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Certificates of Deposit

If you’re looking to sock away a nice chunk of money that you have no intention of touching for a while, at a decent interest rate, then you might want to think about a certificate of deposit (CD)—sometimes called a share certificate.

It’s up to you to choose the time period for the CD, which is called the maturity date. It can range from a few months to a few years. If you need to take out some of the money before the maturity date, you’ll be charged a hefty early-withdrawal fee.

Here are some things to consider before opening a certificate of deposit:

Not sure if you should be saving or investing? We have a Saving vs. Investing page to help you decide. Plus, our savings calculator can help you with the math. Savings 101 is also here to help you decide when and how much to save.