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A bank Certificate of Deposit (CD) is a federally insured, secure savings account that has a fixed interest rate for a fixed amount of time, called a term. CDs usually don’t have monthly fees, but do impose fees if funds are accessed before the term ends on the maturity date.

Additional Information

Compared to other types of savings accounts, CDs typically earn higher interest, and usually, the longer the term, the higher that interest rate is. But unlike savings accounts, you can’t access the all money in your CD want. Withdrawing your principal (that’s the original deposit you put in) from the CD before it matures will trigger a considerable fee. Usually, at any time during the term you can withdraw accrued interest without a penalty.

How do CDs work?

CDs offer a set rate of return in exchange for holding your money for a certain amount of time. Typically, the longer the term, the higher the interest rate. And, the rates for CDs are usually higher than what you’ll find in savings accounts. Once the term ends, you can access your money without restrictions.

What is a CD maturity date?

A CD's maturity date is the date when CD’s term ends. Once the terms ends, you can take your money out of the CD without paying early withdrawal penalties.

Why should I open a CD?

You should open a CD when you know you wont need to access your deposit until the term ends. CDs help you save on a schedule with low risk and a return you can plan for, all without the monthly fees you might get with a savings account.

Are CDs worth it?

Because many CDs earn higher interest than other savings accounts and give you a return you can count on, they are a secure, low risk savings option. They’re worth it when you know you can put your deposit aside and not access it until the term ends. If you access it before the maturity date, you’ll pay fees, and they can be high. And to take advantage of the highest interest rate, you’ll often need to lock away your deposit for a longer term. If you’re thinking of a shorter term CD, you might be able to find a comparable interest rate from a traditional savings account, and keep the access to you money.

This information and recommendations contained herein is compiled from sources deemed reliable, but is not represented to be accurate or complete. In providing this information, neither KeyBank nor its affiliates are acting as your agent or is offering any tax, accounting, or legal advice.

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