Tip
Select your CD maturity date based on your expected needs. For example, if you plan to spend the money you are going to save in a CD in five years, you should look at five-year CDs – that’s what most banks call CDs with a term or maturity date five years in the future.
When you shop for a CD, compare different offers by looking at the term (that is, the time you agree to leave your money in the CD), the interest rate you earn, and the amount of the penalty for withdrawing money before the end of the term.
Are CDs FDIC-insured?
CDs offered by banks are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC), and those offered by credit unions are insured up to $250,000 by the National Credit Union Administration (NCUA).
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Licence: CC0 1.0 (public domain) · Adapted from www.consumerfinance.gov
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