Forget CDs: This Move Could Double Your Money Faster

The Fed cut rates on Sept. 17, and Wall Street is already betting more cuts are coming. That's bad news if you've been thinking about locking up cash in a certificate of deposit (CD). Yields are already slipping, and you could be stuck earning less while better opportunities pass you by.

Here's the thing: CDs can feel "safe," but they've never been great wealth builders. Right now, with interest rates heading lower, there's an even stronger case for looking elsewhere.

It pays to think bigger than CDs

You can still lock in a CD for more than 4% today, depending on the bank and term that you choose. But why settle for a 4% return, when you might be able to get 10% instead?

At today's rates, a $10,000 1-year CD might earn you about $400 in interest. That's not bad, but nothing life-changing.

Over the long run, the S&P 500 Index has averaged closer to 8% to 10% annually. That same $10,000 invested could double a CD's return in a year, and potentially compound into tens of thousands more over time.

Why falling rates make investing more attractive

When the Fed cuts rates, bond yields and CD rates usually fall too. Stocks, on the other hand, often benefit from lower borrowing costs and a friendlier environment for growth.

That doesn't mean every company soars overnight, but history shows that markets tend to do well when interest rates are heading down. It's one more reason to think twice before locking your cash into a product designed for stability instead of growth.

If you're ready to really put your money to work, here are the top brokerages I'd trust to start investing today.

A simple way to start

You don't need to pick individual stocks to get started. Low-cost index funds or exchange-traded funds (ETFs) let you buy into hundreds of companies at once. With one move, you can capture broad market growth without having to bet on any single winner.

If you've got money sitting in a CD or waiting to be parked in one, consider shifting at least part of it into a diversified fund. That way you're not just protecting your savings, but you're giving it a chance to grow.

Don't let CDs hold you back

There's nothing wrong with keeping some money in a CD if you need absolute certainty. But if you want your savings to work harder -- especially in a falling-rate environment -- investing gives you a far better long-term shot.

With the right approach, you could end up earning twice as much or more than you would with a CD, and set yourself up for far greater gains down the road.

Don't let CDs drag down your returns. Explore the best brokerages for beginners and see how easy it is to start investing today.