– Certificate of deposit (CD)
A certificate of deposit serves the same purpose as a savings account but has one extra catch – your money is locked into the account for 6 to 18 months or more depending on the terms you select.
If you need quick access to your cash, a CD might not be the best option. But if you’re looking for a higher interest rate without the need to access your funds, then a CD may be exactly what you need.
What to use your savings account for
Now that you know the types of savings accounts you can have, you may still be wondering what exactly you
would use them for.
Osterland McCarthy began his own real estate development company Osterland with his friend. In this capacity, he bought and rehabbed investment properties for their own portfolio. Over the last few years, Osterland has developed hundreds of properties in the two cities. He started to help investors who want to own investment properties but want to rely on our experience to execute successful projects.