different from a fixed deposit. An FD is for a much longer period where as a certificate of deposit is for a short period of around 3 months to 12 months and it can be transferred to someone else.

[@deltabeta5527]

@@LDarlong FD's are also available for a 3 month period duration 😑

[@LDarlong]

@@deltabeta5527 yep, depends on the country that’s why I also included the transferability point as a certificate of deposit is issued in bearer form.

[@Trancer006]

Wish they kept calling it fixed deposits, makes way more sense. I don't know who the hell came up with "certificate of deposit".

[@ConcerningReality]

How do you like the new intro?

[@johanmathew993]

Love it

[@justinsurla6043]

Love it

[@soul832006]

CD's are known as term deposit accounts in other countries. Maximising your interest rate is all well and good but consider the hidden ongoing costs for each account and minimum deposit terms.

[@davidaiello4655]

Where does the interest paid semi annually go?

[@davidaiello4655]

Back into CD or the owner right away?

[@hobbyhobbyhobbyhobby]

@@davidaiello4655 back into cd. you will get it when you finish the contract alongside the original sum of cash

[@314mia]

Super informative! Thanks

[@GsusjshGdjsjsg]

Walker Sarah Allen William Lee Kenneth

[@240iBMW]

Most rates now are .25 if you are lucky.

[@dayacres2996]

I just locked in 5% on a 50k CD

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[@goddessmommy4830]

true!! makes a lot of sense. thanks again for so much of this comments. and great thanks to Anmol Singh for helping all of us out. i really appreciate. and I'm sure many others so as well .

[@LeticiaBrooks-t1s]

Allen Michael Lewis Mary Allen Christopher

[@JustineSHarrison]

how does the APY work tho? Is that percentage a one time payment for the interest or monthly?

[@deebee8825]

Monthly, at least for regular savings. Money is given to me monthly.

[@X-Factor-by2kz]

But does a CD pay APY monthly? My CU is offering a special of 4.75% APY for a 13 month term. Does this mean I'd get that APY each month for 13 months?

[@bwest420]

The monthly payments of a CD is also off limits to touch or is it paid to you directly and you can use it whenever?

[@jaycobsj_mylittlepony]

CD Means Compact Disc

[@ConcerningReality]

It does also mean Compact Disc, yes. It also means certificate of Deposit.

[@MajinaLaror]

White Dorothy Martinez Amy Clark Jason

[@JohnDoe-yi9rm]

Are there any CDs that make over 4% per Year? If so, can you tell me who I can contact?

[@ConcerningReality]

Current CD rates are up to 5% at certain banks. here's one from Capital One. www.capitalone.com/bank/cds/special-cd-rates/?06295_se002745=&gclid=CjwKCAiA9NGfBhBvEiwAq5vSy-xzwwJiGQJzaBKkv_Db5_UohSL1bFVkRbueTd1Aw1tpsR-cKnsDlRoCb10QAvD_BwE&gclsrc=aw.ds

[@fredericktran4999]

That's the chase in New York Chinatown!

[@alexlim5787]

The intro is a little slow, just bump up the speed by like 1.25~1.5 (Looks smoother and its "quicker") Awesome video none the less :)

[@blacklyfe5543]

I can't like the like button

[@Bulltardwin]

OR you could put your money into Hex. The first Blockchain Certificate of Deposit.

[@Panda-ws7cp]

So like a traditional CD but instead you lose all your principal from price depreciation?

[@Bulltardwin]

@@Panda-ws7cp or you gain 10,000 x from price appreciation.

[@Panda-ws7cp]

@@Bulltardwin I love that 10,000x number that Hexicans always mention, they always pretend they captured that entire price move and it wasn't just Richard and 5 of his insider buddies that got that gain. You guys also don't get to claim 10,000x since the price is down 88% from ATH

[@Bulltardwin]

@@Panda-ws7cp so Bitcoin doesn't get to claim it's insane gains since every bear market it dips 80%??

[@Panda-ws7cp]

@@Bulltardwin People holding any asset get to claim the gains they manage to hang onto and have to admit when gains are erased during a bear. Hex holders repeat 10,000x even during weeks when the price is down massively which makes no sense. Richard made 10,000x and cashed out into ETH, you did not.

[@MISSMADISONMEDIA]

Helppp