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Yes, CDs are safe because they are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Association (NCUA), which means you can get your money back if the bank or credit union fails. Plus, your principal is not at risk with a CD, unlike with other investment options. At the end of the CD term, your initial deposit is returned to you – along with interest – despite...

The different types of CDs include traditional CDs, callable CDs, jumbo CDs, no-penalty CDs, step-up CDs, and several other variations that have their own unique features and pay-out structures. By choosing CDs that align with your investment goals, you can create a tailor-made strategy to achieve your financial objectives.

Different Types of CDs

1. Traditional CDs.

   These are the standard and most common type of CDs. They have a predetermined term length, typically ranging...

A $10,000 certificate of deposit (CD) can make as much as $538 in a year right now, assuming a 5.38% APY and monthly compounded interest. Note, the highest one-year CD yields range between 5.0% and 5.5%, while the average is just under 2.0%.

1-Year CDs with the Highest APY