Question 1

Should I pay statement balance or current balance?

Accepted Answer

To avoid interest charges, pay at least the statement balance by the due date. Paying the current balance (which includes newer charges) can help keep your credit utilization lower and may give you a head start on the next billing cycle, but it's not required to maintain the grace period.

Question 2

What is a Certificate of Deposit (CD)?

Accepted Answer

A CD is a savings product with a fixed interest rate and term (3 months to 5 years). You deposit money and can't withdraw without penalty until maturity. CDs typically offer higher rates than regular savings accounts.

Question 3

Do I need to report bank interest to IRS?

Accepted Answer

Yes, banks report interest income over $10 to the IRS via Form 1099-INT, which you must include on your tax return. All interest is taxable, regardless of amount, though amounts under $10 aren't automatically reported.

Question 4

What happens when a CD matures?

Accepted Answer

At maturity, you can withdraw funds plus interest, renew the CD at current rates, or roll it into a different CD term. Most banks have a grace period (7-10 days) to decide without penalty.

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Frequently Asked Questions

Should I pay statement balance or current balance?

What is a Certificate of Deposit (CD)?

Do I need to report bank interest to IRS?

What happens when a CD matures?

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