Make sure to consider these pros and cons before you open a 5-year CD.
Certificate of deposit APYs are higher than they've been in decades, making these secure savings vehicles hard to ignore. One popular CD term is a 5-year term. These CDs offer compelling returns alongside minimal risk when compared to other investment options. Although these high-return accounts are the perfect option for some, there's no such thing as a one-size-fits-all savings or investment vehicle.
Don't pay maintenance fees: Other savings vehicles like traditional savings accounts typically come with monthly maintenance fees. These fees cut into the return your idle money generates. CDs don't generally come with monthly maintenance fees. So, you get to hold onto more of your earnings. Open a 5-year CD to lock in respectable returns with no maintenance fees. 5-year CD consThey lack accessibility: When you open a 5-year CD, you're making a 5-year commitment.
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