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5 big CD mistakes to avoid this spring

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Want to maximize the benefits you get from opening a CD account? If so, be sure to avoid these big mistakes.

Given the current high-rate environment, this is a great time to take advantage of what interest-bearing accounts offer to savers. And while you have a range of to choose from — like money market accounts, high-yield savings accounts and certificates of deposit — CD accounts are a particularly smart bet right now.That's because, unlike regular or high-yield savings accounts, CDs offer fixed rates for the full duration of your CD term.

Luckily, many CD options offer rates that surpass today's inflation rate, so, if necessary, you can use this opportunity to both invest in new CDs with top rates and reallocate your investments to better protect your money from the eroding effects of inflation.Overlooking early withdrawal penaltiesLife is unpredictable, and unexpected financial needs may arise, making it tempting to dip into your CD before its maturity date.

 

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