Types of Certificates of Deposit (CDs)

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Traditional CD

Back

Deposit a lump sum for a fixed term (6 months, 1 year, 5 years) and earn a fixed interest rate.

Front

No-Penalty CD

Back

Similar to a traditional CD, but allows early withdrawal without a penalty (usually after the first 7 days).

Front

High-Yield CD

Back

Offers a higher interest rate than standard CDs, often from online banks.

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Bump-Up CD

Back

Allows you to "bump up" to a higher interest rate if rates increase during your term (usually once per term).

Front

Step-Up CD

Back

Interest rate increases automatically at set intervals during the term.

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Add-On CD

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Allows additional deposits during the term.

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IRA CD

Back

A CD held within an Individual Retirement Account, enjoying tax advantages.

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Jumbo CD

Back

Requires a large minimum deposit (typically $100,000+) and often offers a higher rate.

Front

Fixed Term in Traditional CD

Back

6 months, 1 year, or 5 years.

Front

Early Withdrawal in No-Penalty CD

Back

Possible without penalty after the first 7 days.