Question

A certificate of deposit pays a higher interest rate than a savings account because the money is

Answer 1

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A certificate of deposit pays a higher interest rate than a savings account because the money is. guaranteed by the government.

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Answer 2

A certificate of deposit pays a higher interest rate than a savings account because the money is aided by government.

Savings accounts:

• Savings accounts are interest-bearing accounts that may be obtained at banks and credit unions.
• They're frequently used to save money for an emergency fund, vacations, down payments on a home, and other financial objectives.

Certificate of deposit:

• Another sort of arrangement that allows you to save funds at a banking institution is a CD.
• A CD is a timed deposit, but both savings accounts and CDs pay interest on your deposit.

Conclusion:

• Savings accounts typically have a single rate, but CDs have a fixed rate for the duration it and are regulated by the government, ensuring a high interest rate.

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