Millions of people nationwide are getting richer by increasing their savings and reducing debt. Bank passbook savings account . Advantages include safety of principal and liquidity. Be aware of any minimum balance required to avoid fees.
CDs pay a fixed rate of interest for a fixed time.
The longer money is tied up, the higher the interest earned. Penalties are levied for redemption before maturity. Major advantages, however, are reinforcement of systematic savings with weekly coupon books and the ability to save small weekly amounts. Corporate bonds . Investors receive a fixed amount of interest at regular intervals, generally every six months, until the bond matures.