Saving your money is important, but with inflation chipping away at its value, traditional savings accounts just aren’t cutting it. That’s where Certificates of Deposit (CDs) come in, offering guaranteed interest rates to boost your savings. But before you lock away your cash, let’s break down the key terms and explore how our Medici Grow CD Accounts offers a rewarding alternative.
What is a CD Account?
Think of a CD account as a commitment-based savings plan. You agree to deposit a specific amount of money for a fixed term, ranging from months to years. In return, you earn a higher interest rate than what you’d normally get with a regular savings account. This trade-off ensures your money grows steadily, but comes with some limitations:
Locked Funds: Your money is inaccessible until the maturity date. Early withdrawals usually incur penalties.
Fixed Rates: Traditional CDs offer a fixed interest rate, which might not keep pace with inflation.
Medici Bank offers options for both Liquid and Locked High Interest Accounts.
Liquid vs. Locked: Which is Right for You?
Choosing between Liquid and Locked depends on your needs:
- Liquid Savings: If you prioritize immediate access to your funds, consider a traditional savings account or money market account.
- Locked Growth: For predictable, locked-in growth, our GROW Account can be a good option.
Here’s where the Medici Grow CD Account offers a compelling alternative:
- Variable Rates: Our rates adjust to market conditions, potentially exceeding static rates and offering a hedge against inflation.
- Competitive Rates: Currently, our 18 month Grow CD boasts a 6.53% APY, potentially earning you high interest — significantly higher than the national average.
Visit our website at medici.bank/us to learn more!
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