If you can keep from touching your savings, a share certificate is a great way to build your money. Lock in your rate, higher than regular savings, then sit back and let your dividends compound.
Term Share Certificates (CDs)
Use a certificate ladder to climb your way to the best yield while maintaining some liquidity.
Say you start with $5,000. Put $1,000 each in a five-year, a four-year, a three-year, a two-year, and a one-year share certificate.
Of course, the five-year certificate will earn the highest yield. Then each year, as one certificate matures, put the principal and dividends into a five-year certificate. Keep this up until all your certificates are earning at the five-year rate.
Eventually, all your certificates are earning a higher yield at a longer maturity. And because you have a certificate maturing regularly, you can cash it in if necessary.
Sit back & watch your balance grow
*90-day loss of dividends.