How to Maximize Your Savings with a CD Account from CCCU

If you are looking for creative ways to maximize your hard-earned money, a Certificate of Deposit (CD) may be a good financial tool to consider. In exchange for a longer time commitment, your CD will lock in the interest rate within your term therefore earning more interest than your typical savings account.

CD account with Clark County Credit Union in Las Vegas, Nevada

Before you decide to keep your funds in a CD account, there are a few ways to ensure that you’ll maximize your investment. Here are some tips from CCCU that may help:

  1. Shop around for the best local rates – it’s important to compare rates before investing your money. Look for financial institutions that offer higher CD rates than the national average.
  2. Consider the term of your CD – as mentioned earlier, a CD term with a longer commitment will offer a higher interest rate. Your decision to choose will depend on your financial goals. If you need the money soon, choose a shorter term. But if you can afford to commit for a long term, choose a longer term. Remember that the rates given are annual percentage yields.
  3. Divide your savings into different CDs and terms – if you’re able, invest your funds in multiple CD accounts with different maturity dates (this is the date when your CD becomes available for withdrawal). Having multiple CDs allows you to access your money periodically.
  4. Reinvest your interest – instead of taking your interest payments in cash, consider reinvesting them into your CD. This way it can help you earn more interest over time.
  5. Avoid early withdrawal – withdrawing your funds before the maturity date can result in lower returns and penalties. Make sure you fully understand the terms and conditions of your CD before investing.

By following these tips, you can maximize your savings on a CD and earn higher returns while keeping your funds safe and secure. CCCU’s Certificate of Deposit offers competitive interest rates and flexible terms that meet your financial goals. For more information about CDs and rates, please visit www.CCCULV.org or call 702-228-2228.