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: Requires a large minimum deposit—typically $100,000 —in exchange for a higher interest rate.

: You agree to leave your funds untouched for a specific duration, typically ranging from 3 months to 5 years . bank cd

: If you need to access your money before the maturity date, you will typically be charged a fee, which often equals several months of earned interest. Common Variations bank cd

Understanding Certificates of Deposit: A Safe Investment Option bank cd

This protects your returns from market fluctuations or falling federal interest rates.

: Unlike traditional savings accounts with variable rates, a CD locks in a specific rate for the entire term.

: This is the date the term ends, at which point you receive your initial deposit plus all earned interest.