Benefits of Jumbo C D
A jumbo CD is a certificate of deposit that requires a minimum deposit of $100,000. Some credit unions and banks do offer them at a lower deposit amount but only for special cases. Basically, you deposit your money for a specific length of time. The bank or credit union uses your money to offer loans, mortgages, and such. In return, you get the interest on your investment. As jumbo CDs are not liquid assets, you cannot withdraw money before your investment has reached its maturity. If you do, you will have to deal with incurring fees and penalties.
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