I want to start saving money. My friend was telling me about IRA and CDs. For me i think it is best to get a CD for now but, I dont really know ANYTHING about it. Okay, so i was looking at bankrates.com and i was thinking maybe a $2500 minimum deposit for 5 years, 4.40 interest rate and 4.49 annual percentage yield at Discovery Bank.
What exactly does that mean? (is the 5 years the time i can withdraw? If i leave it in for 5 years without adding any money how much money will i have at the end of the 5 years?)
I am very new to this whole thing so any good answers about anything will help.|||the time is how long the money is schedule to be with the Bank
The 4% is the interest rate they pay each year for the money.
You can cash a CD out early but you will lose some of the interest it has earned.
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