In this video, we tackle a common financial dilemma: Should you keep your money in a high yield savings account or opt for a Certificate of Deposit (CD)?

Why does it matter? Because it can significantly impact how much interest you earn this year, potentially by a significant margin.

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With interest rates fluctuating due to economic changes, the decision becomes crucial. Last year, interest rates soared as the Fed raised rates to curb inflation, resulting in high returns for savers. But with the recent announcement of potential rate cuts, the landscape is changing.

We delve into the pros and cons of both options to help you make an informed choice:

Certificate of Deposit (CD):
Pros:
- Competitive Interest Rates
- Guaranteed Returns for the Term
- Discipline in Savings
Cons:
- Penalties for Early Withdrawal
- Missed Opportunity for Higher Rates
- Minimum Deposit Requirements

High Yield Savings Account:
Pros:
- Flexibility and Liquidity
- Competitive Interest Rates
- No Minimum Deposit Requirements
Cons:
- Variable Interest Rates
- Temptation for Frequent Withdrawals

Ultimately, the decision boils down to your financial goals and needs. While CDs offer higher rates and guaranteed returns, they lack flexibility and may incur penalties for early withdrawal. On the other hand, high yield savings accounts provide liquidity and easy access to funds but come with variable rates and potential temptation for frequent withdrawals.

Weighing the pros and cons, we lean towards high yield savings accounts for their flexibility and liquidity, especially for specific savings goals like emergency funds or short-term expenses. However, each person's financial situation varies, so it's essential to consider your individual needs before making a decision.
Remember, both CDs and high yield savings accounts are FDIC-insured, ensuring the safety of your funds regardless of your choice.

Timestamps:
0:00 - Intro
0:42 - The Pros of CDs!
1:05 - The Cons of CDs…
2:22 - The Pros of High-Yield Savings Accounts!
3:08 - The Cons of High-Yield Savings Accounts…
3:56 - Why I Prefer High-Yield Savings Accounts

#calebbale #highyield #CD #HYSA #interestrates

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