Hey kids! Did you know banks offer special savings accounts called CDs? They're like a piggy bank that earns you extra money over time! The Federal Reserve recently changed some things, making CDs more interesting.
Think of it like this: the more money you put in your CD, the more it grows!
These accounts have different time periods – shorter ones might have higher interest payments but only for a short time.
- CDs are like special savings accounts.
- They give you extra money (interest) over time.
- Different CDs have different interest rates and times.
| CD Term | Interest Rate (approx.) |
|---|---|
| 1 year | 4.00% |
| 3+ years | 3.00-4.00% |
| 13 months | 4.35% (highest!) |
