What is Add-On Certificate of Deposit?
A certificate of deposit that allows the bearer to deposit additional funds, after the initial purchase date, that will bear the same rate of interest. Read more for examples and further explanation including related video clips and also comments
Example explains Add-On Certificate of Deposit
Add-on’s or add-in’s to a certificate of deposit are beneficial when investors feel interest rates will decline. By having this feature, the bearer of the CD will be guaranteed a minimum interest rate return.
Most financial institutions that permit the use of an add-on feature will require these additional deposits to meet a minimum dollar amount (typically $500).
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