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I own a bank rates website and I get a lot of questions asking about good cd investment strategies. A bullet strategy is a certificate of deposit investment strategy where your cds are set to all mature at the same time. You can add more certificates of deposit over time, but they will all end up maturing around the same date.

You would use a bullet strategy if you know you’re going to need money on a certain date. For example if you want to buy a house by a certain date. You can invest money over time, but the mature date is always the same. It’s the date you want to buy your house by. You can also use a bullet strategy if short term rates have taken a hit and you want to wait it out for better short term rates to arrive. A high interest savings account is also a good alternative to a short term cd if the rates are low. Just make sure you pick your bank carefully. If internet banking is important to you, find out their online capabilities. Maybe you want to link your account to an online checking account. Do your homework before committing to a bank.