Since 2010, the interest rate on passbook accounts and certificates of deposit has been moderate. In exchange for keeping the money on deposit for a set amount of time, top-paying certificates of deposit (CDs) offer interest rates that are higher than those offered by the best savings and money market accounts. Compared to stocks and bonds, CDs offer a smaller potential for growth but a non-volatile, fixed rate of return.
CD are also a safer and more conservative investment. Almost all banks, credit unions, and brokerage companies provide a selection of CD choices. Shopping around offers major benefits because the best CD rates that are nationally available are often three to five times higher than the industry average for every term.
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