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<span>Closure</span> </div> </a> <ul id="toc-Closure-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Refinancing" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Refinancing"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Refinancing</span> </div> </a> <ul id="toc-Refinancing-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ladders" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Ladders"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Ladders</span> </div> </a> <ul id="toc-Ladders-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Jumbo_CD" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Jumbo_CD"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Jumbo CD</span> </div> </a> <ul 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class="vector-toc-numb">8</span> <span>Terms and conditions</span> </div> </a> <ul id="toc-Terms_and_conditions-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Limitations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Limitations"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Limitations</span> </div> </a> <ul id="toc-Limitations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Certificate of deposit</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox 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Available in 26 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-26" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">26 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-am mw-list-item"><a href="https://am.wikipedia.org/wiki/%E1%88%B0%E1%88%AD%E1%89%B2%E1%8D%8A%E1%8A%AC%E1%89%B5_%E1%8A%A6%E1%8D%8D_%E1%8B%B2%E1%8D%96%E1%8B%9A%E1%89%B5" title="ሰርቲፊኬት ኦፍ ዲፖዚት – Amharic" lang="am" hreflang="am" data-title="ሰርቲፊኬት ኦፍ ዲፖዚት" data-language-autonym="አማርኛ" data-language-local-name="Amharic" class="interlanguage-link-target"><span>አማርኛ</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B4%D9%87%D8%A7%D8%AF%D8%A9_%D8%A5%D9%8A%D8%AF%D8%A7%D8%B9" title="شهادة إيداع – Arabic" lang="ar" hreflang="ar" data-title="شهادة إيداع" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Depozit_sertifikat%C4%B1" title="Depozit sertifikatı – Azerbaijani" lang="az" hreflang="az" data-title="Depozit sertifikatı" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Depozitn%C3%AD_certifik%C3%A1t" title="Depozitní certifikát – Czech" lang="cs" hreflang="cs" data-title="Depozitní certifikát" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Sparbrief" title="Sparbrief – German" lang="de" hreflang="de" data-title="Sparbrief" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Certificado_de_dep%C3%B3sito" title="Certificado de depósito – Spanish" lang="es" hreflang="es" data-title="Certificado de depósito" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Gordailu-ziurtagiri" title="Gordailu-ziurtagiri – Basque" lang="eu" hreflang="eu" data-title="Gordailu-ziurtagiri" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%DA%AF%D9%88%D8%A7%D9%87%DB%8C_%D8%B3%D9%BE%D8%B1%D8%AF%D9%87" title="گواهی سپرده – Persian" lang="fa" hreflang="fa" data-title="گواهی سپرده" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Certificat_de_d%C3%A9p%C3%B4t" title="Certificat de dépôt – French" lang="fr" hreflang="fr" data-title="Certificat de dépôt" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Deimhni%C3%BA_taisce" title="Deimhniú taisce – Irish" lang="ga" hreflang="ga" data-title="Deimhniú taisce" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%96%91%EB%8F%84%EC%84%B1%EC%98%88%EA%B8%88%EC%A6%9D%EC%84%9C" title="양도성예금증서 – Korean" lang="ko" hreflang="ko" data-title="양도성예금증서" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Sertifikat_deposito" title="Sertifikat deposito – Indonesian" lang="id" hreflang="id" data-title="Sertifikat deposito" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Certificati_di_deposito" title="Certificati di deposito – Italian" lang="it" hreflang="it" data-title="Certificati di deposito" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%A0%E0%B3%87%E0%B2%B5%E0%B2%A3%E0%B2%BF_%E0%B2%AA%E0%B3%8D%E0%B2%B0%E0%B2%AE%E0%B2%BE%E0%B2%A3%E0%B2%AA%E0%B2%A4%E0%B3%8D%E0%B2%B0" title="ಠೇವಣಿ ಪ್ರಮಾಣಪತ್ರ – Kannada" lang="kn" hreflang="kn" data-title="ಠೇವಣಿ ಪ್ರಮಾಣಪತ್ರ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%94%D0%B5%D0%BF%D0%BE%D0%B7%D0%B8%D1%82%D1%82%D1%96%D0%BA_%D1%81%D0%B5%D1%80%D1%82%D0%B8%D1%84%D0%B8%D0%BA%D0%B0%D1%82" title="Депозиттік сертификат – Kazakh" lang="kk" hreflang="kk" data-title="Депозиттік сертификат" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-my mw-list-item"><a href="https://my.wikipedia.org/wiki/%E1%80%A1%E1%80%95%E1%80%BA%E1%80%84%E1%80%BD%E1%80%B1_%E1%80%A1%E1%80%9E%E1%80%AD%E1%80%A1%E1%80%99%E1%80%BE%E1%80%90%E1%80%BA%E1%80%95%E1%80%BC%E1%80%AF%E1%80%85%E1%80%AC%E1%80%9B%E1%80%BD%E1%80%80%E1%80%BA" title="အပ်ငွေ အသိအမှတ်ပြုစာရွက် – Burmese" lang="my" hreflang="my" data-title="အပ်ငွေ အသိအမှတ်ပြုစာရွက်" data-language-autonym="မြန်မာဘာသာ" data-language-local-name="Burmese" class="interlanguage-link-target"><span>မြန်မာဘာသာ</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E8%AD%B2%E6%B8%A1%E6%80%A7%E9%A0%90%E9%87%91" title="譲渡性預金 – Japanese" lang="ja" hreflang="ja" data-title="譲渡性預金" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Sertifikat_(finans)" title="Sertifikat (finans) – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Sertifikat (finans)" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Certyfikat_depozytowy" title="Certyfikat depozytowy – Polish" lang="pl" hreflang="pl" data-title="Certyfikat depozytowy" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Certificado_de_dep%C3%B3sito_banc%C3%A1rio" title="Certificado de depósito bancário – Portuguese" lang="pt" hreflang="pt" data-title="Certificado de depósito bancário" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%94%D0%B5%D0%BF%D0%BE%D0%B7%D0%B8%D1%82%D0%BD%D1%8B%D0%B9_%D1%81%D0%B5%D1%80%D1%82%D0%B8%D1%84%D0%B8%D0%BA%D0%B0%D1%82" title="Депозитный сертификат – Russian" lang="ru" hreflang="ru" data-title="Депозитный сертификат" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Certificate_of_deposit" title="Certificate of deposit – Simple English" lang="en-simple" hreflang="en-simple" data-title="Certificate of deposit" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Certifikat_(finans)" title="Certifikat (finans) – Swedish" lang="sv" hreflang="sv" data-title="Certifikat (finans)" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%94%D0%B5%D0%BF%D0%BE%D0%B7%D0%B8%D1%82%D0%BD%D0%B8%D0%B9_%D1%81%D0%B5%D1%80%D1%82%D0%B8%D1%84%D1%96%D0%BA%D0%B0%D1%82" title="Депозитний сертифікат – Ukrainian" lang="uk" hreflang="uk" data-title="Депозитний сертифікат" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ch%E1%BB%A9ng_ch%E1%BB%89_ti%E1%BB%81n_g%E1%BB%ADi" title="Chứng chỉ tiền gửi – Vietnamese" lang="vi" hreflang="vi" data-title="Chứng chỉ tiền gửi" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%AD%98%E6%AC%BE%E8%AD%89%E6%9B%B8" title="存款證書 – Chinese" lang="zh" hreflang="zh" data-title="存款證書" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q200995#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div 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href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of a series on <a href="/wiki/Financial_services" title="Financial services">financial services</a></td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#efefef;padding:0.4em;"><a href="/wiki/Bank" title="Bank">Banking</a></th></tr><tr><td class="sidebar-image"><span class="skin-invert" typeof="mw:File"><a href="/wiki/File:Community_Noun_project_39956.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/120px-Community_Noun_project_39956.svg.png" decoding="async" width="120" height="126" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/180px-Community_Noun_project_39956.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/240px-Community_Noun_project_39956.svg.png 2x" data-file-width="56" data-file-height="59" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Types of banks</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advising_bank" title="Advising bank">Advising</a></li> <li><a href="/wiki/Banq_(term)" class="mw-redirect" title="Banq (term)">Banq</a></li> <li><a href="/wiki/Bulge_bracket" title="Bulge bracket">Bulge bracket</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial</a></li> <li><a href="/wiki/Community_development_bank" title="Community development bank">Community development</a></li> <li><a href="/wiki/Cooperative_banking" title="Cooperative banking">Cooperative</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> <li><a href="/wiki/Custodian_bank" title="Custodian bank">Custodian</a></li> <li><a href="/wiki/Depository_bank" title="Depository bank">Depository</a></li> <li><a href="/wiki/Development_finance_institution" title="Development finance institution">Development</a></li> <li><a href="/wiki/Direct_bank" title="Direct bank">Direct</a></li> <li><a href="/wiki/Export_credit_agency" title="Export credit agency">Export credit agency</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment</a></li> <li><a href="/wiki/Industrial_loan_company" title="Industrial loan company">Industrial</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant</a></li> <li><a href="/wiki/Bulge_Bracket#Middle_Market" class="mw-redirect" title="Bulge Bracket">Middle market</a></li> <li><a href="/wiki/Money_center_bank" title="Money center bank">Money center</a></li> <li><a href="/wiki/Mutual_savings_bank" title="Mutual savings bank">Mutual savings</a></li> <li><a href="/wiki/Neobank" title="Neobank">Neobank</a></li> <li><a href="/wiki/Offshore_bank" title="Offshore bank">Offshore</a></li> <li><a href="/wiki/Participation_banking" title="Participation banking">Participation</a></li> <li><a href="/wiki/Payments_bank" title="Payments bank">Payments</a></li> <li><a href="/wiki/Postal_savings_system" title="Postal savings system">Postal savings</a></li> <li><a href="/wiki/Private_bank" title="Private bank">Private</a></li> <li><a href="/wiki/Public_bank" title="Public bank">Public</a></li> <li><a href="/wiki/Retail_banking" title="Retail banking">Retail</a></li> <li><a href="/wiki/Savings_bank" title="Savings bank">Savings</a></li> <li><a href="/wiki/Savings_and_loan_association" title="Savings and loan association">Savings and loan</a></li> <li><a href="/wiki/Universal_bank" title="Universal bank">Universal</a></li> <li><a href="/wiki/Wholesale_banking" title="Wholesale banking">Wholesale</a></li> <li><a href="/wiki/Bank_holding_company" title="Bank holding company">Bank holding company</a></li></ul> <i><a href="/wiki/Lists_of_banks" title="Lists of banks">Lists of banks</a></i></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Bank_account" title="Bank account">Accounts</a> <b>·</b> <a href="/wiki/Bank_card" title="Bank card">Cards</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Accounts</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Christmas_club" title="Christmas club">Christmas club</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit</a></li> <li><a href="/wiki/Money_market_account" title="Money market account">Money-market</a></li> <li><a href="/wiki/Savings_account" title="Savings account">Savings</a></li> <li><a href="/wiki/Time_deposit" title="Time deposit">Time deposit (Bond)</a></li></ul> <a href="/wiki/Transaction_account" title="Transaction account">Transaction (checking / current)</a></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Cards</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/ATM_card" title="ATM card">ATM</a></li> <li><a href="/wiki/Credit_card" title="Credit card">Credit</a></li> <li><a href="/wiki/Debit_card" title="Debit card">Debit</a></li> <li><a href="/wiki/Credit_card#Prepaid_cards" title="Credit card">Prepaid</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Funds transfer</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Cheque" title="Cheque">Cheque</a></li> <li><a href="/wiki/Payment_card" title="Payment card">Card</a></li> <li><a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer">Electronic</a> <ul><li><a href="/wiki/Electronic_bill_payment" title="Electronic bill payment">Bill payment</a></li> <li><a href="/wiki/Mobile_payment" title="Mobile payment">Mobile</a></li></ul></li> <li><a href="/wiki/Wire_transfer" title="Wire transfer">Wire</a> <ul><li><a href="/wiki/Real-time_gross_settlement" title="Real-time gross settlement">RTGS</a></li> <li><a href="/wiki/Net_settlement" title="Net settlement">NS</a></li></ul></li> <li><a href="/wiki/Automated_clearing_house" title="Automated clearing house">ACH</a></li> <li><a href="/wiki/Instant_payment" title="Instant payment">Instant payment</a></li> <li><a href="/wiki/Giro_(banking)" title="Giro (banking)">Giro</a></li> <li><a href="/wiki/SWIFT" title="SWIFT">SWIFT</a> <ul><li><a href="/wiki/Correspondent_account" title="Correspondent account">Correspondent account</a></li></ul></li> <li><a href="/wiki/CLS_Group#Operations" title="CLS Group">CLS</a></li> <li><a href="/wiki/Cross-Border_Interbank_Payment_System" title="Cross-Border Interbank Payment System">CIPS</a></li> <li><a href="/wiki/SPFS" title="SPFS">SPFS</a></li> <li><a href="/wiki/BRICS_PAY" title="BRICS PAY">BRICS PAY</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Terms</div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Asset" title="Asset">Asset</a> <ul><li><a href="/wiki/Asset_allocation" title="Asset allocation">allocation</a></li> <li><a href="/wiki/Asset_and_liability_management" title="Asset and liability management">management</a></li></ul></li> <li><a href="/wiki/Automated_teller_machine" class="mw-redirect" title="Automated teller machine">Automated teller machine</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Bank regulation</a></li> <li><a href="/wiki/Bank_secrecy" title="Bank secrecy">Bank secrecy</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Cash" title="Cash">Cash</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve banking</a></li> <li><a href="/wiki/Full-reserve_banking" title="Full-reserve banking">Full-reserve banking</a></li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Islamic_banking_and_finance" title="Islamic banking and finance">Islamic banking</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Mobile_banking" title="Mobile banking">Mobile banking</a></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Private_banking" title="Private banking">Private banking</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></li> <li><a href="/wiki/Stress_test_(financial)" title="Stress test (financial)">Stress test (financial)</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Toxic_asset" title="Toxic asset">Toxic asset</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist" style="padding-bottom:0;"> <ul><li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a></li> <li><a href="/wiki/Financial_law" title="Financial law">law</a> <ul><li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_market_participants" title="Financial market participants">participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_system" title="Financial system">system</a></li></ul></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/List_of_banks_(alphabetical)" title="List of banks (alphabetical)">List of banks</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Security_(finance)" title="Security (finance)">Security (finance)</a></li> <li><a href="/wiki/Share_(finance)" title="Share (finance)">Shares</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a></li> <li><a href="/wiki/Time_value_of_money" title="Time value of money">Time value of money</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li> <li><a href="/wiki/Too_connected_to_fail" title="Too connected to fail">Too connected to fail</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul> <ol><li class="mw-empty-elt"></li></ol></div></div></td> </tr><tr><td class="sidebar-below hlist"> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, 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title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Banking" class="mw-redirect" title="Portal:Banking">Portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar 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href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks vcard hlist" style="width:22.0em; border:4px double #d69d36; background:#ffffff;"><tbody><tr><td class="sidebar-pretitle"><b><span style="color:#000000;">This article is part of <a href="/wiki/Category:United_States" title="Category:United States"><span style="color:#000000;">a series</span></a> on</span></b></td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#002868; background-clip:padding-box;"><a href="/wiki/Banking_in_the_United_States" title="Banking in the United States"><span style="color:#ffffff;"><small>Banking in the</small><br />United States</span></a></th></tr><tr><td class="sidebar-above" style="display:block; padding-top:0.2em; border-top:1px solid #d69d36; border-bottom:1px solid #d69d36; margin-top:0.25em; margin-bottom:0.85em;"> <ul><li><a href="/wiki/Bank_regulation_in_the_United_States" title="Bank regulation in the United States">Regulation</a></li> <li><a href="/wiki/Monetary_policy_of_the_United_States" title="Monetary policy of the United States">Monetary policy</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#bf0a30; color:#fff; text-align:center;;color: var(--color-base)"><a href="/wiki/Charter" title="Charter"><span style="color:#ffffff;">Banking charters</span></a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Credit_unions_in_the_United_States" title="Credit unions in the United States">Credit union</a></li> <li><a href="/wiki/Federal_savings_bank" class="mw-redirect" title="Federal savings bank">Federal savings bank</a></li> <li><a href="/wiki/Federal_savings_association" title="Federal savings association">Federal savings association</a></li></ul> <div class="hlist"> <ul><li><a href="/wiki/National_bank_(United_States)" title="National bank (United States)">National bank</a></li> <li><a href="/wiki/State_bank_(United_States)" title="State bank (United States)">State bank</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#bf0a30; color:#fff; text-align:center;;color: var(--color-base)">Lending</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/Credit_card" title="Credit card">Credit card</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#bf0a30; color:#fff; text-align:center;;color: var(--color-base)"><a href="/wiki/Deposit_account" title="Deposit account"><span style="color:#ffffff;">Deposit accounts</span></a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Transactional_account" class="mw-redirect" title="Transactional account">Checking</a></li> <li><a href="/wiki/Money_market_account" title="Money market account">Money-market</a></li> <li><a href="/wiki/Savings_account" title="Savings account">Savings</a></li> <li><a class="mw-selflink selflink">Certificate of deposit</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="border:1px double #bf0a30; background:#aaa; color:#ffffff; font-style:italic; font-weight:normal;"> Account insurance</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em;"><a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance<br />Corporation (FDIC)</a></div> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em;"><a href="/wiki/National_Credit_Union_Share_Insurance_Fund" title="National Credit Union Share Insurance Fund">National Credit Union Share<br />Insurance Fund (NCUA)</a></div></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#bf0a30; color:#fff; text-align:center;;color: var(--color-base)">Payment and transfer</div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content" style="padding-top:0.15em;"> <div class="hlist"> <ul><li><a href="/wiki/Cheque#United_States" title="Cheque">Check</a> <ul><li><a href="/wiki/Federal_Reserve_System#Check_clearing_system" class="mw-redirect" title="Federal Reserve System">clearing</a></li> <li><a href="/wiki/Check_21_Act" title="Check 21 Act">Check 21 Act</a></li></ul></li></ul> </div></td> </tr><tr><th class="sidebar-heading" style="background:#aaa; border:1px double #bf0a30; font-style:italic; font-weight:normal;"> <a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer"><span style="color:#ffffff;">Electronic funds transfer (EFT)</span></a></th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <div class="hlist"> <ul><li><a href="/wiki/ATM_card" title="ATM card">ATM card</a></li> <li><a href="/wiki/Debit_card" title="Debit card">Debit card</a></li> <li><a href="/wiki/Wire_transfer" title="Wire transfer">Wire transfer</a></li> <li><a href="/wiki/Substitute_check" title="Substitute check">Substitute check</a></li></ul> </div> <ul><li><a href="/wiki/ACH_Network" title="ACH Network">ACH Network</a></li> <li><a href="/wiki/Electronic_bill_payment" title="Electronic bill payment">Bill payment</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="nowrap"><span class="mw-image-border noviewer" typeof="mw:File"><span><img alt="flag" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/16px-Flag_of_the_United_States.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/24px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/32px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/Portal:United_States" title="Portal:United States">United States portal</a></span></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Banking_in_the_United_States" title="Template:Banking in the United States"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Banking_in_the_United_States" title="Template talk:Banking in the United States"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Banking_in_the_United_States" title="Special:EditPage/Template:Banking in the United States"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><br /> </p><p>A <b>certificate of deposit</b> (<b>CD</b>) is a <a href="/wiki/Time_deposit" title="Time deposit">time deposit</a> sold by <a href="/wiki/Bank" title="Bank">banks</a>, <a href="/wiki/Savings_and_loan_association" title="Savings and loan association">thrift institutions</a>, and <a href="/wiki/Credit_union" title="Credit union">credit unions</a> in the United States. CDs typically differ from <a href="/wiki/Savings_deposit" class="mw-redirect" title="Savings deposit">savings accounts</a> because the CD has a specific, fixed term before money can be withdrawn without penalty and generally higher interest rates. CDs typically require a minimum deposit, and may offer higher rates for larger deposits. The bank expects the CDs to be held until <a href="/wiki/Maturity_(finance)" title="Maturity (finance)">maturity</a>, at which time they can be withdrawn and <a href="/wiki/Interest" title="Interest">interest</a> paid. </p><p>In the United States, CDs are insured by the <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a> (FDIC) for banks and by the <a href="/wiki/National_Credit_Union_Administration" title="National Credit Union Administration">National Credit Union Administration</a> (NCUA) for credit unions. </p><p>The consumer who opens a CD may receive a paper certificate, but it is now common for a CD to consist simply of a book entry and an item shown in the consumer's periodic bank statements. Consumers who want a hard copy that verifies their CD purchase may request a paper statement from the bank, or print out their own from the financial institution's <a href="/wiki/Online_banking" title="Online banking">online banking</a> service. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Features">Features</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=1" title="Edit section: Features"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In exchange for the customer depositing the money for an agreed term, institutions usually offer higher interest rates than they do on accounts that customers can withdraw from on demand (though this may not be the case in an <a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">inverted yield curve</a> situation). Fixed rates are the most common offering for CDs, but some institutions offer CDs with variable rates. For example, in mid-2004, interest rates were expected to rise, and many banks and credit unions began to offer CDs with a "bump-up" feature. These allow for a single readjustment of the interest rate at a time of the consumer's choosing during the term of the CD. Sometimes, financial institutions introduce CDs indexed to the <a href="/wiki/Stock_market" title="Stock market">stock market</a>, <a href="/wiki/Bond_market" title="Bond market">bond market</a>, or other indices. </p><p>Some features of CDs are: </p> <ul><li>A larger <a href="/wiki/Debt" title="Debt">principal</a> should or may receive a higher interest rate.</li> <li>A longer term usually earns a higher interest rate, except in the case of an inverted yield curve (e.g., preceding a recession).</li> <li>Smaller institutions tend to offer higher interest rates than larger ones.</li> <li>Personal CD accounts generally receive higher interest rates than business CD accounts.</li> <li>Banks and credit unions that lack <a href="/wiki/Fdic" class="mw-redirect" title="Fdic">FDIC</a> or <a href="/wiki/NCUA" class="mw-redirect" title="NCUA">NCUA</a> insurance typically provide higher interest rates.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Closure">Closure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=2" title="Edit section: Closure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Withdrawals before maturity are usually subject to a substantial penalty. For a five-year CD, this is often the loss of up to twelve months' interest. These penalties ensure that it is generally not in a holder's best interest to withdraw the money before maturity –unless the holder has another investment with a significantly higher return or has a serious need for the money. </p><p>Institutions may mail a notice to the CD holder shortly before the CD matures requesting directions regarding withdrawal. The notice usually offers the choice of withdrawing the principal and accumulated interest or "rolling it over", i.e. depositing it into a new CD. Generally, there is a "window" after maturity when CD can be cashed out without penalty. In the absence of such directions, the institution may roll over the CD automatically, once again tying up the money for a period of time. Additionally, the CD holder may be able to specify at the time the CD is opened for it <i>not</i> to be rolled over.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Refinancing">Refinancing</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=3" title="Edit section: Refinancing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Truth_in_Savings_Act" title="Truth in Savings Act">Truth in Savings Regulation DD</a> requires that insured CDs state, at the time of account opening, the penalty for early withdrawal. It is generally accepted that these penalties cannot be revised by the depository prior to maturity.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="FDIC language is vague and does not directly support the premise that the early withdrawal penalty may not change (October 2010)">citation needed</span></a></i>]</sup> However, there have been cases in which a credit union modified its early withdrawal penalty and made it retroactive on existing accounts.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The second occurrence happened when Main Street Bank of Texas closed a group of CDs early without full payment of interest. The bank claimed the disclosures allowed them to do so.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The penalty for early withdrawal deters depositors from taking advantage of subsequent better investment opportunities during the term of the CD. In rising interest rate environments, the penalty may be insufficient to discourage depositors from redeeming their deposit and reinvesting the proceeds after paying the applicable early withdrawal penalty. Added interest from the new higher yielding CD may more than offset the cost of the early withdrawal penalty. </p> <div class="mw-heading mw-heading2"><h2 id="Ladders">Ladders</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=4" title="Edit section: Ladders"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>While longer investment terms yield higher interest rates, longer-term also may result in a loss of opportunity to lock in higher interest rates in a rising-rate economy. One mitigation strategy for this <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity cost</a> is the "CD ladder" strategy. In the ladder strategies, the investor distributes the deposits over a period of several years with the goal of having all one's money deposited at the longest term (and therefore the higher rate) but in a way that part of it matures annually. In this way, the depositor claims the longest-term rates while retaining the option to re-invest or withdraw the money in shorter-term intervals. </p><p>For example, an investor beginning a three-year ladder strategy starts by depositing equal amounts of money each into a 3-year CD, 2-year CD, and 1-year CD. From that point on, a CD reaches maturity every year, at which time the investor can re-invest at a 3-year term. After two years of this cycle, the investor has all money deposited at a three-year rate, yet have one-third of the deposits mature every year (which the investor can then reinvest, augment, or withdraw). </p><p>The responsibility for maintaining the ladder falls on the depositor, not the financial institution. Because the ladder does not depend on the financial institution, depositors are free to distribute a ladder strategy across more than one bank. This can be advantageous, as smaller banks may not offer the longer-term of some larger banks. Although laddering is most common with CDs, investors may use this strategy on any time deposit account with similar terms. </p> <div class="mw-heading mw-heading2"><h2 id="Jumbo_CD">Jumbo CD</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=5" title="Edit section: Jumbo CD"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The best interest rates are generally offered on "Jumbo CDs" with minimum deposits of $100,000. Jumbo CDs are commonly bought by large institutional investors, such as banks and pension funds, that are interested in low-risk and stable investment options. Jumbo CDs are also known as negotiable certificates of deposit and come in bearer form. These work like conventional certificates of deposit that lock in the principal amount for a set timeframe and are payable upon maturity.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Step-up_callable_CD">Step-up callable CD</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=6" title="Edit section: Step-up callable CD"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Step-up callable CDs are a form of CD where the interest rate increases multiple times prior to maturity of the CD. Typically, the beginning interest rate is higher than what is available on shorter-maturity CDs. These CDs are often issued with maturities up to 15 years, with a step-up in interest happening at year 5 and year 10.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>These CDs have a “call” feature which allows the issuer to return the deposit to the investor after a specified period of time, which is usually at least a year. When the CD is called, the investor is given back their deposit and they will no longer receive any future interest payments.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Because of the call feature, <a href="/wiki/Interest_rate_risk" title="Interest rate risk">interest rate risk</a> is borne by the investor, rather than the issuer. This transfer of risk allows step-up callable CDs to offer a higher interest rate than currently available from non-callable CDs. If prevailing interest rates decline, the issuer will call the CD and re-issue debt at a lower interest rate. If the CD is called before maturity, the investor is faced with <a href="/wiki/Reinvestment_risk" title="Reinvestment risk">reinvestment risk</a>. If prevailing interest rates increase, the issuer will allow the CD to go to maturity.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Deposit_insurance">Deposit insurance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=7" title="Edit section: Deposit insurance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The amount of insurance coverage varies, depending on how accounts for an individual or family are structured at the institution. The level of insurance is governed by complex FDIC and NCUA rules, available in FDIC and NCUA booklets or online. The standard insurance coverage is currently $250,000 per owner or depositor for single accounts or $250,000 per co-owner for joint accounts.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2024)">citation needed</span></a></i>]</sup> </p><p>Some institutions use a private insurance company instead of, or in addition to, the federally backed FDIC or NCUA deposit insurance. Institutions often stop using private supplemental insurance when they find that few customers have a high enough balance level to justify the additional cost. The <a href="/wiki/Certificate_of_Deposit_Account_Registry_Service" title="Certificate of Deposit Account Registry Service">Certificate of Deposit Account Registry Service</a> program lets investors keep up to $50 million invested in CDs managed through one bank with full FDIC insurance.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> However rates will likely not be the highest available. </p> <div class="mw-heading mw-heading2"><h2 id="Terms_and_conditions">Terms and conditions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=8" title="Edit section: Terms and conditions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are many variations in the terms and conditions for CDs. </p><p>The federally required <a href="/wiki/Truth_in_Savings_Act" title="Truth in Savings Act">"Truth in Savings"</a> booklet, or other disclosure document that gives the terms of the CD, must be made available before the purchase. Employees of the institution are generally not familiar with this information<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2011)">citation needed</span></a></i>]</sup>; only the written document carries legal weight. If the original issuing institution has merged with another institution, or if the CD is closed early by the purchaser, or there is some other issue, the purchaser will need to refer to the terms and conditions document to ensure that the withdrawal is processed following the original terms of the contract. </p> <ul><li>The terms and conditions may be changeable. They may contain language such as "We can add to, delete or make any other changes ("Changes") we want to these Terms at any time."<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></li> <li>The CD may be callable. The terms may state that the bank or credit union can close the CD before the term ends.</li> <li>Payment of interest. Interest may be paid out as it is accrued or it may accumulate in the CD.</li> <li>Interest calculation. The CD may start earning interest from the date of deposit or from the start of the next month or quarter.</li> <li>Right to delay withdrawals. Institutions generally have the right to delay withdrawals for a specified period to stop a <a href="/wiki/Bank_run" title="Bank run">bank run</a>.</li> <li>Withdrawal of principal. May be at the discretion of the financial institution. Withdrawal of <a href="https://en.wiktionary.org/wiki/principal" class="extiw" title="wikt:principal">principal</a> below a certain minimum—or any withdrawal of principal at all—may require closure of the entire CD. A US <a href="/wiki/Individual_Retirement_Account" class="mw-redirect" title="Individual Retirement Account">Individual Retirement Account</a> CD may allow withdrawal of <a href="/wiki/IRA_Required_Minimum_Distributions" class="mw-redirect" title="IRA Required Minimum Distributions">IRA Required Minimum Distributions</a> without a withdrawal penalty.</li> <li>Withdrawal of interest. May be limited to the most recent interest payment or allow for the withdrawal of accumulated total interest since the CD was opened. Interest may be calculated to the date of withdrawal or through the end of the last month or last quarter.</li> <li>Penalty for early withdrawal. May be measured in months of interest, may be calculated to be equal to the institution's current cost of replacing the money, or may use another formula. May or may not reduce the principal—for example, if the principal is withdrawn three months after opening a CD with a six-month penalty.</li> <li>Fees. A fee may be specified for withdrawal or closure or for providing a <a href="/wiki/Certified_check" title="Certified check">certified check</a>.</li> <li>Automatic renewal. The institution may or may not commit to sending a notice before automatic rollover at CD maturity. The institution may specify a grace period before automatically rolling over the CD to a new CD at maturity. Some banks have been known to renew at rates lower than that of the original CD.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Limitations">Limitations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=9" title="Edit section: Limitations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There may be some correlation between CD interest rates and inflation. For example, in one situation interest rates might be 15% and inflation 15%, and in another situation interest rates might be 2% and inflation may be 2%. These factors cancel out, so the <a href="/wiki/Real_interest_rate" title="Real interest rate">real interest rate</a> is zero in both of these examples. </p><p>However the real rates of return offered by CDs, as with other fixed interest instruments, can vary significantly. For example, during a <a href="/wiki/Credit_crunch" title="Credit crunch">credit crunch</a> banks are in dire need of funds, and CD interest rate increases may not track inflation.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>The above does not include <a href="/wiki/Income_tax" title="Income tax">taxes</a>.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> When taxes are considered, the higher-rate situation above is worse, with a lower (more negative) real return, although the before-tax real rates of return are identical. The after-inflation, after-tax return is what is important. </p><p>Author <a href="/wiki/Ric_Edelman" title="Ric Edelman">Ric Edelman</a> writes: "You don't make any money in bank accounts (in real economic terms), simply because you're not supposed to."<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> On the other hand, he says, bank accounts and CDs are fine for holding cash for a short amount of time. </p><p>CD rates are correlated with the expected inflation at the time the CD is bought. The actual inflation may be lower or higher. Locking in the interest rate for a long term may be bad (if inflation goes up) or good (if inflation goes down). For example, in the 1970s, inflation increased higher than it had been, and this was not fully reflected in interest rates. This is particularly important, for longer-term notes, where the interest rate is locked in for some time. This gave rise to amusing nicknames for CDs.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Cleanup" title="Wikipedia:Cleanup"><span title="Wikipedia:Cleanup">Example?</span></a></i>]</sup> A little later, the opposite happened, and inflation declined. </p><p>In general, and similar to other fixed-interest investments, the economic value of a CD rises when market interest rates fall, and vice versa. </p><p>Some banks pay lower than average rates, while others pay higher rates.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> In the United States, depositors can take advantage of the best FDIC-insured rates without increasing their risk.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>As with other types of investment, investors should be suspicious of a CD offering an unusually high rate of return. <a href="/wiki/Conman" class="mw-redirect" title="Conman">Conman</a> <a href="/wiki/Allen_Stanford" title="Allen Stanford">Allen Stanford</a> used fraudulent CDs with high rates to lure people into his <a href="/wiki/Ponzi_scheme" title="Ponzi scheme">Ponzi scheme</a>. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=10" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Guaranteed_investment_certificate" title="Guaranteed investment certificate">Guaranteed investment certificate</a>, a similar investment in Canada</li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=11" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.depositaccounts.com/forum/thread/5462-fort-knox-fcu-early-withdrawal-penalty.html">"Fort Knox FCU – Early Withdrawal Penalty"</a>. <i>DepositAccounts</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=DepositAccounts&rft.atitle=Fort+Knox+FCU+%E2%80%93+Early+Withdrawal+Penalty&rft_id=http%3A%2F%2Fwww.depositaccounts.com%2Fforum%2Fthread%2F5462-fort-knox-fcu-early-withdrawal-penalty.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.jumbocdinvestments.com/cd_rates_blog/2010/12/main-street-bank-texas-im-calling-you-out/">"Main Street Bank closes CDs early"</a>. <i>JCDI</i>. 2010-12-30.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=JCDI&rft.atitle=Main+Street+Bank+closes+CDs+early&rft.date=2010-12-30&rft_id=http%3A%2F%2Fwww.jumbocdinvestments.com%2Fcd_rates_blog%2F2010%2F12%2Fmain-street-bank-texas-im-calling-you-out%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFeldler2017" class="citation web cs1">Feldler, Alex (2017-06-13). <a rel="nofollow" class="external text" href="https://www.mybanktracker.com/cd/best-jumbo-cd-accounts">"The Best Jumbo CD Accounts of 2020"</a>. <i>MyBankTracker</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2020-02-07</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=MyBankTracker&rft.atitle=The+Best+Jumbo+CD+Accounts+of+2020&rft.date=2017-06-13&rft.aulast=Feldler&rft.aufirst=Alex&rft_id=https%3A%2F%2Fwww.mybanktracker.com%2Fcd%2Fbest-jumbo-cd-accounts&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20171201042532/https://www.kcgbondpoint.com/docs/newissues/finalReport_2016040613707325.pdf">"Callable Step-Up Certificates of Deposit Wells Fargo Bank, N.A. Disclosure Statement"</a> <span class="cs1-format">(PDF)</span>. 2015-10-01. Archived from <a rel="nofollow" class="external text" href="https://www.kcgbondpoint.com/docs/newissues/finalReport_2016040613707325.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2017-12-01<span class="reference-accessdate">. Retrieved <span class="nowrap">2017-11-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Callable+Step-Up+Certificates+of+Deposit+Wells+Fargo+Bank%2C+N.A.+Disclosure+Statement&rft.date=2015-10-01&rft_id=https%3A%2F%2Fwww.kcgbondpoint.com%2Fdocs%2Fnewissues%2FfinalReport_2016040613707325.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ally.com/do-it-right/banking/callable-cd/">"What Are Callable Certificates of Deposit (CDs)?"</a>. <i>Do It Right</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2017-11-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Do+It+Right&rft.atitle=What+Are+Callable+Certificates+of+Deposit+%28CDs%29%3F&rft_id=https%3A%2F%2Fwww.ally.com%2Fdo-it-right%2Fbanking%2Fcallable-cd%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.finstrengthcoach.com/a-word-of-caution-regarding-step-up-callable-cds/">"A word of caution regarding 'Step-Up Callable CDs'<span class="cs1-kern-right"></span>"</a>. <i>Financial Strength Coach</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2017-11-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Strength+Coach&rft.atitle=A+word+of+caution+regarding+%27Step-Up+Callable+CDs%27&rft_id=https%3A%2F%2Fwww.finstrengthcoach.com%2Fa-word-of-caution-regarding-step-up-callable-cds%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.cdars.com/">"CDARS"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=CDARS&rft_id=http%3A%2F%2Fwww.cdars.com%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120209051013/http://home.ingdirect.com/terms_osa">"ING Direct Account Disclosures"</a>. Archived from <a rel="nofollow" class="external text" href="https://home.ingdirect.com/terms_osa">the original</a> on 2012-02-09<span class="reference-accessdate">. Retrieved <span class="nowrap">31 Jan</span> 2012</span>. <q>Change to/Waiver of Terms: We can add to, delete or make any other changes ("Changes") we want to these terms at any time. You and your account will be bound by the Changes as soon as we implement them. If the Change isn't in your favor, before it's implemented, we'll let you know about it as required by law. However, if applicable law requires us to make a change, you may not receive any prior notice. We can cancel, change or add products, accounts or services whenever we want. Notice of any such changes, additions or terminations will be provided as required by law. We can waive any of our rights under these Terms whenever we want, but this doesn't mean that we'll waive the same rights in the future.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=ING+Direct+Account+Disclosures&rft_id=https%3A%2F%2Fhome.ingdirect.com%2Fterms_osa&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080703222858/http://www.lieffcabraser.com/cd-renewal.htm">"Major Bank Certificate of Deposit Renewal Rate Rip-Off"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.lieffcabraser.com/cd-renewal.htm">the original</a> on 2008-07-03.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Major+Bank+Certificate+of+Deposit+Renewal+Rate+Rip-Off&rft_id=http%3A%2F%2Fwww.lieffcabraser.com%2Fcd-renewal.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGoldwasser2008" class="citation news cs1">Goldwasser, Joan (September 10, 2008). <a rel="nofollow" class="external text" href="https://www.washingtonpost.com/wp-dyn/content/article/2008/09/10/AR2008091000943.html">"Upside of the Credit Crunch"</a>. <i>The Washington Post</i><span class="reference-accessdate">. Retrieved <span class="nowrap">April 28,</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Washington+Post&rft.atitle=Upside+of+the+Credit+Crunch&rft.date=2008-09-10&rft.aulast=Goldwasser&rft.aufirst=Joan&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fwp-dyn%2Fcontent%2Farticle%2F2008%2F09%2F10%2FAR2008091000943.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">Ric Edelman, <i>The Truth About Money</i>, 3rd ed., p. 30</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">Ric Edelman, <i>The Truth About Money</i>, 3rd ed., p. 61</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">Compare a typical large-bank 1-year CD, e.g., <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.wellsfargo.com/savings-cds/certificate-of-deposit/">"Wells Fargo"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Wells+Fargo&rft_id=https%3A%2F%2Fwww.wellsfargo.com%2Fsavings-cds%2Fcertificate-of-deposit%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span> vs the highest 1-year CD available at a listing service, e.g., <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://bankcd.com/cdrates.html">"BankCD.com"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=BankCD.com&rft_id=https%3A%2F%2Fbankcd.com%2Fcdrates.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080916034212/http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html">"FDIC: Insuring Your Deposits"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html">the original</a> on 2008-09-16.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=FDIC%3A+Insuring+Your+Deposits&rft_id=http%3A%2F%2Fwww.fdic.gov%2Fdeposit%2Fdeposits%2Finsuringdeposits%2Findex.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACertificate+of+deposit" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Certificate_of_deposit&action=edit&section=12" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.sec.gov/investor/pubs/certific.htm">The US SEC on buying CDs</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080131165928/http://www.nasaa.org/Investor_Education/Investor_Alerts___Tips/293.cfm">North American Securities Administrators Association on buying CDs.</a></li> <li><a rel="nofollow" class="external text" href="https://www.sec.gov/litigation/litreleases/2008/lr20511.htm">2008 US SEC Litigation Release</a> "...a scheme to defraud investors, many of them elderly, of approximately $3,661,248 by selling the investors fraudulent certificates of deposit."</li> <li><a rel="nofollow" class="external text" href="https://www.libertybank.com/blog/cd-laddering-provides-lower-risk-investment-options/">Liberty Bank for Savings on CD Laddering</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid 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