100% Passive, high interest CD accounts:

High interest CD accounts are different than your regular savings account. When you have a regular savings account, you have greater access to your money. You are able to write checks on your money and access your money when you see fit. This is not the case with a certificate of deposit account.

When you open this type of account, you are agreeing to terms that are a lot more restrictive than those that are associated with a regular account. You are agreeing to deposit your money in an account for a specified amount of time. You are not able to access to this money until the certificate of deposit reaches maturity. Depending on the bank, this specified time can be 3 months, 6 months or 9 months. For even higher interest rates, there are also high interest CD accounts that take years to reach maturity.

Stay for the Long Haul

Opening this type of account requires a lot of sacrifice on your part. Once you put your money into this type of savings account, you cannot withdraw it without incurring a penalty. In addition, you forfeit the interest that would have been earned on this account. Make a commitment to stay for the long haul. Doing so will guarantee that you earn a higher interest rate on your savings account.

Investing in this type of account is a step up from the traditional type of savings account. It requires discipline in order to keep the money in the account until it reaches maturity. If you are the type of person that consistently withdraws money from your savings account at a whim, then this may not be the type of upgrade that you need. However, if you are able and willing to let your money stay in your savings account until it reaches maturity, then you may want to consider the increased interest rate that you could obtain from a high interest CD account.

Skip the Broker Services

Since a certificate of deposit account is considered an upgrade when it comes to a savings account, many people become intimidated by this fact and insist on acquiring the services of a Broker. This is not a wise financial move. Remember that you are researching high interest CD accounts because you want to earn a much higher rate of return. However, if you acquire the services of a broker, then you have to pass along your earned interest to a middle man. Doesnít this defeat the purpose?

Donít be intimidated. You can do this on your own. Go directly to the bank and open your certificate of deposit savings account. If you have questions or concerns, the bank can answer your questions without the aid of a broker. Earn your money and keep it in your pocket.

Certificate of deposit savings accounts are a good investment for the person that is able to keep their money in a savings account until it reaches maturity. High interest CD accounts are a great way to earn a higher interest rates. Research, go directly to the bank and take advantage of what they have to offer.