Sentences with phrase «savings penalty they face»

Not exact matches

And while the interest you'll earn on money in a savings account is low — around 1 % — you don't face penalties when you need to withdraw the money.

In exchange for the higher interest rates CDs typically offer compared to a liquid savings accounts, banks require that you leave the money in the account for the term of the CD or pay a penalty for withdrawing your funds early, to make up for the losses the bank might face.

A certificate of deposit can be a good, low - risk investment, but unlike savings accounts, it requires a time commitment during which you can't access your money without facing a penalty.