Apryl and Andrew have inherited a sum of money they will use for a down
payment on a new house in the next 6 to 12 months. Which of these savings
options is best for this inheritance?
O
A. Money market account
O B. Certificate of deposit
O C. Savings account
OD. Savings bond

B. Certificate of deposit

Explanation:

Certificates of Deposit

A certificate of deposit (CD) is like a savings account with a fixed duration, such as three, six, nine or 12 months, or multiple years up to 10. In exchange for locking in their money for that period of time, depositors generally get a higher rate of interest than they would with a regular savings account. However, if they withdraw their money (or part of it) early, they'll pay a penalty, usually in the form of lost interest.

Top-paying certificates of deposit pay higher interest rates than the best savings and money market accounts in exchange for leaving the funds on deposit for a fixed period of time.

CDs are a safer and more conservative investment than stocks and bonds, offering lower opportunity for growth, but with a non-volatile, guaranteed rate of return.

Virtually every bank, credit union, and brokerage firm offers a menu of CD options.

The top nationally available CD rates are typically three to five times higher than the industry average for every term, so shopping around delivers significant gains.

Although you lock into a term of duration when you open a CD, there are options for exiting early should you encounter an emergency or change of plans.

Where Money Market accounts can also pay more in interest than savings accounts or bonds, they most certainly do not offer short term agreements and fines would occur within first year, usually from unsettled interest.

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