I was just talking about CDs earlier this week and they provide an easy way to safely put away some cash cash. Usually they pay a slightly better interest rate than a regular savings account, but the downside of the higher interest is the fact that these are time deposits. That means you buy a CD with a specific term, usually anywhere from a month to five years. While you can almost always cash out of a CD before the term expires, there is a penalty for doing so. So, if liquidity is what you're after, a CD may not be the best choice. Here are the details on how early withdrawal penalties work so you can understand when you can cash out and what the damage will be.

Interest rates are still at record low levels across the board and that means it's hard to earn much money on your savings. Even though rates are down, CDs are one of the few bank products that can at least help give you a little something. But as you probably know, one of the drawbacks of CDs is that they are timed deposits, meaning you lock your money up for a few months or years. And to get the best yields you usually have to go with longer terms.

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You may have heard that your credit score is important, but what is a FICO score? FICO is short for Fair Isaac and Co. The Fair Isaac Company developed custom software back in the 1980s that helped other companies determine a credit risk based on a number derived from a person's credit history. This number soon became a standard that was adopted by the three main credit bureaus: Experian, TransUnion, and Equifax. The FICO score ranges between 300 and 850.

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Wouldn't it be nice if you could lower the interest rate on your credit cards? Actually, you may be able to, and it might take only a few minutes of your time. If you have an account in good standing with a credit card company, try giving them a call. If you aren't habitually late and have been doing business with them for a while, a simple phone call may open the door to a lower rate. It doesn't hurt to ask, and the worst they can say is "no." Learn how to ask for a lower interest rate.