A certificate of deposit (CD) is a savings account where you agree to leave your money untouched for a set period—anywhere from a few months to several years—in exchange for a higher interest rate than a regular savings account. This category covers how CDs work, what happens when your CD matures, how to compare rates across banks, and what to consider before locking your money away. You land here when you're weighing whether a CD fits your savings goals or trying to understand the mechanics of opening one.
The articles answer practical questions: How much interest will you actually earn? What are the penalties for withdrawing early, and do they make sense for your situation? How do CD rates compare to other savings vehicles? Should you open a CD at your current bank or shop around? And what happens to your money when the CD term ends? These guides help you decide whether a CD matches your timeline and whether the may provide rate is worth the trade-off of having your money locked up.