The interest earnings with a long-term CD account can grow substantially over an extended period. PHIL LEO/PM Images/Getty Images

On the surface, a long-term certificate of deposit (CD) account sounds like more trouble than it could be worth. These accounts have terms lasting a minimum of 18 months, meaning that you'll have to forego access to your money for at least that long – or pay an early withdrawal fee to regain access. And not only will you lose the ability to use that money during that period, but you'll also miss out on other investment opportunities until the account matures .

At the same time, in today's uncertain economic climate, a long-term CD may not be the worst idea. Interest rates on these accounts remain competitive, and at 4.00% or better right now,

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