What is a certificate of deposit (CD)?

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He writes and edits content about personal finance ranging from savings to investing to insurance. Previously, he worked as a senior editor for FoxNews.com and FoxBusiness.com. A former sports reporter, Matt covered professional boxing in New York City for 18 years. He is the former Vice President and Secretary for the Boxing Writers Association of America (BWAA) and is an elector for the International Boxing Hall of Fame. He has a master\u0027s degree in journalism from Columbia University.","sameAs":"https:\/\/x.com\/MRichardson713","knowsAbout":["Mortgage Rates","Interest Rates","Finance","Savings","Inflation"],"workLocation":{"@type":"Place","name":"New York"},"affiliation":{"@type":"Organization","name":"CBS News"},"worksFor":[{"@type":"Organization","name":"CBS News"}],"contactPoint":{"@type":"ContactPoint","email":"matt.richardson@paramount.com","contactType":"Sr. Managing Editor, Managing Your Money"},"publishingPrinciples":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/"}],"editor":[{"@type":"Person","familyName":"Earl","givenName":"Jennifer","name":"Jennifer Earl"}],"publisher":{"@context":"https:\/\/schema.org","@type":"NewsMediaOrganization","@id":"https:\/\/www.cbsnews.com\/","name":"CBS News","foundingDate":"1927-09-18","sameAs":["https:\/\/www.cbsnews.com\/","https:\/\/www.facebook.com\/CBSNews\/","https:\/\/instagram.com\/cbsnews\/","https:\/\/twitter.com\/CBSNews","https:\/\/www.youtube.com\/CBSNews","https:\/\/en.wikipedia.org\/wiki\/CBS_News"],"logo":[{"@context":"https:\/\/schema.org","@type":"ImageObject","height":60,"width":600,"url":"https:\/\/www.cbsnews.com\/assets\/standalone\/cbsnews-logo-white-600x60.png"}],"url":"https:\/\/www.cbsnews.com\/","parentOrganization":{"@type":"Organization","name":"Paramount Global","@id":"https:\/\/www.paramount.com\/","sameAs":"https:\/\/www.paramount.com\/","legalName":"Paramount Global"},"actionableFeedbackPolicy":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#1d4ed2b9-ade8-4203-a4e4-115dd34c0735","correctionsPolicy":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#751608ae-9468-457c-9dbe-1f9400a7f428","ethicsPolicy":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#a0060f90-73b0-4a57-b756-ca7a7f26cc7d","Masthead":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#5fd9a80d-2c6c-4d38-8b1e-4144650d5963","missionCoveragePrioritiesPolicy":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#4ffda755-6b47-49e1-b98c-24b737906aca","ownershipFundingInfo":"https:\/\/www.paramount.com\/company-history","unnamedSourcesPolicy":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#de41886e-07ed-4887-ad05-4b2c79edf857","publishingPrinciples":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/"},"articleBody":"With so many Americans spending more than they were just a year or two ago, the thought of saving money isn\u0027t always at the forefront. While inflation and interest rate hikes\u00a0have hurt things like grocery shopping and home purchasing, they\u0027ve also led to unique opportunities for those looking to save extra money.\u00a0For example, high-yield savings accounts\u00a0are currently offering interest rates many times higher than those tied to traditional accounts. Certificates of deposit, or CDs, are also offering favorable terms and incentives for those looking to earn more interest. To get the most out of a CD it helps to first understand how it works as well as the ways you can benefit from opening one.You can easily check today\u0027s CD interest rates here\u00a0to determine if it makes sense for you or use the table below to explore some local options.What is a CD?A CD is a kind of account provided by banks or some credit unions in which account holders earn interest by depositing their money for a specified period of time. This interest is typically higher than the 0.33% many would get with a regular savings account, although you\u0027ll need to keep the money stored in the CD for the full agreed-upon term to fully earn it.\u00a0CDs are popular for their terms (the amount of time you agree to leave your money untouched in the account). For many, it acts like forced savings that won\u0027t be subject to constant withdrawals or charges.\u00a0Terms vary significantly; it could be months or it could be years, depending on what you chose when you opened the account. Once the term is completed the account holder can take their money (and the interest earned) out of the CD. They can also renew it or open up a new one with different terms.\u00a0If this sounds advantageous to you then start by checking today\u0027s CD interest rates and options now to see how much interest you could be making.\u00a0Who benefits from opening a CD?Anyone who wants to earn more interest than they are currently earning with a regular savings account - and can afford to temporarily deposit a portion of their savings - would likely benefit from opening a CD. Interest rates for CDs are currently around 4% to 5%. Some banks and credit unions may even offer higher rates so shop around before signing on the dotted line.For those who prefer to see their earnings in a figure form, consider $5,000 deposited into a regular savings account with an annual percentage rate (APR) of 0.33%. Twelve months later, that account will have earned $16.50. But if it was left in a CD for that same period that $5,000 would turn into $5,225 (at 4.5% interest). That\u0027s a lot more money for very little work on the behalf of the account holder.CDs are also good for people who are having difficulty growing their savings. It can be tempting to continuously swipe a debit card only to pay yourself back with the next direct deposit. You frequently won\u0027t save this way and will wind up noticing your account decrease over time. But by putting that money into a CD you can rest easy knowing it\u0027s safe (and earning interest).There are generally little to no maintenance fees. Not only does this mean that you\u0027ll be able to hold on to all the interest you earned, but it also means that the principal you deposited will remain untouched. Compare that to the normal fees you typically see deducted from your other accounts and you can quickly see the benefit of putting that money into a CD instead.\u00a0Explore your local CD options by using the table below and start earning more money now.\u00a0The bottom lineCDs offer account holders a unique way to protect their money and earn more interest by depositing those funds into an account for a set period of time. CDs can\u0027t be accessed during this time frame (which can last months or years) but the account will typically earn significantly more interest than it would have if it was left in a typical savings account. This is an attractive option for both those who want to start earning more money and those who want a safe way to protect what they already have."} </script><script type="application/ld+json"> {"@context":"https:\/\/schema.org","@type":"NewsMediaOrganization","@id":"https:\/\/www.cbsnews.com\/","name":"CBS News","foundingDate":"1927-09-18","sameAs":["https:\/\/www.cbsnews.com\/","https:\/\/www.facebook.com\/CBSNews\/","https:\/\/instagram.com\/cbsnews\/","https:\/\/twitter.com\/CBSNews","https:\/\/www.youtube.com\/CBSNews","https:\/\/en.wikipedia.org\/wiki\/CBS_News"],"logo":[{"@context":"https:\/\/schema.org","@type":"ImageObject","height":60,"width":600,"url":"https:\/\/www.cbsnews.com\/assets\/standalone\/cbsnews-logo-white-600x60.png"}],"url":"https:\/\/www.cbsnews.com\/","parentOrganization":{"@type":"Organization","name":"Paramount Global","@id":"https:\/\/www.paramount.com\/","sameAs":"https:\/\/www.paramount.com\/","legalName":"Paramount 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type--content-article"> <div class="row"> <div class="row"> <div class="col-12 "> <div class="row"> <div class="col-8 "> <article id="article-0" data-index="0" data-path="/news/whats-a-certificate-of-deposit-cd/" class="content content-article lazyload"><div class="content__promo-image-wrapper" data-sort-time="1706305303000" data-update-time="1706305303000"></div> <div class="content__high-wrapper content__high-wrapper--is-show" id="article-header" data-sort-time="1706305303000" data-update-time="1706305303000"> <header class="content__header "><div class="content__meta--brand-font"> <p> We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. </p> </div> <div class="item--asset-wrapper"> <a href="https://www.cbsnews.com/moneywatch-managing-your-money?ftag=CNM-16-10abg0d" class="item--asset-label is-topic" data-invalid-url-rewritten-http="">MoneyWatch: Managing Your Money</a> </div> <h1 class="content__title ">What is a certificate of deposit (CD)?</h1> <div class="content__meta-wrapper">  <a class="content__topic-link " href="/moneywatch"> <img width="60" height="60" class="content__show-logo" alt="moneywatch" src="/assets/show/moneywatch/logo-square-32.svg" loading="lazy"></a>  <p class="content__meta content__meta--byline byline"> By <a href="https://www.cbsnews.com/team/matt-richardson/" class="byline__author__link" data-invalid-url-rewritten-http="">Matt Richardson</a> </p> <p class="content__meta content__meta--byline byline"> Edited By <a href="https://www.cbsnews.com/team/jennifer-earl/" class="byline__author__link" data-invalid-url-rewritten-http="">Jennifer Earl</a> </p> <p class="content__meta content__meta--timestamp "> <time datetime="2024-01-26T16:41:00-0500">Updated on: January 26, 2024 / 4:41 PM EST</time> / CBS News </p> <ul class="sharebar"><li class="sharebar__button-container sharebar__button-container--service "> <a href="http://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhats-a-certificate-of-deposit-cd%2F" class="sharebar__button sharebar__button--type-facebook lazyload" title="facebook" target="_blank" data-component="popups" rel="noopener"> <svg viewbox="0 0 32 32" class="sharebar__icon sharebar__icon--facebook" aria-hidden="true"><use xlink:href="#icon-social-facebook"></use></svg></a> </li> <li class="sharebar__button-container sharebar__button-container--service "> <a href="https://twitter.com/intent/tweet?related=cbsnews,cbsmoneywatch&via=cbsmoneywatch&text=What%20is%20a%20certificate%20of%20deposit%20%28CD%29%3F&url=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhats-a-certificate-of-deposit-cd%2F" class="sharebar__button sharebar__button--type-twitter lazyload" title="twitter" target="_blank" data-component="popups" rel="noopener"> <svg viewbox="0 0 32 32" class="sharebar__icon sharebar__icon--twitter" aria-hidden="true"><use xlink:href="#icon-social-twitter"></use></svg></a> </li> <li class="sharebar__button-container sharebar__button-container--service "> <a href="https://share.flipboard.com/bookmarklet/popout?v=2&utm_source=www.cbsnews.com&utm_medium=article-share&utm_campaign=tools&title=What%20is%20a%20certificate%20of%20deposit%20%28CD%29%3F&url=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhats-a-certificate-of-deposit-cd%2F" class="sharebar__button sharebar__button--type-flipboard lazyload" title="flipboard" target="_blank" data-component="popups" rel="noopener"> <svg viewbox="0 0 32 32" class="sharebar__icon sharebar__icon--flipboard" aria-hidden="true"><use xlink:href="#icon-social-flipboard"></use></svg></a> </li> </ul></div> </header></div> <section class="content__body"><figure class="embed embed--type-image is-image embed--float-none embed--size-medium"><span class="img embed__content"><img src="https://assets3.cbsnewsstatic.com/hub/i/r/2023/02/28/e33f36d9-c453-401e-94f0-b1add31ba106/thumbnail/620x413/5568bb05c1a056d46ce393bb56ab0b00/gettyimages-1068445390.jpg?v=db3d87ba7bf4d4ff13b65eabcf0d9bea#" alt="gettyimages-1068445390.jpg " height="413" width="620" class=" lazyload" data-srcset="https://assets3.cbsnewsstatic.com/hub/i/r/2023/02/28/e33f36d9-c453-401e-94f0-b1add31ba106/thumbnail/620x413/5568bb05c1a056d46ce393bb56ab0b00/gettyimages-1068445390.jpg?v=db3d87ba7bf4d4ff13b65eabcf0d9bea 1x, https://assets2.cbsnewsstatic.com/hub/i/r/2023/02/28/e33f36d9-c453-401e-94f0-b1add31ba106/thumbnail/1240x826/9a680242cfbb9ed18bee85dffeaeddc0/gettyimages-1068445390.jpg?v=db3d87ba7bf4d4ff13b65eabcf0d9bea 2x" srcset="data:image/svg+xml,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20viewBox%3D'0%200%20620%20413'%2F%3E"></span> <figcaption class="embed__caption-container"><span class="embed__caption">CDs offer significantly higher interest rates than those tied to traditional savings accounts.</span> <span class="embed__credit"> Getty Images/iStockphoto </span> </figcaption></figure><p>With so many Americans spending more than they were just a year or two ago, the thought of saving money isn't always at the forefront. While <span class="link"><a href="https://www.cbsnews.com/news/pce-inflation-accelerated-in-january-2023/" target="_blank" data-invalid-url-rewritten-http="">inflation</a></span> and <span class="link"><a href="https://www.cbsnews.com/news/federal-reserve-rate-hike-2023-02-01-impact/" target="_blank" data-invalid-url-rewritten-http="">interest rate hikes</a></span> have hurt things like <span class="link"><a href="https://www.cbsnews.com/news/inflation-food-grocery-prices-financial-pain/" target="_blank" data-invalid-url-rewritten-http="">grocery shopping</a></span> and <span class="link"><a href="https://www.cbsnews.com/news/home-values-fall-redfin-report-homeowner/" target="_blank" data-invalid-url-rewritten-http="">home purchasing</a></span>, they've also led to unique opportunities for those looking to save extra money. </p><p>For example, <span class="link"><a href="https://www.cbsnews.com/news/are-high-yield-savings-accounts-worth-it/" target="_blank" data-invalid-url-rewritten-http="">high-yield savings accounts</a></span> are currently offering interest rates many times higher than those tied to traditional accounts. <span class="link"><a href="https://www.cbsnews.com/news/should-you-open-a-cd-now/" target="_blank" data-invalid-url-rewritten-http="">Certificates of deposit</a></span>, or CDs, are also offering favorable terms and incentives for those looking to earn more interest. To get the most out of a CD it helps to first understand how it works as well as the ways you can benefit from opening one.</p><p><a href="https://clicks.trx-hub.com/xid/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fwww.bankrate.com%2Flanding%2Fcbsnews%2Fbest-cd-options%2F%3Fsub-id%3Dwww.cbsnews.com%2Fnews%2Fwhats-a-certificate-of-deposit-cd&p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhats-a-certificate-of-deposit-cd%2F&event_type=click&article_id=8aceb5c3-4c7d-46c1-b265-d166a788b2ac" target="_blank" rel="nofollow, sponsored, noopener">You can easily check today's CD interest rates here</a> to determine if it makes sense for you or use the table below to explore some local options.</p><div><script src="https://static.myfinance.com/widget/myFinance.js"></script></div><div><div class="myFinance-widget" data-ad-id="a9243eaf-b1bd-4a6d-8e12-b20a91df3e67" data-campaign="cbsmw-cds-multi" data-sub-id="www.cbsnews.com/news/whats-a-certificate-of-deposit-cd"></div></div><h2><strong>What is a CD?</strong></h2><p>A CD is a kind of account provided by banks or some credit unions in which account holders earn interest by depositing their money for a specified period of time. This interest is typically higher than the 0.33% many would get with a regular savings account, although you'll need to keep the money stored in the CD for the full agreed-upon term to fully earn it. </p><p>CDs are popular for their terms (the amount of time you agree to leave your money untouched in the account). For many, it acts like forced savings that won't be subject to constant withdrawals or charges. </p><p>Terms vary significantly; it could be months or it could be years, depending on what you chose when you opened the account. Once the term is completed the account holder can take their money (and the interest earned) out of the CD. They can also renew it or open up a new one with different terms. </p> <div id="mpu-plus-outstream-middle" data-ad="mpu-plus-outstream-middle" class="ad-mpu-plus-outstream-middle ad-wrapper " data-ad-unit='"mpu-plus-outstream-middle"'> </div> <p>If this sounds advantageous to you then <a href="https://clicks.trx-hub.com/xid/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fwww.bankrate.com%2Flanding%2Fcbsnews%2Fbest-cd-options%2F%3Fsub-id%3Dwww.cbsnews.com%2Fnews%2Fwhats-a-certificate-of-deposit-cd&p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhats-a-certificate-of-deposit-cd%2F&event_type=click&article_id=8aceb5c3-4c7d-46c1-b265-d166a788b2ac" target="_blank" rel="nofollow, sponsored, noopener">start by checking today's CD interest rates and options now</a> to see how much interest you could be making. </p><div><div class="myFinance-widget" data-ad-id="a9243eaf-b1bd-4a6d-8e12-b20a91df3e67" data-campaign="cbsmw-cds-multi" data-sub-id="www.cbsnews.com/news/whats-a-certificate-of-deposit-cd"></div></div><h2><strong>Who benefits from opening a CD?</strong></h2><p>Anyone who wants to earn more interest than they are currently earning with a regular savings account - and can afford to temporarily deposit a portion of their savings - would likely benefit from opening a CD. Interest rates for CDs are currently around 4% to 5%. Some banks and credit unions may even offer higher rates so shop around before signing on the dotted line.</p><p>For those who prefer to see their earnings in a figure form, consider $5,000 deposited into a regular savings account with an annual percentage rate (APR) of 0.33%. Twelve months later, that account will have earned $16.50. But if it was left in a CD for that same period that $5,000 would turn into $5,225 (at 4.5% interest). That's a lot more money for very little work on the behalf of the account holder.</p><p>CDs are also good for people who are having difficulty growing their savings. It can be tempting to continuously swipe a debit card only to pay yourself back with the next direct deposit. You frequently won't save this way and will wind up noticing your account decrease over time. But by putting that money into a CD you can rest easy knowing it's safe (and earning interest).</p> <div id="leader-plus-inc3" data-ad="leader-plus-inc" class="ad-leader-plus-inc ad-wrapper " data-ad-unit='["leader-plus-inc",3]'> </div> <p>There are generally little to no maintenance fees. Not only does this mean that you'll be able to hold on to all the interest you earned, but it also means that the principal you deposited will remain untouched. Compare that to the normal fees you typically see deducted from your other accounts and you can quickly see the benefit of putting that money into a CD instead. </p><p>Explore your local CD options by using the table below and <a href="https://clicks.trx-hub.com/xid/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fwww.bankrate.com%2Flanding%2Fcbsnews%2Fbest-cd-options%2F%3Fsub-id%3Dwww.cbsnews.com%2Fnews%2Fwhats-a-certificate-of-deposit-cd&p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhats-a-certificate-of-deposit-cd%2F&event_type=click&article_id=8aceb5c3-4c7d-46c1-b265-d166a788b2ac" target="_blank" rel="nofollow, sponsored, noopener">start earning more money now</a>. </p><div><div class="myFinance-widget" data-ad-id="a9243eaf-b1bd-4a6d-8e12-b20a91df3e67" data-campaign="cbsmw-cds-multi" data-sub-id="www.cbsnews.com/news/whats-a-certificate-of-deposit-cd"></div></div><h2><strong>The bottom line</strong></h2><p>CDs offer account holders a unique way to protect their money and earn more interest by depositing those funds into an account for a set period of time. CDs can't be accessed during this time frame (which can last months or years) but the account will typically earn significantly more interest than it would have if it was left in a typical savings account. This is an attractive option for both those who want to start earning more money and those who want a safe way to protect what they already have.</p>  <div class="content-author"> <a href="https://www.cbsnews.com/team/matt-richardson/" class="content-author__name" data-invalid-url-rewritten-http="">Matt Richardson</a> <div class="content-author__bio"> <div class="content-author__full-information"> <p class="content-author__text">Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.</p> <div class="content-author__social-links-container"> <a href="https://twitter.com/MRichardson713" class="content-author__social-link" rel="nofollow noopener"> <svg viewbox="0 0 32 32" class="content-author__logo" aria-hidden="true"><use xlink:href="#icon-social-twitter"></use></svg> Twitter </a> </div> </div> </div> </div> </section><footer class="content__footer"><p class="content__copyright"> <small>© 2023 CBS Interactive Inc. All Rights Reserved.</small> </p> </footer></article></div> <div class="col-4 nocontent"> <section class="component list list component--topic- component--view-list --item-count-4" id="component-queryly-right-rail-article-recirc" data-id="af907f0c-7c99-459b-bad1-fc091da10a84" data-slug="queryly-right-rail-article-recirc"><div class="component__heading-wrapper"> <h3 class="component__title">More from CBS News</h3> </div> <div class="component__item-wrapper"> <article class="item lazyload item--type-custom"><a href="https://www.cbsnews.com/news/how-much-will-5000-short-term-cd-earn-now/?intcid=CNR-01-0623" class="item__anchor" draggable="false" ondragstart="return false;" data-invalid-url-rewritten-http=""> <span class="img item__thumb item__thumb--crop-0"><img src="https://assets3.cbsnewsstatic.com/hub/i/r/2025/02/19/2979bf22-d0c6-412f-8932-bd4bfb3bef90/thumbnail/1200x630/240e89ccc4940a716ee6d17834829e24/gettyimages-1165711948.jpg?v=db3d87ba7bf4d4ff13b65eabcf0d9bea#" alt=" " srcset="data:image/svg+xml,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20viewBox%3D'0%200%201%201'%2F%3E" data-srcset="https://assets3.cbsnewsstatic.com/hub/i/r/2025/02/19/2979bf22-d0c6-412f-8932-bd4bfb3bef90/thumbnail/1200x630/240e89ccc4940a716ee6d17834829e24/gettyimages-1165711948.jpg?v=db3d87ba7bf4d4ff13b65eabcf0d9bea" class="lazyload"></span> <div class="item__title-wrapper"> <h4 class="item__hed"> How much will a $5,000 short-term CD earn now? 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What is a certificate of deposit (CD)? - CBS News