These perennially popular savings instruments pay significantly higher interest rates than savings accounts in return for keeping your money on deposit for a set length of time. You can save as much as you want, for as long as you want, and earn interest at maturity. Your money is FDIC-insured up to the legal limit.
- Minimum opening deposit of $500
- Terms from 90 days to 5 years
- No monthly service charges
- Fixed interest rate based on the term of the certificate
- Penalty for early withdrawal