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Capital One plans to acquire Discover in an all-stock deal valued at $35.3 billion, pending approval. On Monday, Capital One Financial announced its plans to buy Discover Financial Services. Here's what you need to know about the deal and what it could mean for current Capital One and Discover customers. Capital One credit cards are part of the Visa and Mastercard credit card networks. The Wall Street Journal reports that Capital One is planning to switch some of its credit cards to the Discover network.

Persons: —, Simon Blanchard, Alvin Carlos Organizations: Discover, Service, Financial, Discover Financial Services, Capital, Visa, Mastercard, Georgetown University's McDonough School of Business, Street Journal, CFA, CFP, District Capital Management

No-penalty CD vs. savings account: At a glanceIf you're deciding between a no-penalty CD and a savings account, there are two distinctions you'll want to pay close attention to: the interest rate and when you can deposit or withdraw money. Savings accounts generally offer more flexibility for deposits and withdrawals than a no-penalty CD. If you decide to open a no-penalty CD, you'll also want to pay attention to the CD maturity date. Savings accounts allow more accessibility to your money than a no-penalty CD since you can deposit money into a savings account at any time. You'll likely prefer a savings account over a no-penalty CD if you want more accessibility to your money.

However, if you open an add-on CD, you'll be able to make deposits at any time. The main perk of an add-on CD is that it's the only type of CD that lets you add money while the account is open. Add-on CD vs. regular CDYou can use the chart below to understand the similarities and differences between add-on CDs and regular bank CDs. Add-on CDs allow you to add money at any time. Add-On CDs: Frequently asked questionsCan you add money to a CD?

Banks offer a grace period once a CD term ends, when you can decide to renew the term or withdraw money. Before automatically renewing a CD, always review the current CD rates available at your bank. What happens when your CD reaches maturityOnce your CD has reached maturity, you'll have the flexibility to make changes to your account. Alternatives to CDsIf you've decided you'll need access to your money relatively soon, a high-yield savings account or money market account are alternative savings account options. If you receive a CD maturity notice and decide not to act, usually your CD will automatically renew for another term.

Unless you find a high interest rate on a no-penalty CD, you'll likely prefer a savings account. No-penalty CD vs. savings account: At a glanceIf you're deciding between a no-penalty CD and a savings account, there are two distinctions you'll want to pay close attention to: the interest rate and when you can deposit or withdraw money. "You should only choose a no-penalty CD if the rate is significantly higher than a high-yield savings account," says Carlos. If you decide to open a no-penalty CD, you'll also want to pay attention to the CD maturity date. Savings accounts allow more accessibility to your money than a no-penalty CD since you can deposit money into a savings account at any time.

You can buy a CD as a gift for a minor, but you can't give a CD to another adult. How to buy a CD as a gift to a minorWhile you cannot buy a CD as a gift for an adult, you may get a CD as a gift for a minor. Here is a step-by-step guide you can take to buy a CD as a gift for a child:1. Our best CD rates guide has an overview of competitive CD rates for a variety of terms. If you are managing a custodial account, Carlos recommends setting a reminder for the date the CD term will end.

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