Maine currently has a sales tax rate of around 5%, which is much lower than parts of California that see rates of up to 9.25% on goods. What are you doing with the money you’re saving? A Maine certificate of deposit with a great rate is a good place to start. After all, to truly grow your money you’ll need a sound investment plan. CDs offer a variety of advantages of other investments and are great for both new and seasoned investors. Here are some reasons CDs are so great.
1. Flexibility. Although some people may be turned off by CDs due to the fact that you don’t have access to your money for a period of time, they are more flexible than you think. Some certificates of deposit even allow you to withdraw your funds for emergencies with little penalty. You can also choose a deposit term you’re comfortable with from the start. It’s a great way for you to not be able to touch your money for those with little restraint.
2. Guaranteed yields. CDs are one of the few investments that will guarantee you the return you signed up for. You can’t get that from stocks or mutual funds that are subject to market swings. It’s great to invest knowing that you can’t really lose anything provided you stay within FDIC insured limits.
3. Great deposit terms. There are so many CD choices available now that you can pick and choose from an abundance of certificate of deposit terms. You’re guaranteed to find a deposit term that’s right for you, whether it’s a 3-month CD, 6-month CD or 1-year CD.
CDs have been and will continue to be one of the greatest investment choices you can make for your financial portfolio.
