Certificates of deposit

Today's best CD rates

A CD locks in a guaranteed rate for a set term, ideal for retirement money you won't need until a known date. Compare current offers below, then read how to choose a term and build a ladder.

Watch: never let a CD auto-renew

When a CD matures, any grace period is set by your bank and its length is in your account agreement, so confirm it instead of assuming one. If the CD auto-renews, doing nothing lets it roll at the bank’s current rate, which is frequently worse than what the same bank offers new money. Calendar every maturity date, or ladder terms so cash returns on a schedule.

Advertising disclosure

GrandAdvisor is an independent publisher and comparison service. The rate comparison below is provided by GOBankingRates, an advertising partner; GrandAdvisor may be compensated when you open an account through it. That compensation can affect which offers appear and in what order. It does not influence our editorial guidance. Not all available offers are shown.

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What is a certificate of deposit?

A certificate of deposit (CD) is a time deposit: you agree to leave a fixed amount with a bank or credit union for a set term (anywhere from a few months to five years) in exchange for a fixed interest rate that's usually higher than a regular savings account. In return, you agree not to touch the money until the term ends.

Key features

  • Fixed term. The money stays put until the maturity date; withdrawing early triggers a penalty.
  • Fixed rate. Your APY is locked for the whole term, no matter what the market does.
  • Federally insured. FDIC (banks) or NCUA (credit unions) coverage up to $250,000 per depositor, per institution.
  • Low risk. Within the insured limit, your principal and earned interest are guaranteed.
  • Limited liquidity. Early withdrawal usually costs several months of interest, so only commit money you won't need.

How to choose a term

Run your own numbers with the free CD ladder calculator.

Match the term to when you'll need the money. Next year's property taxes? A 12-month CD. Living expenses for year three of retirement? A longer term locks a higher rate. If rates are volatile or you want periodic access, a CD ladder (staggering maturity dates) gives you most of the yield of long CDs with cash freeing up along the way.

Two mistakes to avoid

  • Letting it auto-renew. The renewal rate is often worse than a new-money offer. Calendar the maturity date and shop.
  • Chasing "CD-like" products. If it isn't FDIC- or NCUA-insured, it's an investment, not a CD. Watch for annuities pitched as high-yield alternatives.

CD questions, answered

How is a CD different from a savings account?

A CD locks your money for a fixed term at a fixed rate. You can't touch it without an early-withdrawal penalty, but the rate is guaranteed for the whole term. A savings account stays fully liquid, but its rate can change anytime. Use CDs for money with a known date; savings for money you might need on short notice.

What happens when my CD matures?

You get your principal plus interest back. Your bank may offer a grace period to withdraw or move the money, but the bank sets whether there is one and how long it lasts, so check your account agreement rather than assuming a standard window. If your CD auto-renews and you do nothing, it rolls at the bank's current rate, which is frequently worse than a new-money offer. Calendar the maturity date so you can shop.

Are CDs safe?

At an FDIC-member bank (or NCUA-insured credit union), your deposits are federally insured up to $250,000 per depositor, per institution, per ownership category. As long as you stay within the limit, a CD is one of the safest places to hold money.

What is a CD ladder?

Split your money across CDs with staggered maturity dates (for example four equal CDs at 6, 12, 18, and 24 months). One matures every six months, so you get access to cash periodically while capturing longer-term rates. It's a simple way to avoid locking everything up at once.

Rates and offers shown are for illustration of page layout until our banking-rate partner is connected; they are not live offers. APY = annual percentage yield. Rates change; confirm current terms directly with any bank before opening an account. GrandAdvisor is not a bank.