These CDs Will Never Go Out of Style

Busayo O.
3 min readAug 11, 2020


Woman looking at info on a CD book.
Krists Luhaers via Unsplash

This article is not about those CDs that we used to listen to our favorite music with, but ones that will never go out of style. I’m talking about CDs, Certificates of Deposit! These for one will never jam in your player and will never go out of style. Certificates of Deposits (CDs) are basically a savings account with a fixed rate and term and can have higher rates than regular savings accounts (Tierney, Nerd Wallet, 2020).

What’s great about them is that they are great savings account that increase in interest, thus giving you more money as well as usually don’t have monthly fees!

I want to share my experience with CDs. I discovered Self, the credit-building company. Self is all about helping people build their credit while saving money. How does that work? First, they help you set up your Certificate of Deposit of any amount provided and you pay the loaned amount off every month. For me, I do a lower one and it is less than $50 a month to pay it off! It’s pretty great! It’s all automated so you never miss a payment. Like I always say about automated savings — effortless saving!

Why it helps build your credit?

That’s because your new account shows up on your credit file. When you creditors see that you have more accounts that you can responsibly manage and make on-time payments, that helps to boost your score!

I just completed my first payment and my credit score has already gone up 39 points! Woohoo! I’m able to manage affordable payments, and the saving part — once your term is complete, you get to keep that moolah with interest!

I’ve also noticed that having a Certificate of Deposit has allowed me to delay instant gratification. Since you can’t use that money until the end of your term (mine is 12 months), then it helps you to be smart with your saving and spending.

Extra perks!

Another note to highlight is that even if your term is 12 months, you can choose to pay off the balance early, but for those who need to repair or build their credit, the longer you have the CD, the better. Consistent, on-time payments = better credit!

In my financial journey, I’ve noticed that even with my regular loan payments like student loans, my credit score usually remains the same or does not increase as much as when I’ve used the CD.

If you do go for the CD, I encourage you to try and go for another CD. The more credit building and savings you do, the better.

CDs have been around for a while, but will never go out of style and will definitely keep you on track. Credit building and saving is the new sexy!

This article is for informational purposes only, and it should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions.



Busayo O.

Woman of God, writer, content strategist, and here to give you eye-opening, exciting articles.