Certificate of deposit rates can vary widely, from practically nothing at all to highly competitive.
In return for agreeing to the term, you are rewarded with the best CD rates. While you can usually withdraw your money from a savings account whenever you want, certificates of deposit require you to agree to a fixed term – anywhere from six months to several years – during which you aren't supposed to withdraw your money. The best CD rates tend to be higher than savings rates in order to provide incentive for account holders to keep their money on deposit longer.
In fact, taking advantage of current CD rates with a certificate of deposit account can help you grow your savings faster, while keeping funds safe and secure. A certificate of deposit (CD) is a deposit account that works much like a savings account, with a few exceptions.
