We all know that money makes the world go round, but how can you make more of it beyond your regular paycheck? Yard sales, the lottery, or even metal detectors on the beach might bring in some extra cash, but they're not guaranteed or consistent. If you have the time and ability, you could get another job or side hustle. But what if we told you that you can make money by doing nothing at all?

Introducing Space Age Credit Union's Certificates of Deposit (CDs). By simply saving your money in a CD, you can watch your funds grow without lifting a finger. Here's how it works:

1. Open a CD with the amount of money you want to save.

2. Let it sit and earn interest until it matures.

3. Choose a term that suits you, with options ranging from three months to three years.

But what exactly is the interest you'll earn? CDs have two important rates: the Annual Percentage Rate (APR) and the Annual Percentage Yield (APY).  The APR is the interest your CD will earn over a year, while the APY is the effective annual rate of return that takes into account compounding interest. Essentially, it's the total amount your CD will make at the end of a year.

Now, let's talk about compounding interest. Every day, your CD earns interest based on the APR. At the end of each month, a dividend is calculated and added to your deposit, increasing the original amount. The next month, the process begins again, but now the interest earned is based on the new amount, which includes the interest from the previous month. This cycle continues until the CD matures.

Still confused? Let's look at an example. In the first month, your CD has your initial deposit. Over the month, it earns interest. At the end of the month, the interest is added to your deposit, creating a new amount. The next month, this new amount earns interest, and the cycle continues. This is known as compounding interest, and it's like free money. The longer you save, the more you make!

Not only will you be earning money while doing nothing, but by saving with Space Age Credit Union, you'll also be helping us fund loan services like auto loans and mortgages. We use the money you deposit in CDs and other savings accounts, and in return, we pay you interest. It's a win-win!

So, why wait? Let your money work for you and start saving today with Space Age Credit Union's CDs. Give us a call at 303-369-7666 and put your savings to good use. Enjoy your life and free time while your money grows.