Best CD Rates – December 2023
What Is a CD? A certificate of deposit is known as a CD and is used by consumers to save money for longer periods of time. A CD is a safe method to save money because up to $250,000 of the money allocated into the account is backed by the federal government. A CD is a kind of savings account, but unlike traditional savings accounts, it has a fixed interest rate and fixed date of withdrawal. The maturity date is when money from the CD can be withdrawn. Monthly fees usually are not charged for owning a CD. If you withdraw money from a CD before the term is up, you will pay a penalty. How Does a CD Work?Once you open a CD, you typically cannot make additional deposits into the account. Instead, you need to open a second CD with the additional funds. Consumers often have several CDs with diff...