Many people are so discouraged by today’s low CD rates that they do not even bother investing. Purchasing a Certificate of Deposit, however, is a great way to make a little extra money without doing any work. A CD is a no-risk investment that can put extra money in your pocket at the end of a predetermined period.

If you have money to invest, it may be better to put it in a CD where you will not be tempted to spend it. By using a CD rates calculator you can see what your money will turn into.

CD Rate Returns

Rates Based on a random sum and time period. Although this is the average interest rate, you can easily find a much higher rate at

• How much money you have: $10,000

• Length of Investment: Five years

• Interest Rate Average: .42%

• Total return: $212

A return of $212 does not seem like much of anything, especially after five years of waiting, but if someone came up to you on the street and offered you $212, no strings attached, you would gladly take it.

Things You Could do With Your $212*

• A round-trip plane ticket from New York to Chicago: $203. You would have a few dollars left over to buy a drink on the way.

• A dinner for two at Ruth’s Chris Steak House: $140. If you’re not tired from dinner, book a horse drawn carriage for 40 minutes for an additional $70 (total=$210).

• Orchestra Seating for Wicked — the No. 1-rated show on Broadway: $165. You could grab a $47 dinner before the show.

• Tickets to 17 movies at $12 a ticket: $204. Or split the amount of movies in half and bring a date.

• 60 Grande Starbucks Coffees at about $3.50: $210. You will be buzzed for weeks on end.

• Buy one donut at Dunkin Donuts every day for 238 days: $188.60. Although your wallet will allow it, your belt buckle may not.

• 163 packs of Orbit gum: $211.90. You will constantly have that “good clean feeling.”

Whether you put the money toward bills or escaping the real world for a bit, the interest you earn from a CD can be very beneficial. CDs are also good investments because you will be saving money as opposed to spending it. Before you invest in a CD it is smart to look at your other options as well. Check out to compare rates.

* Prices based on Online research and approximations.

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