A Certificate of Deposit would be the best option for Joel, offering a higher interest rate in exchange for less immediate access to his funds.
Certificate of Deposit (CD) would best suit Joel's needs. By depositing a certain amount of money for a fixed period, he can earn a higher interest rate than a regular savings account, even though there's a penalty for early withdrawal. CDs offer a higher return with less immediate access to the funds, making them ideal for those not needing instant liquidity.
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