Final answer:
Different types of CD accounts include Jumbo CD, Penalty CD, and the tax-advantaged 529 Savings Plan for college expenses.
Explanation:
CD Types:
- This account provides higher interest but may require a higher minimum balance: Jumbo CD
- This bank account pays a higher interest rate but imposes a penalty if the money is withdrawn early: Penalty CD
- This savings account allows tax-free earnings for college expenses: 529 Savings Plan
Learn more about Certificate of Deposit (CD) accounts here:
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